All Forum Posts by: Hunter Terryn

Hey Kyle, Welcome to BP!

Birmingham-Hoover has been an excellent investment market for some time now and we're certainly bullish on Bham long-term. Would love to connect virtually or in-person sometime to chat more about the market. Always great to make local connections!

Feel free to DM me and we can set something up.

-Hunter

Hey Alex,

There's still plenty of stuff for sale here under the $100k mark, just depends on what your strategy/risk level is. It's a very street by street market, so it's tough to put a hard no on any particular neighborhood or zip code. 

There's some alright pockets in: East Lake, Bessemer, Fairfield, Midfield - just need to know the ins and outs. 

Feel free to DM me if you want to chat more!

Have you considered (or has your PM suggested) Cash for Keys? It can be an effective alternative to gain back possession of the home sooner and avoid the costs and headaches of an eviction for both parties. 

For those not familiar, essentially you'd offer to waive part or all of the past due rent, and/or provide some sort of small stipend for the tenant to help with moving expenses, in exchange for them returning the keys and the property immediately. It would be a mutual release from the lease. Tenant gets to avoid an eviction on their record and you get the property back sooner to avoid vacancy/the eviction process. The amount you waive/offer would be dependent on the situation of course. 

We've found that strategy to work at a pretty decent rate. 

Good question @Erik Estrada, though from our conversation it sounded like this is a Fannie/Freddie deal across the board. Quick Google search found this article from another lender:

Freddie Mac is NOT Allowing CASH-OUT Refinances -- MUST READ - The Simpson Team (simpson-team.com)

Hello BP Fam,

Got word from a lender I work with locally here in Birmingham (Matt White - FirstBank) that seasoning requirements are changing on cash-out refis. 

For cash-out loans closing after March 7, 2023, you'll need 12 months of title seasoning. This will have a big hit on BRRRR investors and flippers looking for an alternative exit strategy.

Get with your lender now and learn more about the change and what options you have!

Happy Investing!

-Hunter

Hi Taylor,

Great to have you on BP!

I was an aspiring investor and sort of fell into a sales role with a PM company (right time, right place kind of thing) after moving to Birmingham. Little did I know it would be a MAJOR catalyst for my growth as an investor. On the sales side of the business, I literally get paid to network with investors, RE agents, lenders, and other RE professionals - all while gaining valuable connections and experience for my investing goals. And of course, I also get to see the operations side of the business (good, bad, and ugly), which has helped keep my toxic optimism in check and know what truly good/bad deals look like. I often say "I get to do my day job and side hustle all at once!". *The Company even paid for me to get my RE license!

That said, a role with a PM company could be a nice entry point for you. I tend to agree with others that the stability of the W2 role would be a benefit for lending down the road. 

Happy to connect in the messages here on BP or live on the phone (or in-person) sometime soon! Feel free to reach out via my contact in the signature.

-Hunter

 Makes sense why some folks in Hoover/Pelham are up in arms about it. The Oak Mountain amphitheater is great, but I tend to agree with you that the spark for Bham metro in general would outweigh the fall of Oak Mtn. Will definitely be keeping a close eye on this one as it develops!

Hi Javier,

My company does a lot of S8 rentals in Birmingham, so I'm happy to provide any insight I can to help.

I'm not sure exactly what you mean by "living situation", but generally speaking, as long as you follow the guidelines of the housing authorities and keep up with repairs on the property, the tenants can enjoy an excellent quality of life and the investment can provide some solid long-term cash flow for you. 

Feel free to DM me or reach out via the contact in my signature if you have additional questions!

-Hunter

Hi Steven,

A good S8 Property Manager will have experience will all the different housing authorities, know how to handle the inspections, and be keen on all the paperwork/process required (RFTAs, HAPs, price increase requests, etc.).

We have about 30-40% of our Birmingham portfolio rented to S8 tenants currently. Let me know what questions you have and how I might be able to help! Feel free to DM me or use the contact in my signature to reach out directly. 

-Hunter

Lots of buzz these last few weeks for a potential new amphitheater in the “Uptown”/North Bham neighborhood. This would be the 2nd massive development in the area (see Uptown Star project), and the initial proposal sits at $50 million.

Those in favor quote the obvious boon to the neighborhood and the city in general. Those opposing have concerns about creating competition for the Oak Mountain Amphitheater in Hoover and the Orion amphitheater in Huntsville.

Personally, I’m all for it! This is exactly the type of moving and shaking that’s going to take Birmingham to the next level in terms of a destination and amazing place to live. Plus, I’ll be scooping up as much property as I can in the meantime :)

What are your thoughts?

https://bhamnow.com/2022/10/24...