All Forum Posts by: Michael Foleu

Just an update for anyone still following this post. The BRRR property accepted an offer before even calling my agent back. I went to walk through the buy and hold property. There were others there looking so there would probably have been some competition, and the condition of property was a little worse than expected so I let that one pass. I am still on the hunt. Thanks again for the input.

Thanks for the input everyone, its always good to hear different points of view.  @Mike Dymski can you expand a little more on what you mean by precision?

Just an update, the BRRR property accepted an offer before they even called my agent back, and I am walking through the other property tomorrow afternoon.

I am looking for my first investment property to purchase. I would ideally like to find a property to BRRR, but prices right now are making it hard to find a deal that leaves enough room to afford repairs. Because of this I have mostly been finding buy and hold properties with tenants in place that need little to no work, which is fine with me, but obviously a good BRRR has a quicker path to the next property.

I'm just looking for some feedback on a good way for a new investor to handle this scenario. A property recently came on the market in my area that has good BRRR potential. I am waiting to hear back from the seller but the only info right now is 2 pictures of the exterior and a description that it is "dated". Some rough estimates: Purchase for $200k-225k Rehab:$75k -$100K ARV:$350k-$400k. I would like to get into the house to see what I am dealing with before making an offer, but at the same time if I am doing $100k rehab, should I even care what the inside looks like as long as it passes an inspection? I'm sure that would be fine for a seasoned investor with more resources and a contractor ready to go, but as a new investor with no experience managing a rehab I feel like I could be getting too far ahead of myself. Or do I need to be aggressive to not allow a good deal to pass?

At the same time a good buy and hold duplex came on the market today that has been fully renovated in the past 5 years and is being offered at a very good price that will lead to a healthy cash flow.  Now I've got myself thinking - if the pictures of the interior are current pictures(very little obvious work needed), both units are rented, and my offer is contingent on all inspections, how badly do I really need to see the inside before making an offer?

Anyone have any thoughts or advice?