How Can I Find Good BRRRR Deals....Frustrated!

[Joseph Sanchez]

I have been on a quest to find good BRRRR deals in my area. It seems that everything I look at and run through the BRRRR calculator is overpriced. Is anyone having the same issues? If so, I like to know how you are finding better deals? Thank you. P.S. I am a Realtor and am searching MLS every day. Everything seems overpriced!

[Dean Letfus]

@John Matthew Johnston.  I'm sure every city will be different. In Memphis I troll Craigslist looking for homes for sale that have been put in the wrong category. I've bought some of my best deals this way.

I cultivate relationships with title attorneys, accountants, property managers, bank managers and make sure they know I am always looking for homes where the owner/landlord wants out but doesn't want to advertise and doesn't want to disturb the tenants.

I also find a lot of good deals by looking through FSBO sites.

In other words I avoid the MLS and realtors pretty much completely and I don't look for houses needing rehabbing. The other thing that works well for me in Memphis is buying using seller financing. There is a lot fo old money in memphis so elderly people downsizing or moving often don't need the money but they are very price proud about their house. So I buy them at asking price if they leave the money in at 1% over cash deposit rate. I have bought some gorgeous homes in East Memphis this way. With the low interest rate they cashflow just like a normal rental!

There are more channels I have used but I'm semi retired these days!!