you also need to source the property, and for BRRRR you need a goldilocks property - something that is distressed enough that you can buy substantially below market, but not so distressed that it's not worth fixing up.hope this helps - happy to help further

It is still quite restrictive IMO and would not allow for many STRs but some to be added to the local market. 4.

Are you buying amazing deals or are they closer to market value?  

Especially if you market your work as a professional and charge accordingly.

Purchase price: $565,000 Cash invested: $125,000 Listed Price: $585K (originally $585K, 30 days on market).

I have an opportunity to purchase an investment property that is NOT ON THE MARKET yet.

And to make a BRRRR work in the current market, you either need a crew that can do cheap work or a way to source deals.

The appraised equity rarely materializes on a sale in these markets but the appraisals offer false impressions of the "asset" that was acquired.

We know many agents in our market that are really clueless beyond the basics of tenant screening. - You have no recourse against an agent or PMC once you pay them for the placement and it turns out to be a terrible tenant:(If you have the time and network and post here for assistance, it's always a good idea to learn the rental business from the "ground up".Of course, one mistake can also cost you thousands of dollars.

If I had to guess I would say your money could “develop” 1-2 houses in Staten Island but in the right market you could easily get up to 12 or possibly more good units fully paid for.