First Out of State Investment
8 Replies
Michael Shields
Investor from San Diego, CA
posted 11 days ago
Investment Info:
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.
Santiago Marquez
Rental Property Investor from Bronx, NY
replied 11 days ago
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.
Michael Shields
Investor from San Diego, CA
replied 11 days ago
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.
Jessica Haleck
Investor from Hawaii
replied 11 days ago
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!
Michael Shields
Investor from San Diego, CA
replied 11 days ago
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!
Lane Kawaoka
Rental Property Investor from Honolulu, HAWAII (HI)
replied 11 days ago
Good job on finding Huntsville. We have been in there since 2018 and now it is finally making the top emerging market charts.
Brandon R.
Rental Property Investor from Honolulu, HI
replied 10 days ago
Hey @Jessica Haleck have you considered Kansas City? I've done a couple BRRRR's out there from Hawaii.
Congratulations @Michael Shields !
Dmitriy Fomichenko
Solo 401k Expert from Anaheim Hills, CA
replied 8 days ago
Congratulations on this investment @Michael Shields !
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