Does 1% or 2% test in DMV (DC, MD, VA) NY metro even make sense?
The much talked about 1% rule does not make sense in such larger NE metros (NY/NJ/ DMV). Even foreclosures don't pass this test, forget about units listed on Zillow, Realtor and other sites. Also, I have heard many gurus on BP talk about starting safer and not go out of town/state for your first few units unit you understand the game. BRRR is great if you have a background this field but very difficult to execute if not.
So as a first time REI in NY/NJ or DMV metro how did you start? Did you go for war zones and slowly build your way up or did you just go for appreciation? Did you focus on Baltimore and Philly/Trenton areas? Does it even make sense to buy-and-hold or did you just start flipping? Did you buy 2010/2011 when the market was 30% cheaper compared to what it is now?
I would love to hear your story.