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Updated over 1 year ago, 08/16/2023
Is BRRRR dead in NJ?
I have been looking to BRRRR in NJ. It seems like prices are so high, even distressed properties do not have enough room to make the strategy work. Im looking mainly on the MLS, is this the issue? How are people finding deals?
Looking for general advice, and any input on people still doing BRRR
#3 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
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#3 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
off market
Hi Brian they are around, majority of my clients purchase Brrrr properties. We are findign them on and off market. I get a good amount multi family BRRRR that come my way from other realtors that like working with me. Deals are all over especially when you can get high rents but it depends on market your looking in.
- Shawn Mcenteer
- 9739753895
Quote from @Brian Caulfield:
I have been looking to BRRRR in NJ. It seems like prices are so high, even distressed properties do not have enough room to make the strategy work. Im looking mainly on the MLS, is this the issue? How are people finding deals?
Looking for general advice, and any input on people still doing BRRR
BRRR will never be dead anywhere. It's just an investment strategy that helps a ton on keeping money out of your deals. I've done 6 BRRR's in Columbus OH from single families to 11 unit buildings.
The problem with BRRR's now is that if you can keep all your money out of the deal your debt service might eat up most or all of the cashflow on the property. I personally like to keep each property close to or positive in the green. I know some investors that want to keep all of their money out of a deal and are okay with having a slight negative cash flow on properties, however. Just depends on your goals.
Yes, you'll want to focus on off market properties. If it's listed on the MLS, they're excepting top dollar.
@Brian Caulfield Like others have stated, it's definitely harder to find BRRRR deals right now because of the high interest rates and very competitive over-asking price offers in North Jersey, especially with on-market properites. You'd want to focus more on off-market properties to have a bigger margin to make BRRRR work (same goes for flips).
Quote from @John Chong:
Yes, you'll want to focus on off market properties. If it's listed on the MLS, they're excepting top dollar.
This is what I assumed. How do you find your off market properties?
@Brian Caulfield You'll want to reach out to agents, wholesalers, and go to networking events to build relationships