Real Estate Investor · Carmichael, CA · Member since 2015 · 5 posts · 3 votes
Hi Everyone,
I am newbie to BP. My husband and I are looking for the best location to buy and hold turnkey multifamily (2,3,4-plex) properties in Alabama. This will be an out-of-state property for us and we like areas such as Huntsville, Birmingham and Madison. We are looking for turnkey multifamily units near medical centers, military bases or colleges. We are currently surveying the market, but are limited by the fact that we can't just pick up and go view the area/properties. Any suggestion on where to begin would be great.
Welcome fellow Bigger Pockets member! This is a great forum and I am sure it will help you learn many facets of the real estate investment world. I purchased my first investment property over 40 years ago and only wish that I had a resource like BP community when I got started! So you are in a good company.
Some say that your net-worth equals your network, and this is the place to make right connections. You should also find investors locally and network with them face-to-face. Find people close to you using MEET feature. Also, look for investor meetings on Meetup.
James Wise Good question. I grew up in Alabama and I am familiar with some, but not all areas. Also seems to be one of the areas to get the most for our money. Compared to California we can purchase duplex, tri, and fourplex for much less and make a profit. I am not oppose to other out-of-state markets. Happy to hear suggestions? What do you think?
James Wise Good question. I grew up in Alabama and I am familiar with some, but not all areas. Also seems to be one of the areas to get the most for our money. Compared to California we can purchase duplex, tri, and fourplex for much less and make a profit. I am not oppose to other out-of-state markets. Happy to hear suggestions? What do you think?
That's a pretty good reason. If going out of state to a cheaper market a place with past ties and first hand knowledge is always the first place one should look.
I like Cleveland myself but that is not an unbiased opinion as I am an operator selling/managing properties in Cleveland so of course I would say that.
In my opinion Alabama definitely sounds like the right choice for you.
Birmingham is a great market to invest, especially with your past and current history with th city and state. I am sure you will have someone here on BP chime to help make sure you check everything out with that company or individual.
I am out of Nation investor having a SFH house in Huntsville. I left the house in 2011 and I had just 15 days vacancy.
Usually high credit score people (un-risky tenant) do buy houses rather than rent. In Huntsville you have a special situation: the people working in the Red Stone Arsenal do spend 2-3 years there, so they rent the houses because of the short period (not because of low credit score).
I think you have good (un-risky) tenant (high credit score) with pretty high rent.
Nevertheless, if you choose a 4-plex, you will have a strong apartment building competition in Huntsville.
I was thinking about 4-plex but I can not afford higher risk than SFH since I live in Italy.
I'd love to help you out in the Montgomery, Birmingham or Huntsville markets. I have the crews and can help you with your multifamily. Doing it this way will save you some money as well. Let me know what you would be interested in doing.
@Melanie O. I am currently working with a real estate investor group here in the Montgomery, Birmingham and Huntsville area. We are actively purchasing SFR in each of these locations. I know that your interested in multifamily units. But if I can be of any help. Feel free to contact me.
@Melanie O. just curious if you ever ended up getting a multifamily property in this area. I have been deciding on a target market and Huntsville is on the radar. I have been over there a handful of times and like the area. Affordable market to buy into, but maybe hard to fill vacancies as there is so much competition?