Alabama Statewide
Property
Sample Units:
Why This Provider?
- They are one of the original “build-to-rent” providers in Alabama, providing these homes for over 2 decades.
- Management are investors themselves, so they understand what type of home and service investors are looking for.
- They add a personal touch to the entire process from signing the contract, to closing on the home, to working with their in-house property management team.
Get Pre-Approved:
Prior to contacting this provider, if you plan on conventional financing, please consider the following. You will likely need:
- A down payment of at least 20% for single-family homes and 25% for multi-families
- A low debt-to-income ratio
- 2 years of job history with a U.S. company or 2 years of self-employment history
- Six months of reserve funds
- A credit score of at least 680 (higher, is ideal)
In order to prepare for your pre-approval, start gathering the following documents. Your lender may require more documentation, but you should be ready to provide copies of these documents, at a minimum:
- Last 2 paystubs
- Last 2 months of bank statements (all pages should be included)
- Last 2 years of tax returns and W2s
Market
Market Profile:
Alabama has been a favorite of investors over the last several years. The state is very pro-business and boasts some of the lowest property tax rates in the nation. The median home value is lower than the national average and rents have appreciated approximately 12% in the past year. Major corporations in Alabama include Encompass Health, BBVA Compass and Auburn University.
Quick Facts:
- High net in-migration from other states.
- There is an influx of companies relocating their headquarters to AL.
- Growth is occurring in many sectors including medical, retail and industrial.
- Real estate is affordable.
Population: 4.893 million
GDP Per Capita: $247, 092
Cost of Living: 82.3 (100 = Average in US)
Area: 52, 419 sq. miles
Elevation: 500 ft (Average)
Region: The South
Time Zone: Central
Resources
Map:
Economy:
Climate:
