Are you in the Montgomery AL market?

Question

Hi All,

Newbie here. Looking to connect with anyone with anyone and everyone.

My wife and I are looking to start purchasing properties in the Montgomery AL market. We used to live there and still have family there. We still own an accidental landlord property there. Really familiar with the area and what's what.

We currently live in TN. I work in the IT industry fully remote for the last 6 years. (6 fig+ salary save 35%+) and we run a website design and marketing agency for select clientel. In just our first year we are near 6 fig (all profit, runs on less than $200/m expenses) in our business.

We are looking to redirect all future business profits and savings into RE properties. Both FICOs for us are above 720. Prior to buying our recent home my score was 814. DTI is excellent as well.

We are focused strictly on buy and holds. No interest in flips/wholesales. We want to build MRR the same way we do in our web biz and we are already comfortable using property management as we have done that for nearly a decade.

Would love to connect with y'all and get to know more about you!

Don't hesitate to connect even if you don't comment. Just want to follow and learn as much as possible over the next year.

Bonus points if you include your most impactful RE related book you've read.

TIA!

Jeffrey R. White · Answer

I've been looking into Mobile, and Tuscaloosa.  Montgomery sounds interesting too.  My first look at this market popped up a house at:2101 Capitol Ave, Montgomery, AL 36107Zillow shows rents at $1000, BP calculator shows more like $800.00.  Priced at $95k but market appears to have it at $110k valuation.  I put a purchase price of $87500https://www.biggerpockets.com/...What do you think of these numbers @Cristi Millo, @Joseph Back and @Cody Landry?  I've shared the Rental Calculator here; address is included as well.  Please feel free to change numbers since you probably know the realistic numbers of the area.  Looking forward to hearing about your 2021 Cody.What are the best zip codes in Montgomery for investing?  Appreciation playing a part in your decisions?I have been analyzing a lot, A LOT, of properties and trying to understand the various markets I like.  In other words I am a newbie looking for my first purchase.I am originally from Mobile, AL.  I have resided in Southern California for 30 + years.  Set to retire in about 5 years from the fire service and wanting to build a passive income flow.MOST IMPACTFUL RE BOOK TO DATE:

How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started; Paperback; Author - Joshua Dorkin

Blessings!

Jeff White

Christi Millo · Answer

Hi @Cody Landry, my husband and I are investors as well as Realtors here in Montgomery.  Would love to connect and if you need an investor friendly Realtor, we work with a number of out of state investors to find properties here and would be happy to help.  Good luck!

Joseph Back · Answer

@Cody Landry I am a full time investor and wholesaler in Montgomery and would love to connect. Montgomery is a great market for building a portfolio of cash flowing rentals. Send me a PM and I would be glad to connect you with the property manager and contractor I use.

Jonnita Overton · Answer

I’m interested in your services as I’m out of state

Cody Landry · Answer

@Jeffrey R. White

I just realized I didn't answer your comment about appreciation. It really isn't a main focus. Primary concerns are highest cash flow possible, is it rentable?, is it growing?, Minimum rehab to create the forced appreciation.

Also, thank you for the book reference!!!!

Cody Landry · Answer

@Jeffrey R. White Thanks for the response Jeffrey! I shot a friend request and set you to follow.

I am not really equipped to evaluate the numbers for you, so I will let someone else tagged do that if they wish. 36107 is not a bad area in general. The homes are typically a bit more dated there, but decent bones in most cases.

I look forward to hearing more about how your deals shake out!

Cody Landry · Answer

@Christi Millo Invite sent! Thank you so much for the response. Hoping to make 2021 a big year! Def going to need all the friends I can get. Haha.

Cody Landry · Answer

Thanks Joseph! Invite sent. Appreciate the response and willingness to connect. Def interested in talking more as I am not happy with my current property manager on my rental in the area as it is. Contractor will be very nice also, as I need more recommendations in that area.

Are you in the Montgomery AL market?

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