Big fish at Guntersville Lake

I’ve worked with a lot of out of area investors looking for multifamily
property in Huntsville. One most be extremely cautious. Most of the
available properties are in undesirable areas where it is very difficult to
find stable tenants. There is a high turnover and make ready costs between
tenants can be a cash flow killer. It’s rare that well priced properties in
decent areas are posted on MLS. Most sales of desirable properties are a
result of word of mouth.

The other issue is finding hands on, consistent property management. There
are few local managers willing to handle multifamily. From our perspective
they are a poor investment of resources. It takes at least twice as many
resources to manage a $400 – $500 rental as it does to manage a $2,000
rental. Our income from cheaper properties is a fraction of what we earn on
the larger homes.

There are only a handful of local managers that are taking on multifamily
properties. It’s hit and miss on weather their clients are happy with their
service.

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I do have friends who own a good bit of C class property Huntsville homes for sale that seem to have a
handle on managing them. They have a few properties listed, more that could
be sold and indicated a willingness to continue management at least for a
time. I’ve tried to convince them to do outside management because there is
such a need but they have their hands full with the properties they have and
two sons involved in football and wrestling. Please let me know if you might
have an interest in their properties.

I work mostly in single family properties. The cash flow may not be as good
as multifamily but appreciation, liquidity and ease of management are much
better.

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