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Updated almost 4 years ago on . Most recent reply
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New Investor Looking for Small Multi-family BRRRR
Hi BP! I am a 22-year old looking to begin investing in real estate. I am based in NY and am looking out-of-state for small multi-family (2-4 unit) BRRRR investments with strong cash-flow and moderate appreciation potential. Does anyone have any recommendations for markets with properties that meet this criteria? Many thanks!
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@Jonathan Messinger as others have stated, many Midwest markets would fit your criteria, think Ohio markets, Indianapolis, Des Moines, Milwaukee, etc.
Keep in mid that the idea of a great cash flowing property far away that gives you that monthly mail box money may be enticing, but it's probably not the reality. A lot of Midwest properties, especially the affordable ones, have been neglected and are located in less than optimal areas. It takes some real local knowledge to determine which block buy on, what degree of rehab you'll perform, etc. Also this crazy market has caused the experienced investors to hone their skills even more. If there's a property that looks good, it's very likely many local investors have picked it over already and chosen to leave it..
Remember you'll be tied to the place you buy property for the foreseeable future, and you need to be comfortable interacting with that place continuously, at least in the beginning, probably traveling there but at the very least virtually/ by phone. I'd pick a local market where you can find reasonable deals, maybe Buffalo, NY, and become an expert in that market. That my give you the competitive advantage to be successful given how crazy things area.