All Forum Posts by: Erica Lunge

Hey Gary, that’s a big jump! It might be a hidden leak or even a running toilet causing the spike. Try checking each unit’s toilets and faucets for any drips or continuous running water. Also, check the water meter to see if it’s still running when no one is using water — that can help spot hidden leaks fast.

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Since you’re not getting interest despite a fair price, consider asking your management company to increase marketing efforts, use more platforms, or refresh the listing photos and description. Also, double-check that the listing accurately highlights the recent renovations and fenced yard, which are appealing features.

Starting out without cash flow isn't ideal, but it's not the end of the world if you have a plan. In expensive markets like the Bay Area, focusing on appreciation can make sense. Just be sure you can handle the negative cash flow for now and have a strategy to improve it later, like refinancing or increasing rent.

For starting out with BRRRR near New York, you might want to check out areas like New Jersey (especially parts of Newark and Jersey City), Westchester, and even upstate in places like Poughkeepsie or Newburgh. These areas are more affordable and still within driving distance so you can visit and oversee renovations easily.

My best tip for BRRRR as a beginner is to build a solid team—make sure you have a reliable contractor, mortgage broker, accountant, real estate lowery, and property manager who understand the strategy. 😊