All Forum Posts by: Alex Gallegos
Alex Gallegos has started 1 posts and replied 4 times.
Post: Requesting inputs about Birmingham, AL
- Investor
- Las Vegas, NV
- Posts 4
- Votes 7
Originally posted by @Mark Byers:
I'd be more worried about 1 and 2 than 3. If you finance and buy in a flood zone flood insurance will be necessary and expensive. It'd be money well spent to get on a plane and come put your eyes on the different neighborhoods.
I just returned from Bham on an R&D trip with my team to familiarize ourselves a little more with the various neighborhoods before pulling any triggers. It certainly widened our understanding on which specific neighborhoods would be most vulnerable to the 3 main concerns OP listed out.
Post: Visiting Birmingham - Out of State Investors
- Investor
- Las Vegas, NV
- Posts 4
- Votes 7
Update on the trip: Great success! We were able to visit over 50 properties, mostly off market, and have returned to home base with a good feel for the area and a better understanding of the neighborhoods. We have a few standouts that we are planning on moving on as soon as we can. B'ham has a lot of potential.
If anyone has experience working with GCs in distressed neighborhoods and/or section 8 housing in Jefferson Country (or Montgomery) I would be indebted to you if you'd be kind enough to share your experiences.
We plan on making another visit by the end of the year.
Happy trails
Post: Visiting Birmingham - Out of State Investors
- Investor
- Las Vegas, NV
- Posts 4
- Votes 7
Originally posted by @Dan Portka:
@Alex Gallegos i'm investing in bham from LA. If you'd like to connect before you go, i'd be happy to share some of my contacts with you. Reach out any time.
That would be greatly appreciated! I will reach out via direct message :)
Post: Visiting Birmingham - Out of State Investors
- Investor
- Las Vegas, NV
- Posts 4
- Votes 7
Greetings fellow BPers,
I am a new investor out of Las Vegas with a team looking to tap into the Birmingham Investment Market. We've done research on out of state markets and it seems Bham has some great potential for building a portfolio. Although I am still learning and we are just getting our feet wet, I do not lack in enthusiasm and motivation to soak up as much as I can from anyone I can.
We are targeting C&B class areas focusing on distressed properties to use as SFR (BRRRR) & Section 8 housing, & if the number dictate, some fix & flips. Planning on acquiring properties all cash & my goal is to purchase & rehab our first property by the end of the year.
We are fully committed to our goals and as a testament to this we have a trip booked for early next week to get eyes on the area and visit some potential properties & neighborhoods on our radar. We will be in town the 9th-11th of August. If anyone has any suggestions on which areas to check out, which areas to avoid or any other recommendations in terms of the Bham real estate market shoot them my way. (Side note: Flight & Hotel for Bham are not as cheap as we expected!)
Additionally, if anyone has recommendations for investor friendly agents, GCs, PMs or lenders that you have used and would be willing to share I would be more than grateful to you! I have already reached out to several agents and some GCs in the area so I may have already spoken to you directly :)
I am all in on this new world I find myself obsessed with and I am a sponge ready to learn from anyone and everyone. Excited and optimistic for the future!
Happy Trails Ya'll