Updated over 9 years ago on . Most recent reply
Analysis Paralysis
Good Evening BP! So I've read Brandon's book on Rental Property Investing and just started listening to BP podcast. My wife and I are aggressively saving in order to purchase our first MFH / MFR using the House Hacking Method.
The issue is that we live in HUDSON COUNTY, New Jersey and I cannot find a decent property that will cash flow enough to get us to breakeven. Maybe I'm doing it wrong? This has lead to what feels like my first checkpoint / gut check / challenge. What techniques would you all suggest to get past this speed bump and purchase our first property?
Please feel free to share insights, how-to steps and concrete actionable tips for us to move forward. No need for PEP talks as we are eager to take the next step, hopefully, it will be in the right direction.
Most Popular Reply
Hey @Dennis Huergo I have a few thoughts that may or may not work for your situation:
Consider expanding your search area. Moving South or West may change the price point.
How are you looking at properties? Are you using a realtor who has an auto search set up to send you all new properties that meet your criteria?
Have you told the local wholesalers what you are looking for? Do you receive properties from wholesalers on a daily basis? If not, go to a few REIAs in North and Central Jersey and meet people. Tell people what you are looking for, and your price point.
Consider calling the FSBOs in your area.
Have you told all your friends and family what you are looking for?
Consider driving for dollars - finding run down properties and sending letters. (There is plenty of info on BP about how to do this)
Post in the BP marketplace