Looking to Invest Remotely in Birmingham

[Rajan Udeshi]

I am a Chicago transplant living in Orange, California. My fiance and I have started looking to purchasing an additional property in the area for long term cashflow. We are focusing on Birmingham area due to the diversified economy, 2020 forecast, and relative affordability to purchase multiple assets over the next couple years. We're looking for a buy and hold long-term rental, unless appreciation justifies selling :). We will look to leverage a property manager once I have something under contract. 

Here's what i'm hoping to learn.

1. Who should I be working with as a remote investor? ( I plan on traveling there once I have a plan in place) 

2. What submarkets make the most sense to research? ( i'd like to find something relatively turnkey, cashflow positive and under 160K)

3. Is my budget reasonable? My goal is to put down 20% and go conventional route for financing.

Looking forward to hearing your replies!

Raj

[Matthew Whitaker]

Hi Raj, 

You're very wise to put a great team together prior to investing.  

1. The obvious answer to this is an agent and a property manager.  However, I think one of the most underutilized hires people don't think about is a local advisor who isn't paid on the transaction.  Meaning someone who is doing nothing but looking out for your best interests.  I'd certainly pay for this too.

2. We are big fans of . . . Calera, Roebuck, Chelsea, Forestdale, Pleasant Grove and Hueytown to get you started.

3. You can definitely work within that budget.  With some caveats.