Greetings BP Community!
This is Hunter Norsworthy with Camelot Properties and I am happy to say that I've been involved in real estate investing in the Montgomery market for a little over two years now. I decided to start up this discussion based on the amount of investors I've spoken with who have shown recent interest in the Montgomery market. These are some of the most common questions I am faced with, so I found some free time and thought it'd be beneficial if I answered them on our local BP Forum. Any feedback would be greatly appreciated! Would this info be something you'd like to see every quarter? Let me know!
*Information is from reliable sources, but not guaranteed*
Montgomery Market Q1
Number of Units Sold: 517
Average DOM: 113
Average Sold Price: $143,424
Number of Units Rented: 141
Average DOM: 70
Average Rent Price: $1,012
@Greg Parker Yes sir!
Thank you. I'm looking to connect with other buyers/investors as well.
@Charles M. I recently sent a Facebook request as well as a follow request on BP. Would love to further discuss the connections you're looking for and see if I can assist in any way!
It takes an average of 70 days to rent a unit? Yikes. In my market its like 70 minutes.
@Michael P. Thank you for that insight! Yes, depending on where you are in Montgomery it can take around 70+ days to rent. However, there are also those areas, just like with any major city, that tenants seem to flock to consistently. Familiarizing yourself with the right areas is more than half of the game here in Montgomery!
@Hunter Norsworthy Thanks for posting. This is my first official post on BP. I've been hawking the site and working through the podcasts.
I'm curious, as an agent, what areas are you seeing the most "flock"? East Montgomery out toward Pike Rd? Is Prattville still growing? What about south of the airport? My wife and I just moved to Vegas (Air Force) but plan to return to her hometown, Prattville, in a couple of years. Chances are we will end up planting roots in the area as I transition to the Alabama National Guard. Our 5 year plan would include having 5 properties in the delta region that cash flowed. Thoughts?
Nothing south of the airport that I am aware of. The big money new homes are all out east, Pike Road etc. Prattville is doing fine as well as Millbrook, Wetumpka. Lake Martin is crazy. My buddy works for a guy whose financial backer told him to buy everything that comes up for sale on Lake martin that is less than 400K, put 300K in it and sell for 900K - 1M. Also a lot of revitalization in downtown, cottage hill, Old Cloverdale.
@Greg Parker whoa! I had no idea Lake Martin was that popular. I do know that 2 weeks ago we were going to go have a lake day and the lake was riddled with debris from the storm that went through!
Would love to see this get updated. We have 5 duplexes in AL and we're trying to decide if we should keep investing in the area. We have definitely seen that finding renters does take a long time.
Considering investing in Montgomery near the Alabama State and the Montgomery country club. Any insight in the 36111 area would be greatly appreciated!
@Chris Tabanico Great area! Anything from there over to Old Cloverdale is a hot area. I have one rental on Cloverdale road - $1,300/month. And I just bought a vacant lot on the golf course at MCC to build a new house on. As far as the zipcode, it is really hit or miss. There are good and bad pockets all over the place. Send me some addresses and I can usually look at the map and give you some insight. Or, I can do a drive-by.
Thanks for the response @Greg Parker . I am actually looking on that road at purchasing a few properties. Sent you a message regarding this!
We have a SFH available on E Vandiver BLVD. Great rental and price accordingly.
I own a 4 plex in Capital Heights and a house up by the zoo area. All units rented quickly. The 4 plex units rent for $495 a piece and the house rents for $650. I guess I'm the low end but it seems to be working out. Considering purchasing something down town. Cottage Hill area.
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Anyone have thoughts on the 36109 area?
36109 has good and bad areas. Older homes so there are deals with great cash flow.
I was just in Montgomery yesterday! I have a deal in negotiation out of state, but it looks like I will have to back out because of foundation issues that will put me over my rehab cushion. This will give me the opportunity to look at closer areas to me. Thanks for the data you provided.
Also be aware of bad soil conditions in part of that zipcode which may cause some foundation issues. But, if you get the property cheap enough, the foundation can be repaired. It scares off most investors.
I ran into two very nice houses that had bad foundation issues. On a happier note, got my offer accepted for a house in 36109, depending on how this goes I’ll see if I want to continue investing in Montgomery.
Great. Let me know if you need my contractor to go by and do a scope of work to get it rent ready.
@Carol Kotchek Cottage Hill is a great area. But, for a rental, those old houses can be a money pit. Bad foundations, old plumbing, old wiring, limited parking, plaster walls, lead paint.
Thanks for the info Greg.
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