Central NJ BRRRR Newbie - Looking for Mentor

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Central NJ BRRRR Newbie - Looking for Mentor

Jennifer Katherine De Loughy
Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes

Hey, guys

So I am terrified to get started. Everywhere I look, properties aren't low enough for BRRRR to be worth it and I'm looking at taking a loss. Can anyone help me get started? I'm looking for a mentor.

Thanks,

Jenn

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Joseph Guzzardi Jr
Rental Property Investor · Member since 2019 · 411 posts · 148 votes
1y

@Jennifer Katherine De Loughy Depending on your goals, I would suggest a mentor or mentorship group at a minimum. It will make your learning process much easier and accelerated.

I will be speaking at a local REI event in Feb in Central NJ. Not sure if I can promote or post publicly. Happy to discuss why it's important for a mentor/mentorship group further.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Jennifer Katherine De Loughy:

    Hey, guys

    So I am terrified to get started. Everywhere I look, properties aren't low enough for BRRRR to be worth it and I'm looking at taking a loss. Can anyone help me get started? I'm looking for a mentor.

    Thanks,

    Jenn

    Hi @Jennifer Katherine De Loughy. What type of properties are you looking to BRRR? SF, 2-4 MF, or 5+ MF? And what is your price point and how much rehab are you comfortable with, cosmetic, medium, or heavy/gut?

    [email protected]
    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    1y

    @Jennifer Katherine De Loughy

    hello. i would not look for a 'mentor.' i would just start building a network - can you go to meetups and do that?

    and, you are right - the vast majority of properties won't work for a BRRRR. i'm looking to do my next one and i keep getting outbid.

    1Reply
  • Jennifer Katherine De Loughy
    OP
    Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes
    1y
    Quote from @Jaycee Greene:
    Quote from @Jennifer Katherine De Loughy:

    Hey, guys

    So I am terrified to get started. Everywhere I look, properties aren't low enough for BRRRR to be worth it and I'm looking at taking a loss. Can anyone help me get started? I'm looking for a mentor.

    Thanks,

    Jenn

    Hi @Jennifer Katherine De Loughy. What type of properties are you looking to BRRR? SF, 2-4 MF, or 5+ MF? And what is your price point and how much rehab are you comfortable with, cosmetic, medium, or heavy/gut?

    Hi, Jaycee

    I'm looking at SFR and 2 - 4 MF. Price point maybe up to $300k. Rehab I'm comfortable with cosmetic to medium since I'm just starting out.

    Thanks!

    1Reply
  • Jennifer Katherine De Loughy
    OP
    Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes
    1y
    Quote from @Nicholas L.:

    @Jennifer Katherine De Loughy

    hello. i would not look for a 'mentor.' i would just start building a network - can you go to meetups and do that?

    and, you are right - the vast majority of properties won't work for a BRRRR. i'm looking to do my next one and i keep getting outbid.


    Where would I find meetups and build my network? I'm a realtor and no one in my office does BRRRR.

    Where are you located?

    0Reply
  • Heather Bailey
    Member since 2019 · 30 posts · 24 votes
    1y

    hi Jennifer I'm in Central New Jersey and I'm a realtor with Coldwell Banker inMorristown. Happy to talk to you. I've got some contractors in this area. Prices here are crazy, so I am starting to look out of state. I do have some familiarity with auctions and I can help you with that but the auction prices are getting competitive too and now we are starting to see nonprofits come in claim the Community Wealth Preservation Program exemption.  But if you can travel to different counties, especially out in Sussex and Hunterdon, you may be able to find a good deal.   Let me know where you are located and if you want to meet up.  

    0Reply
  • Jennifer Katherine De Loughy
    OP
    Real Estate Broker · East Brunswick, NJ · Member since 2020 · 38 posts · 20 votes
    1y
    Quote from @Heather Bailey:

    hi Jennifer I'm in Central New Jersey and I'm a realtor with Coldwell Banker inMorristown. Happy to talk to you. I've got some contractors in this area. Prices here are crazy, so I am starting to look out of state. I do have some familiarity with auctions and I can help you with that but the auction prices are getting competitive too and now we are starting to see nonprofits come in claim the Community Wealth Preservation Program exemption.  But if you can travel to different counties, especially out in Sussex and Hunterdon, you may be able to find a good deal.   Let me know where you are located and if you want to meet up.  


     OMG yes please!!

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    1y

    @Jennifer Katherine De Loughy

    I would try meetup.com, Facebook, Eventbrite.  You may have to look 30-60-90 minutes away depending on where they are held.

    I'm in Pittsburgh, I have a portfolio in 3 states including CT.

    0Reply
  • Joseph Guzzardi Jr
    Rental Property Investor · Member since 2019 · 411 posts · 148 votes
    1y

    @Jennifer Katherine De Loughy Depending on your goals, I would suggest a mentor or mentorship group at a minimum. It will make your learning process much easier and accelerated.

    I will be speaking at a local REI event in Feb in Central NJ. Not sure if I can promote or post publicly. Happy to discuss why it's important for a mentor/mentorship group further.

    1Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    1y

    Hi @Jennifer Katherine De Loughy Happy to connect and talk shop. BRRRR has hands down been the most lucrative way that got my wife and I to Fi. We Brrrr house hacks, I have clients doing this all over NJ successfully. You absolutely nailed it on the head in terms of needing a mentor. Repeating the strategies that work from people who did what I wanted to do is what turned guess work into the fast track when I first started investing.

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    0Reply
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