BRRRR'ing in Huntsville?
Is anybody using the BRRRR method in Huntsville? If so have you found it effective? Are you having trouble finding deals? The number of houses on the market is significantly less than just a year before and prices are on the rise. I have one rental that was our starter home, but I'm looking to actually start investing and acquire more properties.
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@Neal Coleman we were able to successfully BRRRR our first property at the end of last summer. It took us almost three months of running the numbers on properties, but we found one. @Caleb Bryant is correct. We did, indeed, have to pay a bit more than asking. For what it's worth, here's our numbers:
Purchase + rehab = 110k
Appraised = 131k
Rents = 1000/month
PCF = 310/month
We're starting to search for our next one and I know it'll be harder to find as the market gets busier with new investors flooding in. A lot of people have heard about the growth potential in the area.
-Dave