Investing in expensive cities

[Phil Greely]

Who in the BP community invests in expensive areas? I'm in Seattle where the market is expensive and anything listed gets bid up quickly. Even off market deals are pricey. I want to buy rentals within an hour drive and near good job centers. So...I'm prepared to pay more. Just curious what investors in higher priced areas do and how people are strategizing. I love the BRRRR model but that definitely needs an off market, under value deal in my area.

[Michael Haas]

@Phil Greely I'll second targeting stale (20+ DOM) listings. Cash, patience, and a lack of contingencies can be very valuable to those sellers!

Don't get to caught up in executing a perfect BRRRR - the point is to pull capital out and reinvest it, and I wouldn't sweat leaving a bit in your deals here and there if it helps you identify and move on a property. Lots of folks complaining about price points have been caught on the sidelines while the investors who have been creative, flexible, and a figured out a way to make this market work have realized significant gains and leveraged that equity into more deals.