Looking for First Deal in Birmingham, AL

2 Replies

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

Hi Logan,

Those are great areas that you are looking in! Have you ever considering buying tax properties in Alabama? You can purchase tax deeds for under 4K and get cap rates close to 100% with owner-occupied properties.

Johnathan

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