Single-family residence buy & hold investment in Huntsville.
Purchase price: $135,000
Cash invested: $50,000
My wife and I purchased a single family home in Huntsville, AL. Decided to go out of state due to how high costs are in our local market and how strong the market in Huntsville is becoming. Definitely a lot of firsts and mistakes that we are learning from and will update as we go.
Great work Michael 😁✌ on your buy & hold. Just looked up Huntsville, AL. Seems like a person can get plenty of house for their money. What's your sq footage there? Buy it cash or what type of loan you use? Have you had it reappraised since the money invested?
Good idea in starting outside your home city. Plenty of better deals out there to be had at better pricepoints.
Hey Santiago, thank you! It seems to be a great area with a lot of growth potential. Square footage is just over 1600 and went conventional. Haven't reappraised yet. There are plenty of great areas with much lower price points than San Diego. San Diego still has a strong rental market, but very competitive and home prices continue to climb. We'll see how this one goes (hopefully well) and we'll continue to grow our portfolio in the southeast.
congrats on your purchase!
After looking at Clarksville, TN and Lexington, SC with no success...I'm now looking at Huntsville off of recommendation from a friend. I'd love to try the BRRRR strategy, but being from Hawaii, I am not counting out the ease of turn key. Looking forward to hearing your update on this property!
Hey Jessica, be ready to pay above asking, anywhere from 5-10%. We were putting in offers for the past few months and finally settled on a slightly distressed property. Good luck with it though, it seems like a promising area!
Good job on finding Huntsville. We have been in there since 2018 and now it is finally making the top emerging market charts.
Congratulations on this investment @Michael Shields !
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