Alabama Opportunities for LTR

[Peter Evola]

Hey everyone

relative newbie currently self-managing 3 doors in my home state of New York. I'm looking for the next purchase and am considering OOS. Alabama looks to have reasonable price points. I'm looking to connect and create a network in the Mobile (or other Alabama) area. Looking for an investment property, SFH or duplex/triplex LTR in a B/B- area. Can't wait to hear everyone's feedback. Thanks

[Andrew Postell]

@Peter Evola thanks for the post. As a 15 year, out-of-state investor my recommendation is to ALWAYS choose whatever city you have the most trustworthy contacts in. Keep in mind that you may never see your asset. That's an ENOURMOUS amount of trust/money to put into a stranger's hands. What I mean here is that if you know someone in a different city...but that city may not have as good as numbers as this "other" city...then stick with the city where you know people. One wrong move, one wrong contractor, one wrong vendor…will erase any "benefit" one city has over another. Your network is the most important piece for any potential returns when you invest out of state.  If you do have the ability to continue to acquire properties where you live, I would recommend to do so.  I used to live in NYC.  I couldn't do anything there (for obvious reasons) so my properties were in Florida.  Not because of returns...but because I had a network of people there to protect my decisions.  It wasn't foolproof but it certainly helped.

If you do feel that this is still the right move to consider then plug in to some of the Facebook REI pages for Alabama. There are several and they have thousands of members in a lot of those. That might be a good way of building your network there.

Hope all of that makes sense.  Thanks!