Targeting a specific area to invest

7 Replies

I have been looking for properties to BRRRR and I feel like I am all over the place. I live in the Hampton Roads area of Virginia. If anyone is familiar with the area they know there are 7 cities that are all connected which makes it easy to move from city to city.

I don't know if I should narrow my search down to just one nieghborhood, general area of a city, or the whole city. I noticed this week that I am looking at properties in almost all of the cities and neighborhoods. I finally narrowed down the strategy I plan to use to the BRRRR method, but just wanted to know if I should focus on a smaller area when looking at properties.

There seem to be deals all over, but I think it depends on what you personnaly want to do in the stages of the rehab. If you see yourslef checking on it daily, doing some of the work, etc then having it close to you would be a huge advantage. However if you plan on using a GC and others to keep an eye on it (property manger, etc) then maybe somehting 30+mins away is okay. My first one was about 15mins away and I enjoyed the ability to drive by and check on it often. Now I dont mind something 45mins away as long as I'm hiring out most of the work and can get picture updates often. 

I'm having the exact same issue! I've been looking into Columbus, Ohio - might move over to Cleveland and the suburbs there. I'm finding it very difficult to do without direct mail marketing. 

@Sean Rooks

I was thinking about staying close but it seems like everything is flying off the shelf. Everytime I find something it is either already under contract or someone is overpaying. Maybe the 70% rule has gone out the window in this market.

Originally posted by @Adam Isaacs :

I'm having the exact same issue! I've been looking into Columbus, Ohio - might move over to Cleveland and the suburbs there. I'm finding it very difficult to do without direct mail marketing. 

 Cleveland is a cheaper market to get into. Lots of cashflow too!

Originally posted by @Remington Lyman :
Originally posted by @Adam Isaacs:

I'm having the exact same issue! I've been looking into Columbus, Ohio - might move over to Cleveland and the suburbs there. I'm finding it very difficult to do without direct mail marketing. 

 Cleveland is a cheaper market to get into. Lots of cashflow too!

 

If you dudes are looking at Cleveland you'll want to check out The Ultimate Guide to Grading Cleveland Neighborhoods. And above all just remember that even though the investments you are looking at are super duper cheap, you can still lose money on them if you buy them wrong. Moral of the story..........Don't buy wrong dawg.