My business partner and I are looking at a potential mutli-family commercial property in the West End/Westgate area of Montgomery. It is off of Mobile Hwy across from Trentholm State Community College. Any thoughts on the area? We are out-of-state investors and we are closing some duplexes in the Capitol Heights area.
We are looking to purchase at ~13% CapRate with lots of room for adding value. We want to be sure the area could support renters and is in a decent neighborhood. We don't know the area that well just yet. We've been researching, but we also wanted to leverage the crowd knowledge of BP.
Are you accepting section 8 vouchers?
We try to avoid sec 8 if possible, but it sounds like that's the type of area this would be in. We've avoided it in the Kansas City and Las Vegas area.
Capitol Heights is doing very well. Houses are being fixed up and the whole area is being gentrified. It is close to downtown and seems to be thriving. Not a lot of property values increasing yet, and you have to be careful not to go one street too far. Still some bad areas with crack houses, thugs, etc.
I would be happy to do a drive by if you have a particular property you are interested in. I work downtown and go that way every day.
Do a drive by? @Greg Parker 😂
You know real estate is getting competitive when one investor "threatens" to do a drive by to another investor.
@Amit P. Not that kind of "drive by". I am armed, but not very dangerous :)