Long time reader, first time poster. I have been looking for rental real estate for a long time, but for several personal reasons did not have the opportunity before. I am ready to proceed and my goal is to acquire my first property in the next following months. My location is south Florida.
I would like to follow the BRRR technique. Therefore, buy a fixer upper, repair it and rent it. I do have enough cash at the time so I would buy the property in cash, repair it and do the refi right away. I was looking to start with a duplex. In terms of money I was thinking buying+repair <= 120k-150k.
I am having trouble finding any deals online. Can anyone please help me, any advice is welcome. I am using several websites like Zillow and realtor. I would also welcome any leads!
Thanks a lot! Looking forward to interact with everyone here more in the future!
If you are a cash buyer, post ads on CL wanting to buy. Also contact one or two local brokers and see if they can be of any benefit. Personally, I have had decent luck running ads on CL to purchase. You only need one to get started:)
It will be very tough to find true BRRRR deals in this market. I've been actively looking for a while and nothing pencils out. Price to rent ratios just don't support it currently.
@John Thedford Thanks a lot, I will try on CL and see what I find!
@Brian Garrett Thanks for answering, I really appreciate it. That is an interesting insight, related to the rate hikes and foreclosure increase recently? What will be your approach in the market we are in?
Very curious. What are your point of view of Foreclosure properties?
In my opinion foreclosure properties are great as long as you are aware of all the work that will need to be done. Bring a contractor with you to inspect the property so you have a good idea of what it's going to cost and then add on 10-20%. My current home was a foreclosure, but luckily my Dad and I were able to do all the repairs ourselves for the most part so the repair cost was very little considering what it would have been to hire it all out. 5 years later I have about 250K equity.
It is my experience that if you ask a licensed realtor or search on their websites (which includes Zillow and realtor), you will have a hard time finding houses at bargain prices. Realtors have told me, "you can't find houses like that anymore". My opinion is that there isn't any money in it for them so they don't want to spend time helping you look. I get that! We're all in this to make money. Before all the Realtors here jump down my throat, I have good relationships with 2 or 3 local Realtors that know if they help me get into a foreclosure to rehab I will list it with them on the sale end and they will be compensated. It took time to build those relationships, building trust. With that said I recommend realtytrac.com to search for foreclosures. It's coverage is nationwide but you can narrow your search to specific zip codes. You can check it out for free ( just a tease) but to get the real info you need, you have to subscribe. If you're searching for foreclosures it's the best $300 you can spend. (They ought to be paying me for this post😂)
@Aaron Flake Thank you for the information! I will start taking a look at foreclosures as well.
@Matthew C. That is very interesting and makes quite a bit of sense. Thank you for the site recommendation, I will take a look into it
In my search I have found some good properties that are undervalued due to poor conditions in great locations, but these are not house, rather apartments. Whats your opinion on doing BRRR with apartments in small buildings instead of standalone properties? Can it work? does it behave the same way? Thanks a lot guys!
I recently sold the last of my "long distance" rentals up north and don't have any Florida rentals. So I can't speak to the rental situation in Florida. For me, so far in Florida buy cheap, add value, sell higher is working. Good luck.
Hi guys, I am an investor-friendly Realtor. I am constantly combing inventory for deals and would encourage you to reach out if you need help. I am more interested in building mutually beneficial alliances than just capitalizing on the retail end of real estate. I truly believe in real estate the old fashioned way, and believe it can still be done. You would be amazed at market shifts right now, and if sellers are motivated by whatever it is that is going on their lives, you can create win win scenarios. Its all in how you choose to structure the deal. Reach out to me and I will be happy to set up a search criteria for you and help you secure your future investments!