Hi all, I have been in Tuscaloosa for 7yrs now and own a home but now I would like to find the investment house or something in Tuscaloosa. Pls suggest how to start. I am newbie and like to learn earning opportunities with real estate.
Tuscaloosa, AL · Member since 2008 · 7 posts · 3 votes
4y
I have two rentals right now in Tuscaloosa and have bought and sold a several more over the years. It is tough to find properties that make sense right now if you are planning to rent them out long term for cash flow. There are a lot of parents etc who buy just to save money on housing costs, so the prices near UA are inflated. We did STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle. Our last purchase was in Northport in an area geared towards families, and I am looking for another property similar to that.
Developer · Tuscaloosa, AL · Member since 2019 · 3 posts · 1 vote
4y
Hey Arpita, would love to help you talk through what type of investment property makes the most sense. The two main asset categories for investments of this type in Tuscaloosa are going to be condos and single family homes. Finding a property at the right price is difficult, but not impossible. Can definitely be a sounding board and someone to answer all the questions you want to get answers to. Let me know how I can help!
I am also an investor in Tuscaloosa and wanted to introduce myself. I would love to connect and can answer any questions.
Are you looking for turn key rentals or something with more value add?
Hey Clayton, I am a UA grad from 2020 that turned into a ttown native. Would love to meet up and introduce myself and pick your brain a little. I am looking in the Mid-Alabama region to get started.
I am also an investor in Tuscaloosa and wanted to introduce myself. I would love to connect and can answer any questions.
Are you looking for turn key rentals or something with more value add?
Hey Clayton, I am a UA grad from 2020 that turned into a ttown native. Would love to meet up and introduce myself and pick your brain a little. I am looking in the Mid-Alabama region to get started.
Thanks, Kyle
Hey Kyle, sorry I missed this.
Send me a message sometime. I always enjoy talking real estate.
I was looking at a property right now in Tuscaloosa and saw Jennifer's comment below
"STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle".
What restrictions are these?
If you are inside the city you have to apply for a zoning ordinance that will allow for STR. They are very strict and monitor to find and shut down unauthorized STRs. Just went through the process and it was not terrible but it was a pain. They only granted us 10 true STR stays for the 1st year. Said if everything went fine they will extend it next year. In my opinion it's more of it being new and not knowing what to do than being against STRs. They of course want their tax cut.
I was looking at a property right now in Tuscaloosa and saw Jennifer's comment below
"STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle".
What restrictions are these?
If you are inside the city you have to apply for a zoning ordinance that will allow for STR. They are very strict and monitor to find and shut down unauthorized STRs. Just went through the process and it was not terrible but it was a pain. They only granted us 10 true STR stays for the 1st year. Said if everything went fine they will extend it next year. In my opinion it's more of it being new and not knowing what to do than being against STRs. They of course want their tax cut.
- Srini
Thanks Clayton! What is considered STR? is month to month STR or STR means the VRBO kind of couple day stay?
I was looking at a property right now in Tuscaloosa and saw Jennifer's comment below
"STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle".
What restrictions are these?
If you are inside the city you have to apply for a zoning ordinance that will allow for STR. They are very strict and monitor to find and shut down unauthorized STRs. Just went through the process and it was not terrible but it was a pain. They only granted us 10 true STR stays for the 1st year. Said if everything went fine they will extend it next year. In my opinion it's more of it being new and not knowing what to do than being against STRs. They of course want their tax cut.
- Srini
Thanks Clayton! What is considered STR? is month to month STR or STR means the VRBO kind of couple day stay?
I was looking at a property right now in Tuscaloosa and saw Jennifer's comment below
"STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle".
What restrictions are these?
If you are inside the city you have to apply for a zoning ordinance that will allow for STR. They are very strict and monitor to find and shut down unauthorized STRs. Just went through the process and it was not terrible but it was a pain. They only granted us 10 true STR stays for the 1st year. Said if everything went fine they will extend it next year. In my opinion it's more of it being new and not knowing what to do than being against STRs. They of course want their tax cut.
- Srini
Thanks Clayton! What is considered STR? is month to month STR or STR means the VRBO kind of couple day stay?
They consider anything less than 30 days a STR.
I know a way around the AirBnB restrictions in Tuscaloosa!
Also, I have a property under contract in Tuscaloosa , SF 3/2 . Numbers are solid. Would like to assign or JV with a money partner.
I was looking at a property right now in Tuscaloosa and saw Jennifer's comment below
"STR for about 10 years and did well until the city imposed restrictions that just made it too much of a hassle".
What restrictions are these?
If you are inside the city you have to apply for a zoning ordinance that will allow for STR. They are very strict and monitor to find and shut down unauthorized STRs. Just went through the process and it was not terrible but it was a pain. They only granted us 10 true STR stays for the 1st year. Said if everything went fine they will extend it next year. In my opinion it's more of it being new and not knowing what to do than being against STRs. They of course want their tax cut.
- Srini
Thanks Clayton! What is considered STR? is month to month STR or STR means the VRBO kind of couple day stay?
They consider anything less than 30 days a STR.
I know a way around the AirBnB restrictions in Tuscaloosa!
Also, I have a property under contract in Tuscaloosa , SF 3/2 . Numbers are solid. Would like to assign or JV with a money partner.