Is anyone finding BRRR deals in NJ?

Question

It seems like even properties (in parts of central NJ) are priced too high for BRRR to make sense. I'm sure theres folks out there finding deals, but how??

Nick Belsky · Answer

That's my experience but is by no means representative of the entire market...

Shawn Mcenteer · Answer

Hi @Brian Caulfield absolutely.  Most of the deals I close each month are BRRR's  or strategy similar.   Getting creative on the reno and leasing is the unfair advantage I am seeing in todays market.

Nick Belsky · Answer

@Brian Caulfield

I am currently working with a client and am processing 3 BRRRRs in NJ currently.  One thing I've noticed over the past year or so, the "better" deals tend to be purchased in the $400k-500k range with ARVs between $750k-950k.  I've closed a few a little under those ranges, but most have been more pricey properties.  Most of my NJ clients are selling, not holding.

Cheers!

JooYung Choi · Answer

Hey Brian,

The perfect BRRRR is much harder to come by these days. Especially on the refinance, since interest rates are where they are, the rents aren't keeping up with the mortgage payment (which leads to leaving more equity in the deal) (not the worst). That being said, there are still deals to be made. Having multiple exit strategies will help.

Let's connect and learn from each other!

Frances Cue · Answer

Hi Brian! I'm from central NJ and I'm also wondering the same thing. I'm a newbie and have decided to look for out of state deals because it's just not possible for me to start here in Jersey. Following this thread to see what the suggestions are.