Looking for First Deal in Birmingham, AL
Hello BP Bham Community,
I am originally from the area and recently graduated from UA two years ago. I currently live in Washington DC but have been developing an ongoing interest in purchasing a property back home in Birmingham in the near future. I have done a decent job of educating myself through BP and other real estate investing mediums, but feel like I am missing a significant part of my research - local knowledge from experienced home buyers in the area!
I have reached out to a realtor in the past few weeks and am in the pre-approval process of getting a loan. I connected with a past colleague that works as a realtor for ARC Realty in Birmingham. He has suggested their own in-property management company and has also gotten me in touch with Ben Chenault of MortgageBanc for financing. If anyone has used either of these two companies in past deals I would love to have your opinion before going any further.
I am looking for a single family, 3BR home in the Crestline Park, Crestwood South, Forrest Park, or Avondale areas. My main conditions are a selling price of 300k or lower, being able to cash flow at least $200 gross monthly, and have reliable tenants. From knowing friends still in town, I deemed these areas can meet those conditions with relatively low vacancy risk. Again, this is my first deal and I am just getting started. I would greatly appreciate any tips, advice, or pointers from local landlords!
Logan