I am a new investor ready to put in a cash offer on a property in new jersey with the intent to BRRRR. Short sell opportunity that looks promising from a purchase price/rehab cost/ ARV perspective. Where I am running into issues is comping rent in the area. I am having a terribly hard time finding hardly anything for rent in the immediate area. Is this a good problem? (Low supply) or red flag ( low supply because no demand)
Are there any other places I should be checking. My Realtor seems to be having trouble finding comparable rents as well.
Hello @Phil Spadaro
Is your agent checking the local MLS?
If not have him/her check the MLS. If you would like I can run a comp analysis for you.
@Phil Spadaro I would say depends where it is. My house in Port Murray took 3-4 months to rent bc we priced it to high because there were no comparables. We did have many people check it out though. Mostly families whose current land lord was selling and they needed to move. I would guess you’re in W-NW or south NJ if you’re having this issue. Pricing right is important if you want to get it rented quick.
I agree though a realtor should be able to use the MLS to help you for sure.
If you would like I may be able to help.