Investor · Huntsville, AL · Member since 2015 · 66 posts · 45 votes
I was wondering what experiences other REIs have had in the Florence, Tuscumbia and Shoals areas of AL. I've been recently market testing the area a bit and getting some mild feedback. However, on the buying side of the house (my experience), buyers seem to be have more of an interest in Huntsville (I live in Huntsville). For obvious reasons, I'm sure, but from what I've been able to tell Florence, Tuscumbia and the Shoals may have something to offer.
I'd be interested in hearing from those who have pursued opportunities in the aforementioned areas. What was your experience? Are you getting traction with your marketing? Do you have buyers expressing interest in those areas?
Investor · Florence, AL · Member since 2015 · 42 posts · 11 votes
5y
Hey Shawn, I live in Florence, AL. We've owned some lower income properties in Sheffield and they're doing pretty well. We're currently buying one in Tuscumbia and one in Florence and the number look pretty good. Are u looking to flip or buy and hold?
Flipper/Rehabber · Huntsville, AL · Member since 2019 · 117 posts · 57 votes
5y
@Shawn Costley I have been looking at the area as well. There is an investor there liquidating 50+ properties which caught my eye. Still doing research on them at the moment.
Investor · Huntsville, AL · Member since 2015 · 66 posts · 45 votes
5y
@Jordan Woolf, let me know what you find out. I'm looking at buy and hold rental properties, but it doesn't appear that there's a huge demand for rentals in the area. However, I may be wrong. What are you seeing?
Rental Property Investor · Huntsville, AL · Member since 2020 · 44 posts · 15 votes
5y
@Shawn Costley
We purchased a house close to UNA and it rented quickly. I think the value to ROI. We worked with a really good real estate agent who knows the market well. Let me know if you want their info and I can DM the contact.
Investor · Florence, AL · Member since 2015 · 42 posts · 11 votes
5y
@Jordan Woolf A local investor passed away and they're selling the properties. I think they're mostly C class.
There are also several apt complexes for sale. They're asking around 17mm for 365 C class units. Let me know if you want a contact for that. Alot of the tenants are behind on rent, likely due to Covid.
Flipper/Rehabber · Huntsville, AL · Member since 2019 · 117 posts · 57 votes
5y
@Shawn Costley@Michael Logan I will send you a dm with my contact info. @Michael Logan I assumed a lot of the tennants were behind. I feel like the packages I looked at were priced high but I haven’t been able to find much info or pictures of most of the properties.
I actually went to UNA so I know the area a bit. @Jeff Henderson did your agent bring you this property and did you do any rehab?
Rental Property Investor · Huntsville, AL · Member since 2020 · 44 posts · 15 votes
5y
@Jordan Woolf we actually connected with the agent via Zillow and he was great. He showed us 5-6 houses and this was actually the last one we looked at that day. The house was completely remodeled and is a few blocks from Braley Stadium. Hope this helps.
Investor · Huntsville, AL · Member since 2015 · 66 posts · 45 votes
5y
@Jordan Woolf, @Michael Logan is the inventory out on the MLS? I'd be interested in checking out what C-Class properties are still out there--especially if there are any small multi-units. Is there anything I can look at?
Investor · Florence, AL · Member since 2015 · 42 posts · 11 votes
5y
@Shawn Costley There are several small multifamily/sfh bundles for sale in the shoals right now. Some of them are already under contract though, so contact the listing agent: Shylee Bradford-Bevis.
Real Estate Agent · Huntsville, AL · Member since 2016 · 4 posts · 1 vote
5y
I would be happy to answer any questions regarding the Florence area. I ran a lawn service for 7 years with 172 accounts weekly. I know every street and area very well.
Rental Property Investor · Huntsville, AL · Member since 2020 · 44 posts · 15 votes
5y
@Shawn Costley we purchased a property last year a few blocks from UNA. It rented in a very short period of time and had multiple applications for the property. The value for the money in Florence is still a very good value. We purchased north of the UNA campus which had better options. If you need contacts for PM or RE agents I can send you the people we used and have good working relationships.
Rental Property Investor · Tuscumbia, AL · Member since 2017 · 17 posts · 25 votes
5y
Florence, Tuscumbia, Muscle Shoals, and Sheffield are, in my opinion, an undiscovered nugget for REI. It is nowhere near as expensive as Huntsville (yet) and the rents are still relatively lower; but also comes with a lot of new development. We have the new auto-manufacturer plant coming in near N.A.L., The Mazda plant--which will have a trinkle effect here--, the new hospital.
Two years ago, you could find B' and C' class 2bd houses for $25k-$30K. Now you cant find one on the MLS for less than $50k. Nowhere near Huntsville level, but in a few years you will see the massive growth in the quad-cities.
I currently own 2 rental houses and doing what I can to acquire more before the Huntsville trinkle effect fully hits, lol.
Investor · Huntsville, AL · Member since 2015 · 66 posts · 45 votes
5y
@Jeff Henderson@Joseph Miller-Hall I would be interested in picking your brain a little bit about opportunities over near you UNA. I’ve always wondered what drives the rental market there in terms of industry, jobs, etc. If you can give me a good time that you may be available perhaps you and I along with some others can get a zoom call or meet up scheduled to discuss. I also believe that that area is kind of an undiscovered gem for the real estate investor. I’m just trying to figure out what is driving the rental demand.
Rental Property Investor · Huntsville, AL · Member since 2020 · 44 posts · 15 votes
5y
I will try to help with information we gained from the area. We only have the one property right now but actively look for opportunities. I can send you a DM with contact information.
@Jeff Henderson@Joseph Miller-Hall I would be interested in picking your brain a little bit about opportunities over near you UNA. I’ve always wondered what drives the rental market there in terms of industry, jobs, etc. If you can give me a good time that you may be available perhaps you and I along with some others can get a zoom call or meet up scheduled to discuss. I also believe that that area is kind of an undiscovered gem for the real estate investor. I’m just trying to figure out what is driving the rental demand.