Tony Richards recently acquired four properties in Montgomery, Alabama, from an out-of-state landlord who lacked local insights necessary for effective property management. The properties are situated in neighborhoods identified as underserved by the FHFA, with the median income around them at $28,591, far below the metropolitan average. Richards utilized Auction.com's SmartSale program to facilitate the purchase, showcasing the advantages of local knowledge in real estate investment, particularly in challenging markets. Sellers like Ricardo Sims found value in auction platforms for quick sales, benefiting from the reach of local buyers who understand these markets well.
Tony Richards recently purchased four properties in Montgomery, Alabama, from an out-of-town landlord to revitalize underserved neighborhoods, leveraging local market knowledge.
The median family income around Richards' properties is $28,591, significantly below the greater metropolitan area's median of $70,782, indicating a need for investment.
Auction.com's SmartSale program enabled quicker sales for landlords like Ricardo Sims, who faced difficulties managing properties from afar, highlighting local investor advantages.
Richards emphasizes the importance of local expertise saying, 'For someone like me who knows Montgomery... I can make it work,' contrasting with out-of-town investors.
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