Thinking about changing my strategy

[Steven Booty]

My current REI strategy is to find a 2-4 unit property. However inventory is low with many decent properties being out of my price range (~$350k +/-) or in need of serious repair (foundation issues, etc.)

I'm thinking about getting into a flip/BRRRR strategy since there seems to be no shortage of single family homes in need of updating/repair in my area (Monmouth County, NJ).

Some facts on me:

- Currently renting, but I'm not on the lease so I could leave whenever

- Full time job

- I have no primary residence yet, so I'd use a FHA or other owner-occupied loan

Should I stick it out and keep looking for a good multi? Should I get my feet wet with contractors and single family homes? What does BP think I should do?

Thanks!

[Mark Scarola]

Hi @Steven Booty,

A lot of people here in Monmouth County complain about the inability to find good priced deals, so I'm glad that you're able to recognize that there is a supply. You're right though in that there is a much smaller supply of multifamily properties. 

In deciding what to do I would ask myself (if I were you) what concessions I'm willing to make or not to make. For instance, would you be willing to travel to find a multifamily and stick with your current strategy or stay local and change your approach? It's all about your priorities. Which is more important to you... sticking with the plan or staying local?