Carnation WA · Member since 2021 · 27 posts · 12 votes
First time poster here. Hopefully this isn't too long or specific, but here goes..
I want to try BRRR investing with multifamily. Cash flowing multi family doesn't pencil out in my area (Seattle), so I'm searching high rent/price ratio markets nationally. I've found tons of interesting properties that appear to cash flow, in my price range (600k)(I've got $150k cash). But how do I find comps for ARV?
I've looked for sold properties on Zillow/redfin/ect. But finding it very difficult with apartment buildings to find comps.
Real Estate Broker · Columbus, GA · Member since 2018 · 28 posts · 22 votes
5y
@Tony Spencer
If you plan on using a broker or agent when you purchase why don’t you see if you can find one in the areas you’re looking at and see if they will hep you out with a few good comps? You may not have the best luck initially, but eventually you’ll find a newer agent who is hungry and really wants the business. They’ll take the time to help you out. But only do this if you actually plan on using the agent if you make the purchase. Otherwise that’s not how to do business. Just look them up on google in each area and make calls until you find one.
Carnation WA · Member since 2021 · 27 posts · 12 votes
5y
That makes sense. I'm still looking nationally. Haven't really narrowed down an area yet. But I'll just pick a few of my top choice markets and give it a try.
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
5y
@Tony Spencer, this is why it is important to know your area inside and out. What size property (unit count) are you considering?
Some areas, likely the high rent:price areas your best bet is to go to the value end of any renovations, but there are areas where you can push rents with better design.
As noted, local realtors/brokers will probably be your best bet, which means you need to narrow your focus a bit.
Carnation WA · Member since 2021 · 27 posts · 12 votes
5y
Well, that's kinda my catch 22... You have to know an area very well to understand a properties ARV. But I'd need to be able to accurately calculate ARV to find an area.
As I said. Where I live the rent to price ratio doesn't support cashflowing rentals. So, I'm literally searching the entire united states based on rent to price ratio, and ROI. My road block is the ARV.