Choosing the right market to start

BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Choosing the right market to start

Account Closed
Investor · Miami, FL · Member since 2023 · 120 posts · 46 votes

Hello,

I am looking to choose a market to start diving into. As I know it takes quite a lot of work to set up a BRRRR operation I would like to start by picking one market to work on.

I will be working out of California so it would be ideal if it was closer to California so I can easily go out to the area as much as possible.

I have been reading a lot of people talking about Ohio, but I also know someone who has found a lot of success in the outskirts of Dallas (which is a bit closer to California). The person working out of Dallas has been able to actually do full BRRR with a full cash out refinance on his deals.

Would like to get honest opinions on where I should get myself looking- as specific as possible as far as towns. 

Important: I am looking to get into houses in the budget of at least 200-300K. I wouldn't want to get involved in anything cheaper. 

So an ideal would be to get something for $250-300K put 50-75K in rehab and get a house thats 350-500K.

Thank you


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Marc RiceBusiness Member
Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
2y
Quote from @Account Closed:

Hello,

I am looking to choose a market to start diving into. As I know it takes quite a lot of work to set up a BRRRR operation I would like to start by picking one market to work on.

I will be working out of California so it would be ideal if it was closer to California so I can easily go out to the area as much as possible.

I have been reading a lot of people talking about Ohio, but I also know someone who has found a lot of success in the outskirts of Dallas (which is a bit closer to California). The person working out of Dallas has been able to actually do full BRRR with a full cash out refinance on his deals.

Would like to get honest opinions on where I should get myself looking- as specific as possible as far as towns. 

Important: I am looking to get into houses in the budget of at least 200-300K. I wouldn't want to get involved in anything cheaper. 

So an ideal would be to get something for $250-300K put 50-75K in rehab and get a house thats 350-500K.

Thank you



 If you're more than 2hrs away it essentially is the same thing. It can be better to force yourself to not visit the properties so you can create your systems accordingly. 

Ohio has great markets of Columbus, Dayton, Cleveland, Cincinnati where you can find cash flow and appreciation. Columbus OH fits your requests of 200-300k pp.

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  • Stephen DiJuliusBusiness Member
    Real Estate Broker · South Bend, IN · Member since 2022 · 29 posts · 14 votes
    2y

    Hey Daniel! We’re still doing a lot of BRRRRs in South Bend. Barrier to entry is low with really strong/stable LTR. Good appreciation too. Happy to chat more about if you want. Best of luck!

    [email protected]574-250-0893
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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    2y
    Quote from @Blake Choisnet:

    Top markets I'm seeing for remote BRRRR right now are:
    - Dayton OH
    - Birmingham AL
    - Macon GA

    All have a market rent-to-price ratio well above 1.0% which will give you a better shot at cashflow. 
    Price of entry is much more friendly as well. 
    Landlord friendly state? Check. 

    Hope this helps. 


    Lots of BRRRRs in Dayton man.

    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y
    Quote from @Account Closed:

    While I appreciate all the brokers pushing their market here, it would be nice to get some investor opinion on the matter as well.

    A lot of people are saying the Columbus and Ohio are over saturated and over harvested already and it's nearly impossible to find good deals. 

    Open to hear investor insight, thanks!


     all the agents in columbus are doing is calling multifamily owners off market on dialers forcing them to sell a little less than market value or setting them up on searches. correct no value. they are taking two sides and selling places 60 years old without underwriting or value proposition. I would look at other strategies too to open your mind. we do new builds single family and multifamily for investors here in columbus with 20% equity at a min. that strategy takes like 5 calls with investors just to get them to wrap their mind around it because it's sophisticated. I used to do the same as all these agents but that was earlier in my career in my first 5 years which I'd say most of the people posting about columbus are. I wouldn't look at a lot of other places. I do deals with guys from Austin Texas, dallas taxes, florida, New York, California because they are capital markets and we are one of the cheapest states not just for existing inventory but new construction as well. just my two cents. if you like the market here don't listen to other investors or agents get closer to the deal centers. I have some great connections who wholesale 100+ deals a year who source their own deals like we do. I'll shoot you a PM to chat further if you want 

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