Investor · Franklin, TN · Member since 2019 · 10 posts · 3 votes
I was born in Huntsville but have not lived there since I was about 2 years old. In researching areas to purchase my next property, Huntsville came up a few times. I am looking for recommendations for property managers and realtors to assist in my research. I have always wanted to revisit my birth place and potentially investing in the area really intrigues me.
I am looking to purchase a duplex or larger. I like properties to be near hospitals and universities/colleges. I would also like to acquire properties that I can improve immediately or over time to increase value and rents.
Any properties near Redstone Arsenal will likely go up in value over the next several years. More personnel both inside and outside the Arsenal will be moving in within the next couple of years - and all of those people are going to be looking for places to rent (and then possibly buy).They are all likely to be high-salary and good tenants due to the nature of their work. If I were you, I would start looking around there first.
Hi @Kevin Seiler. I insure several multi unit properties in Huntsville for many out of state investors. If I can assist in the insurance arena for properties in Huntsville don't hesitate to reach out. Daniel
@Kevin Seiler - I would strongly recommend you visit Huntsville before you do anything else. What you will discover is the following:
-MFHs in Huntsville are few and far between, in incredibly high demand, and many are in C neighborhoods.
-MFHs near Huntsville Hospital and Crestwood are unicorns
-housing in the "medical district" has exploded - now commonly selling for 150 to 200 per sq ft.
-SF housing near UAH is quite affordable - however, it is fiercely competitive. The last SFH we put an offer on near UAH had 10 offers in under 48 hours, went for 5 figures over ask without inspection and cash offer (we lost out on it).
-a lot of sellers, per several agents I talked to and my own experience here, are declining OOS offers in favor of local buyers if the offers are reasonably comparable if they are in high demand areas of Huntsville and Madison
Not trying to discourage you - just figured you needed someone to give you an open and honest direct response to your inquiry.
Any properties near Redstone Arsenal will likely go up in value over the next several years. More personnel both inside and outside the Arsenal will be moving in within the next couple of years - and all of those people are going to be looking for places to rent (and then possibly buy).They are all likely to be high-salary and good tenants due to the nature of their work. If I were you, I would start looking around there first.
@Daniel Reeder. I will definitely keep you in mind for insurance if I purchase a property in the area.
@Bastian Kneuse. If you could, I would love to connect with the investor group you know. I would enjoy hearing about their experience in the area.
@Beau Miles. Let me know how we can connect. I would like to hear your thoughts about investing in the area!
@Michael S. Thank you for your thoughts. It is always good to hear opinions/perspective that may not align with others. From the research I have done so far, it does appear that MFH is not as common as other markets. They also appear to be on the smaller size - 1 bedroom or efficiencies. I'm looking to purchase one where each unit has 3 bedrooms.
As for the competitive aspect, I live in the Denver area and the competitiveness and cost is astronomical here. What I have seen on the market in Huntsville is incredibly cheaper.
Since I was born in Huntsville, I have been wanting to visit the area for some time. The mobile home park we lived in is probably long gone and developed over. I believe my father worked at the Redstone Armory. I actually came across my baptismal record the other night. It the Church of the Visitation still exist?
@Jennifer S.. You are not the first person that recommended that my search should begin in the Redstone Arsenal area.