Why This Provider?
BLS data shows that more than 31% of Huntsville residents rent, but there’s more to long-term investment success than a growing tenant base. By choosing eminently livable properties and neighborhoods this provider maximizes its clients’ chances of seeing real appreciation, and eventually selling to an owner-occupant—not just another flipper or investor.
This provider has an experienced team and a purpose-built process for successful rehab projects. Renovations are undertaken with great care, top-to-bottom rehabs create comfortable living spaces. The provider’s mission goes beyond the aesthetic—their proprietary inspection criteria ensures that the “bones” of the home (wiring, piping, HVAC systems, and other key components) are in great shape.
- They specialize in single-family turnkey properties
- They offer in-house property management for a low management fee
- They find the best properties, only 1% of properties reviewed meet their standards for purchase
Prior to contacting this provider, if you plan on conventional financing, please consider the following. You will likely need:
- A down payment of at least 20% for single-family homes and 25% for multi-families
- A low debt-to-income ratio
- 2 years of job history with a U.S. company or 2 years of self-employment history
- Six months of reserve funds
- A credit score of at least 680 (higher, is ideal)
In order to prepare for your pre-approval, start gathering the following documents. Your lender may require more documentation, but you should be ready to provide copies of these documents, at a minimum:
- Last 2 paystubs
- Last 2 months of bank statements (all pages should be included)
- Last 2 years of tax returns and W2s
GRE recommends Ridge Lending Group.
Alabama’s new most populous city, recently overtaking Birmingham in population, Huntsville is known as the “Rocket City” as it has become an established aerospace technology and manufacturing hub. It houses several space organizations including NASA’s Marshall Space Flight Center and the U.S. Space and Rocket Center. The downtown area is also thriving and being developed to the tune of $1 billion in capital investments.
But Huntsville is so much more than an aerospace giant. It’s got a dynamic, thriving downtown which is just a quick drive to sunny suburbs outside of the city which are perfect for raising a family. Everything that makes Huntsville a great place to live also makes it a fantastic place to invest.
- Economy: Strong economic growth. Toyota-Mazda, Blue Origin Aerospace, electronics, commercial manufacturing, medical, STEM technologies, hospitality, Facebook Data Center, U.S. Space & Rocket Center, NASA and a downtown revitalization
- Population. Nearly 500,000 in the Huntsville metro area
- Named the Best Affordable Place To Live In 2019 by U.S. News
- Low tax. Alabama has property taxes 75% lower than the national average
- “The Rocket City” has a high ratio of rent income-to-purchase price
- Affordable housing. Only 19% of median household income spent on housing
- Properties: provider focus on B and B+ areas. $85K – $125K price point
- Tenancy: Average tenant stays 3.25 years
Metro Size: 502,728
GDP Per Capita: $49,792
Cost of Living: 71
Area: 220.9 sq. miles
Elevation: 600 ft
Region: The South
Time Zone: Central