All Forum Posts by: Simeon Miller

@Mark Fries

The BRRRR is difficult but it greatly depends on your market and the time in that market. A lot has changed in the last few years.

@Mitch Casey

The BRRRR strategy is typically used for a rental purchase, and the "70%" rule which is normally use for flipping, are you looking for a rental or a flip?

I live in the area that you are looking and went out of state to do my first BRRRR because prices in this area don't match the rental rates. When I was doing my calculations I was more concerned about cash flow rather than ARV.

If I were going to try something close to home I would think about looking in Nephi, North Ogden, Tooele, Grantsville areas. (I have not looked into these markets yet but I think prices are better).

The websites you mentioned are just the MLS plus KSL will have a few FSBOs. FSBOs are normally over priced because they are trying to avoid realtor fees and get the most out of their house but sometimes you can get lucky.

I would network at local BP meet-ups and REIAs and get to know other investors, realtors, and wholesalers to help you find a deal.

Hope this helps.

I am a newer out of state investor myself. For me it wasn’t so much about what the market had as far as inventory or how hot it wasn’t (the market I’m in according to realtor.com was in the top ten hottest markets in the country last summer) it was about connections and knowledge I had about the market itself and with real estate professionals in the area. 

I think in a lot of ways this is a question each individual has to answer for themselves. Is there an area where they already have connections? If not can they get connections through local BP meetups or a local REI meeting to see where others are investing or can help make connections.

I think most of all you need to figure out what your goals are for your investment, what ROI are you looking for, how much cash flow do you want and how much will your expenses be (mortgage, cap-ex, repairs, PM, and so no)