Finding Location to jump into BRRRR

[Jennifer McPherson]

Admittedly, I am un-diagnosed ADD x 10,000!  It has been 3 years since my husband and I rented out our house in Erie, CO and purchased a home in Mead, CO.  We intended to just keep going with that but it didn't happen.  Cause... life... extremely demanding jobs... kids.... you name the excuse we have it!  However - we now have an enormous amount of equity in our Erie house and I feel like its just sitting there waiting for us to finally do the plan we originally set out to do 3 years ago.  

As I type this - I have about 20 tabs open on two screens between craigslist and zillow looking around the country at places where we can buy a house to BRRRR for about $100K. I have one amazing trait and that is that I am not fearful in what I do, mostly because I feel like I do a lot of research and therefore take a calculated risk. My sister thinks I am lucky but she doesn't understand the amount of research I put into everything I do.

So.... my question is... HOW do you manage all the bright shiny objects so you can go from the 10,000 foot view all the way to the 6 inch view?  THIS is my huge weakness!!  

THANK YOU ~ Jennifer  

[Kristel Daugherty]

Congrats on your fearlessness!  That's a great trait to have developed!

As far as your question goes, my recommendation is to create some kind of spreadsheet or checklist to determine the BEST of those bright shiny objects.

For example, last fall I got excited about county tax foreclosures. I reviewed the prior year's sales and saw a few properties that were successfully turned into the kinds of investments I wanted to do. Next, I did the research on all of the properties that were on the upcoming tax foreclosure list and ran the numbers. What was the minimum bid, a rough estimate of closing and rehab costs, and the costs for me to run as a BRRRR (capex, taxes, vacancies, etc)? At the end of that analysis, there were clearly leaders as potential investments and others that HAD looked bright and shiny that didn't have that same appeal.

I hope that's helpful and good luck with your investing!!