All Forum Posts by: Lloyd Silver

I'm looking to make several out-of-state investments. These will be my first real estate investments outside of my primary residence. I've spent the past couple of months learning as much as I can. I have a solid financial background (prior profession) and we've done a little rehab on our primary residence. I'm also comfortable forming and managing teams - so I'm confident that I can handle out-of-state acquisitions and do rehabs as necessary.

With that said, I'm trying to decide if it's best that I focus exclusively on BRRRR (SFR) or if it makes sense to diversify a bit and perhaps acquire a non-rehab small multi-family property.

My primary goal is wealth accumulation versus immediate income. I certainly want to be cash flow positive but will invest that back into properties.

BRRRR and MFR are the two approaches I'm most interested in. I've been looking for decent BRRRR properties in my target area for about a month - so far nothing. I can be patient. But I'm also wondering if it makes sense regardless of whether I find BRRRR opportunities in this area to diversity a bit - perhaps acquire a duplex or two while waiting for a good BRRRR property. Or at this point, should I really put all of my focus on a single strategy (likely BRRRR).

I think there are advantages and disadvantages to both, so curious to hear from people who have gone down this path before.

Thanks.

Thanks for posting. I'm looking for my first BRRRR deal and getting slightly discouraged. So a success story like this is nice to read.

Do you have a background that lends itself to rehab and especially estimating rehab costs site unseen? That's a bit unsettling but probably a reason why this worked so well. 

I've looked at quite a few homes in an area I'm interested in with the hopes of finding a good BRRRR deal.

I find a home that needs some serious rehab and that seems to be priced a good amount under comps. But when I run the numbers, I would need an offer accepted at 15 to 20 percent below asking to get a good return. 

What's my best action here? Do I make a bunch of low ball offers and hope one is accepted? I want to have reasonable expectations of my realtor especially since I'm out of the area and am leaning on them for extra support. 

This is my first real estate purchase. I'm happy to be patient but also don't want to waste anybody's time if this just isn't the right market. 

What's the minimum amount of rehab necessary on a property to make it a good BRRRR opportunity?

Would you acquire a property for BRRRR if it just needed cosmetic work like paint and flooring and would likely qualify for a conventional loan?

Or do you really look for bigger opportunities to add value? 

I'm digging deeper into the Fort Myers area for acquiring rental properties - ideally BRRRR in the sub $150k range.

From the data I've been able to gather so far, it looks like the best neighborhoods in terms of price to rent ratios are:

* Tice
* Pine Manor
* Harlem Heights

Seems like both Tice and Pine Manor are on the higher end of crime stats with fairly poor schools. Harlem Heights seems a little bit better in terms of schools and definitely a safer area. Cypress Lake seems to be on the fringe - decent price to rent, good schools, slightly worse in the crime department.

I'm out of the area and would love to get feedback from people in the area. Any other areas you'd suggest? 

I'm looking to acquire a couple of rental properties and was wondering how Grand Rapids was for BRRRR investing these days? I'm out of state so would also need a good local support system in place.

Is Grand Rapids still a good market for investors?

I'm looking for a realtor and wholesaler to help me acquire a couple properties in the Ft. Myers / Cape Coral area. 

Any recommendations? 

On the realtor side, ideally someone very familiar with the area who has experience working with investors. 

SFH and small MFH requiring rehab.

Thanks

Thanks for the great insight!

I'm looking for a few ideas on a good market to make an investment into a multi-family home (2 to 4 units).

Ideally, we'll be doing a BRRRR in a B/C neighborhood with an ARV of $250k or less.

I plan on doing my own research, of course, but it would be helpful to start with a list a bit smaller than the United States : )

Good population / job growth, 1% to 2% rent to price ratio, relatively good schools, etc.

Thanks for helping me get started!

I'm researching areas for investing in rental properties, ideally multi-family. We have family in the Ft. Myers area so I'm curious about the market there and the state in general. 

Just looking for a thumbs up or thumbs down to help me determine if I should spend more time researching the area. 

Thanks