Where are you BRRRRing and what are your stories?

Question

My wife and I are looking to do our first BRRRR on a property and are scoping out a few different markets. Where are the rest of you all having good luck?

Cheers!

Blake

Corby Goade · Answer

We BRRRR right here in our backyard, in the Boise, Idaho area. It's been a great market for us to grow in, it's the greatest appreciating metro area in the country over the last five years, so creating equity and leveraging hasn't been too much of a challenge.

Will Fraser · Answer

Hey @Blake West!  That is a chillingly good idea!

I BRRRR in Oklahoma City and there are several parts of the city that are extremely ideal for BRRRRing.  I also know the greater Little Rock area in central Arkansas to be filled with potential.  I'm currently in Salt Lake City hunting some BRRRR deals but, to be frank, I haven't seen anything here that beats Oklahoma (except the mountains, of course).

Good luck in the hunt, Blake!

Will Fraser · Answer

Moore, the Urban Core, The Village (occasionally), and Norman.  A lot of people love Del City because of the low cost of purchase, but it's not my jam.  Edmond is great, but everybody thinks that, so even dated houses typically sell for high enough that BRRRR leads to 15-20% left in the deal.

I hope that was helpful!  It's a bit of a fly-through from 30,000 feet, but I'm always here for followups!

Jessica Brunner · Answer

Good afternoon @Blake West! I work with a lot of out of state investors who are investing in the Oklahoma City market currently! The market here is a pretty stable one with a lot of industries that contribute to that. There are a lot of areas that are undergoing revitalizations and drawing in investors and renters! If you'd like to chat more about the Oklahoma City market please feel free to reach out!Jessica Brunner

Corby Goade · Answer

@Will Fraser, I was wondering if someone would call me out! I am sure there are lots of different agencies using different criteria, but the most recent I've seen is a report from the Federal Housing Finance Agency:

https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/HPI_2019Q2.pdf?fbclid=IwAR3KzMc3T_hmVfCrbY-uWUqQ1xnJtbFIVFJ8ikN-tRSO268N7WU_nH-bAug

There are lots of stats and tables, but to save you the energy, this is the specific one I was referring to:

Utah is close behind, has us beat on the 30 year mark.

Blake West · Answer

@Will Fraser - Interesting. Thank you for sharing. I will add Oklahoma to my list of places to research.@Hadar Orkibi - Thanks for sharing your story! I will read it.

@Corby Goade - I hear Idaho has a lot of potential. Thank you for sharing!

Hadar Orkibi · Answer

You can BRRRR anywhere if you buy right.

Here is my story: https://www.biggerpockets.com/...

Kiera Underwood · Answer

The numbers will still be tight, but NE OKC and some areas in S OKC you can find the deals that are undervalue/distressed enough to BRRRR.

Blake West · Answer

@Will Fraser -in terms of looking up numbers - I just listened to this very informative podcast on that:https://podcasts.apple.com/us/podcast/088-run-numbers-to-make-right-investments/id1286705016?i=1000447911414

Where are you BRRRRing and what are your stories?

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