Rental Property Advice Starting Out (Birmingham, AL)

[Kyler Wright]

Hello Everyone!

I live about an hour away from Birmingham AL and I have decided it will be the market I begin my portfolio in. I would love to know more information on the market so that I can reach for a specific amount of capital needed for my initial costs to purchase and maintain my first property, such as... 

- how long (when priced correctly) does it typically take to have tenants vetted, moved in, and paying rent in the market

- outside of the down payment, closing costs, inspection fee, and appraisal fees what should I expect or be wary of when purchasing?

- where do I find out specific information on a property's HOA fee's?

- what are the typically the rates/costs of these fees(appraisal, inspection, etc.) in Birmingham 

*due to my lack of annual income, assets, and fresh credit, assume I used a DSCR loan because that will most likely be the case in my position*

Any answers or additional information on building my portfolio, purchasing my first deal, different financing methods outside of a DSCR loan, or the Birmingham market in general will be greatly appreciated!

I would love to talk further with any agents, investors, lenders, etc. familiar with the market.

Thank you, 

Kyler

[Jeremy Galloway]

- how long (when priced correctly) does it typically take to have tenants vetted, moved in, and paying rent in the market. It should be within a month if all those things are correct. I would confirm the area with a Property management company to get the best market analysis for that neighborhood, because it can vary from street to street.  

- outside of the down payment, closing costs, inspection fee, and appraisal fees what should I expect or be wary of when purchasing? Insurance for the year, holding cost for the mortgage while you get it rented if it's not already when purchased, PM fees, property taxes. 

- where do I find out specific information on a property's HOA fee's? The owner should let you know that, if it's active on the market it could have that info, or check with an agent. 

- what are the typically the rates/costs of these fees(appraisal, inspection, etc.) in Birmingham Inspection is 300-500, appraisal 500-700, title and attorney are dependant on the cost of the house and the attorney you are closing it with.