Just Starting Out - Huntsville

[Logan Carver]

Happy New Year, folks!

At the moment, I don’t have a single investment property. However, over the last 6-8 months I have been reading every book I can get my hands on about out of state investing (or RE investing in general). I don’t have a super large budget for a first property, but want to get started - I keep hearing that’s the first and largest hurdle.

A lot of the research I’ve done keeps landing me in Huntsville. With the market the way it is, I feel like you can still manage to find reasonable homes there that have rent estimates that favor my criteria. My main concern is not knowing the true scope of an area or having any boots on the ground. I want to say Madison school areas are the safest bet, but would love anyone’s thoughts or experience in areas more north of actual Huntsville. 

I’m looking to make the leap in the next 3-6 months and plan on starting to build out a team shortly. With that said, any recommendations on property management and/or realtors would be greatly appreciated. 

I look forward to being an active member of this thread!

Best,
LC

[Michael S.]

@Logan Carver - this was my post to another investor starting out in Huntsville below - I would worry less about building your "team" right now, and focus on your financing situation and just getting a property under contract.  If you find an opportunity, they are likely not going to be interested in selling to you if your financing and/or cash is not immediately ready, as there is a ton of cash buyers here right now who can close in under a week.

Case in point - we found a wholesale property we liked 2 weeks ago - we offered $15k over ask (yes, 15k over ask on wholesale - that's how crazy things are here) because we were going to finance it, as our liquid cash is currently tied up with other rehabs. They sold it for $7k LESS than our offer to a cash buyer who could close in less than a week.

Good luck on your REI journey.