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Updated over 7 years ago,
What markets work best for the BRRR strategy?
I'm looking to do my first deal using the BRRR strategy and eventually get larger properties over time. I've been working in the Philadelphia market and there seems to be limited options for my budget. I have $30k for a 15% down payment, so about $200k total for the purchase price. Most of the multi-family properties are priced at or above market value or they are shells that need full rehab.
I'm considering looking at other markets, anywhere in between NYC and Northern Virginia (where I am originally from). I wish I could start with a market that I am familiar with, but anything around the DC area is not within my budget.
Are there any recommended markets for new investors? Does anyone have advice on how to find the right market for a first-time investor?