I am currently in central-South NJ area. One of the challenges here is people do not seem to be direct as well as open/transparent. I would include banks, in my personal opinion.
I already own 5 properties and rent them out. All those properties I purchased in ready to rent condition with 30% down and then 25 year amortized. All that is fine and going great.
Now planning this year to change strategy and move to BRRR, sounds interesting and want to try it out.
One of the challenge is recently (past 4 months) most houses I bid on say first 30 or 45 days no investors bids accepted. Then I loose the bid. In one case the property as per Zillow was purchased for lower price then my bid. Does not make any sense to me.
Also these properties are so run down, for anyone to make it their primary home would need 4-6 months of repair. I don't think there are suddenly so many primary home buyers with so much of cash to spare for buying in cash as well as repairs and make it their primary home. Something is not right.
What could be going on?
What can be the change in strategy?
