BRRRR in Birmingham

[Pope Lake]

Hello Bigger Pockets! 

I will make this short and sweet - I'm a new investor out of New York looking to BRRRR in the Magic City, Birmingham, Alabama. In terms of my price range I'm not looking to go more than $75k all in on the purchase and rehab. I've recently learned about the BRRRR strategy and am excited to implement it.

Is there anyone out there who has successfully BRRRR'd in Bham? What has your experience been, what type of financing did you use, what neighborhoods are good to target, etc..?

[Whitney Hutten]

@Chris John I imagine your standard risks of dealing with a wholesaler apply. 

1. Are they a realtor?  Most aren't, so they are not beholden to the same fiduciary standards.

2. Keep all of your contingencies if you can.  Make sure you can inspect. 

3. Many wholesalers want cash closes. If this is the case, see if you can use HML or PML to maintain your velocity of money and close like cash. Also, until you are really familiar with an area, I would get an appraisal even it comes out of pocket.

4. Check into how they are closing.  Are they double-closing or will they take possession and then close with you.  I'd look to make sure the first closing went smooth and that the title will transfer to you free and and clear.

These are just a few tips... just make sure you are advocating for yourself!