New Member Introduction and Question

[Mark Sherwood]

Hi everyone,

I’ve recently joined Bigger Pockets and am excited to get started in real estate investing! I’ve done a little bit of a house hack accidentally by living in a family owned townhouse and renting out the other bedrooms and then doing a lot of Reno’s ourselves and selling for well above appraised and in a week!

Now I'm looking to get into real estate investing full time and I'm learning as much as I can right now. I'm thinking I will focus on BRRR and/or flips, but my problem now is A) financing and B) location.

Financing I’m still learning about so I’m not too worried about that at this point. My main concern is that I’m moving to a small town of 5,000 people and the prices are lower there compared to other parts of BC, however it’s nowhere near passing the 1% rule!

My question then is how do I get around this? If homes are selling for no less than $300,000 (simply by looking at the MLS, more research is definitely needed) and rent wouldn't exceed $2000, that's not even close to the 1%. Feedback and opinions on this is greatly appreciated as I'm excited to learn more about this! Thank you in advance and thanks for having me here!

[Ned Carey]

@Mark Sherwood Welcome to BP

You don't flip or BRRRR properties that are in great condition and sell at full retail. You rehab properties that have some kind of distress. Simply buying off the MLS when the market is strong like is is now, is a poor way to find deals. You need to get creative.