All Forum Posts by: Chris Mignone

Chris Mignone has started 16 posts and replied 138 times.

Hi All - I am looking to buy my first investment property and I have been researching markets. I am currently in between Charleston, SC and Huntsville, AL. My goal is mostly around cashflow (with high mortgage rates, even a modest amount is good) in an area with a good amount of appreciation as well. I know it depends more on the neighborhood I choose in the area, but would love to know from the more experienced crowd here which market has a higher probability of meeting my goal.

Also, I am based out of Jersey City and would have preferred to buy a property closer to me, but the properties in this area are way out of my budget and do not seem to cashflow at all. I am a bit nervous about buying a property so far away, so would love to hear if anyone has advice on this. Thank you!

Hey Cindy,

I live in NY and invest in Huntsville. I have been very happy doing so. I'm happy to discuss with you if you're interested!

3 Votes

Quote from @Anton Tikhomirov:

Quote from @Sonia N.:

Hi Anton,

I'm also from MA and invest OOO in Columbus, OH and Huntsville, AL. Between the 2, Huntsville is actually a better option IMO if you're interested in tertiary markets in any southern states. Best of luck!

Hi, thanks for the suggestion! May I ask why Huntsville?

Huntsville is an outstanding market. Booming economy and population growth. It overtook Birmingham as the largest city in the state much quicker than it was projected to do so. I've been investing there since 2021 and have been very happy with the trajectory of the market! Low taxes, landlord friendly laws, etc.

1 Vote

Huntsville is in Madison County. There is also Madison city which is a different zip code. Generally speaking, 35810 is considered to be the lesser zip code in Huntsville. It has a lower price point and a higher percentage of landlord owned properties. I'm speaking very generally though. Happy to discuss further and in more depth if you like.

2 Votes

Huntsville, Alabama

Quote from @Phillip Austin:

@Johnnie Schneider Huntsville, AL should be at the top of your radar.

https://realestate.usnews.com/...

Couldn't agree more. I have been buying aggressively in the area over the past year or so. Outstanding market!

2 Votes

Quote from @Tony Valle:

Quote from @Chris Mignone:

Quote from @Phillip Austin:

@Tony Valle I recommend checking out tertiary markets in the Mid-West and South. Then, cross-reference those markets with population and economic trends.

Columbus, OH, Jackson, MS, Kansas City, MO are some hotter markets. However, I would check out Huntsville, AL which was recently voted #1 Best Places to Live: https://realestate.usnews.com/...

Huntsville is one of the best markets in the country in my opinion. I have had great success there over the past year or so. I could not recommend it more!

Huntsville is certainly on my radar and I appreciate your vote of support for this market.

Feel free to reach out if you ever want to discuss!

1 Vote

Los Angeles County, California

Quote from @Bruce Faulk:

Hello BP,

Thank you for the great information and sharing here. As a newbie, I really appreciate the advice.

I have been looking to buy here in New York City where I live and am hitting the wall. I think a better use of my capital to get started in real estate is to keep renting (we have a great deal in an apt we love) and buy an investment property. Here’s my math; please let me know if I am calculating right and if the deal I am envisioning exists anywhere in the continental US. Thanks very much.

I have 30k cash

I can build it to maybe 50k in the next 6 months.
I have 800+ credit

I am thinking to buy a 150k B class property, putting the 50K down

That makes a mortgage of 100k

At today’s rate of 6.28% that is mortgage of $850

Taxes, insurance & 8% property management per month is roughly $1100

Is there a market where this investment would break even, much less cash flow and with good property management?

Thank you!

Hey Bruce,

I'm in NY as well, on Long Island, and invest in and around Huntsville, Alabama. I literally get deals like this coming across my desk every day. I can definitely help you if you're interested. Let me know if you want to connect and discuss. Happy to help.

1 Vote

Quote from @Molly Paprota:

Hi, I am NY-based looking for purchase a long term/BRRR in Cleveland, and want to hear your experience with out of state investing.

Are most out of state investors closing on properties without doing physical walkthroughs? Same with rehab, are you rehabbing properties without physically being on-site to oversee the process? This feels risky to me, but this is my first purchase so would love to hear how you've handled an out of state investment. Thanks!

Hey Molly,

I'm in NY as well and invest in Alabama completely remotely. I have a nice system in place to get eyes on the property as much as possible prior to closing. I'd be happy to connect and discuss with you. Good luck!

1 Vote

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $2,000
Sale price: $70,000

Bought this property from the owner who had used it as a rental and had it sitting vacant because they did not want to deal with the renovations. We ended up deciding to clean it up and re-list it, instead of fixing it up and flipping or keeping it as a rental. We were able to get multiple offers on it quickly since it was a great value and got $70,000 for it. We made roughly $28k on it in about a month for a 70% COC return inside of a month. These are the kinds of deals we shoot for.

What made you interested in investing in this type of deal?

Great equity in this because the owner did not want to be bothered with the property anymore

How did you find this deal and how did you negotiate it?

Cold texting and follow up

How did you finance this deal?

Cash

What was the outcome?

Great profit very quickly

1 Vote

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $2,000
Sale price: $70,000

What made you interested in investing in this type of deal?

Great equity in this because the owner did not want to be bothered with the property anymore

How did you find this deal and how did you negotiate it?

Cold texting and follow up

How did you finance this deal?

Cash

What was the outcome?

Great profit very quickly

0 Votes

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $87,000
Cash invested: $20,000
Sale price: $172,000

Bought this from a burnt out landlord who did not want to deal with getting the existing tenant out. We gave the tenant 30 day notice and allowed her to live there rent free the last month. Between renovations, interest, closing costs, commissions, etc, we were into the deal for about $124k which gave us a net profit of about $48k. This was one of our best deals and netted roughly a 35% COC return. Not bad for an $87k purchase price.

What made you interested in investing in this type of deal?

Great opportunity to keep as a rental or flip

How did you find this deal and how did you negotiate it?

Website lead from Google PPC

How did you finance this deal?

Combination of company money and private money

4 Votes

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All Forum Posts by: Chris Mignone

Chris Mignone has started 16 posts and replied 138 times.

Post: Best Market for First Investment Property

Post: Looking for leads on lesser known markets or sub markets for decent CF/appreciation

Post: Huntsville Crime Map

Post: Favorite markets to invest in Georgia or Alabama?

Post: Out of state investor

Post: Does this exist- 150k single family renting for $1100 per month?

Post: Investing out of state sight unseen

Post: Hartselle Alabama Wholetail

Post: Hartselle Alabama Wholetail

Post: Huntsville Alabama Fix & Flip