All Forum Posts by: Chris Mignone

 I'm going to shoot you a DM

@Alex Pepe hey man, congrats on getting started! Bham is definitely a street by street type of city so just make sure you’re analyzing properties carefully. We buy about 3 properties a month in and around Huntsville right now that we source off-market through our direct to seller marketing. We could definitely help you down in Bham if you were interested. Let me know if I can help you out in any way!

 Hey Mike,

Congrats on getting going. It took me a long time to get the guts to invest OOS but I am so glad that I did. I started buying in Northern Alabama, mainly around Huntsville about a year ago. I have purchased a couple dozen properties since then and currently have 11 rental doors. I source all of my deals off-market through direct to seller marketing. Huntsville was recently rated the #1 city to live in in America by US News. The cashflow isn't great yet because rents have not caught up, but they will, and the likelihood of appreciation is still very high. Let me know if I can help you in any way! 

 THIS IS OUTSTANDING ADVISE!!!!

We've purchased about 25 properties this year in and around Huntsville and Northern Alabama. We got all these properties off-market through our direct to seller marketing!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $207,000
Cash invested: $213,000

Connected with a seller who had inherited multiple properties that they did not want. We were able to negotiate terms to buy 6 properties (8 doors) from them for cash at a deeply discounted price. We are currently working on getting some of the units fixed, getting some old tenants out who were paying way below market rents, etc. We will be listing the properties for sale as a portfolio closer to market value or fixing them up and renting at market and then refinancing out of them all.

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

We were interested in the relatively low acquisition cost of these properties and the potential high cash flow.

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

We found this deal through our direct to seller marketing system and we were able to negotiate a good deal because the owner had inherited the properties and really did not want to deal with them.

How did you finance this deal?

We paid cash through private money we have raised.

How did you add value to the deal?

We were able to help the seller offload occupied properties that they were not interested in keeping.

What was the outcome?

We are in the process of stabilizing the portfolio now.

Lessons learned? Challenges?

Finding a new team to help with these properties in a relatively small area.

@David Hostios I like both Athens and Hartselle a lot. We just sold an investment property in Hartselle yesterday and got a ton of action and offers on it. Have another one in Athens under contract that we’re excited about too!

@Jack Payne hey man. Congrats on graduating and getting into this business. I live in NY and invest in AL. Feel free to reach out to me regarding my experiences and I’ll be happy to give you some insights. Also, I see you’re asking about realtor referrals. In my opinion, the best way to get deals is getting off-market properties. There will be a big expense up front in marketing but it will be more than worth it once you start getting properties. Hit me up and I can help!

@Leeor Kanor congrats on getting started. Huntsville and Birmingham are drastically different markets. Learning the ins and outs is one of the difficult parts of the business. I generate a lot of off market leads. Feel free to reach out anytime.

@Luke Ache my understanding is that Redstone offers 100% LTV owner occupant loans and also cover closing costs. You need to have good credit and some cash reserves. I did get this info directly from a loan officer at Redstone