All Forum Posts by: Hadar Giladi
Hadar Giladi has started 5 posts and replied 21 times.
Post: Markets for BRRR
- Posts 24
- Votes 14
Hi everyone!
I've got some properties up in the DFW area. Right now, finding properties around there that work for that BRRRR strategy is really difficult. The property taxes and interest rates are just eating away at the cash flow, so I'm pretty much stuck doing flips in that market.
Wanted to get your advice and hear your thoughts on where might be a good market for the BRRRR method these days? I know a lot depends on the specific deal, but there's gotta be some markets out there where it's easier to find properties that are 70% of ARV and still cash flow pretty decent, right?
Let me know what you think - I'm all ears!
Trying to figure out the best move for growing my portfolio, so any input would be much appreciated.
Quote from @Zachary Deal:
I'd recommend also taking a look at the number of extended stay hotels in the area. Check out Furnished Finder and even look at local Facebook groups (real estate/target clientele) to get a sense of the demand/competition
Thank you so much!
Quote from @Alex Hileman:
Quote from @Hadar Giladi:
Right now, I'm considering getting it done in Pittsburgh, and I'm wondering how I can figure out which areas are the most happening for this.
Hi Alex,
Thank you for the valuable insight! I appreciate the information about the popular areas for travel nurses in Pittsburgh. I'll be sure to play to Pittsburgh's strengths in my search. Your guidance is much appreciated!
Quote from @Jamie Banks:
Hi Hadar! I’m a MTR property manager that’s in 8 different markets. We have inventory in big cities like DC and NY but also small towns like Dover, DE. The short answer is that MTRs can work anywhere however the MTR strategy requires you to be proactive. MTRs won’t work if you list on Airbnb and the other OTAs and don’t proactively reach out to insurance companies or relocation companies that require housing.
Hi Jamie, thank you for your answer!
You are absolutely right. I would be happy to contact you:)
Quote from @Mason Weiss:
Quote from @Hadar Giladi:
Quote from @Mason Weiss:
Read the BP book 30 day stay, they go in depth on these specific questions and provide the resources you need to succeed.
Hi!
Thank you for the advice, I will read it.
Any additional advice or thoughts you can share with me?
Try and find someone in your market who is actively doing the MTR strategy. Go to meetups or get creative and try to find these property owners through their booking platforms. Each market is unique and you want to find those who are successful in that market.
Thank you so much Mason!
Quote from @Erin Spradlin:
Hey- I usually advise my consulting clients to pay attention to the walk score in any market. This will be a good indicator of the different demographics that will want your place regardless of the rental model. While midterm renters shop like short-term renters, they act like long-term renters. What this means for you is that you want a property that will appeal to both sets and it is my opinion that the Zillow walk score is a good way to gauge how hot the property is regardless of the market.
Hey, thanks a lot for the response!
To be honest, that's something I hadn't really considered before. In your view, is the walk score a crucial factor when evaluating a property for mid-term rental? If it is, I'd be interested in hearing about the other factors you think are important. Thanks!
Quote from @Mason Weiss:
Read the BP book 30 day stay, they go in depth on these specific questions and provide the resources you need to succeed.
Hi!
Thank you for the advice, I will read it.
Any additional advice or thoughts you can share with me?
Quote from @Michael Dumler:
@Hadar Giladi, what does your local market look like in regards to MTRs? If possible, start there.
Hi!
Right now, I'm considering getting it done in Pittsburgh, and I'm wondering how I can figure out which areas are the most happening for this.
Quote from @Eliott Elias:
Let me make this simple for you.
Stick to long-term rentals. If your property does not cash flow with long-term rent rates, it is not a deal you want to buy right now.
Hi, thanks for your reply!
I'm curious to dive deeper into why we wouldn't just stick with MidRental's approach from the beginning. As far as I can tell, it seems like there are distinct sets of data that require scrutiny for both long-term rentals and mid-term rentals.
Hi everyone!
I'm currently conducting research on the mid-term rental market and I'm quite interested in it. I'm searching for a wide range of information sources, but I'm still struggling to fully comprehend how to identify a suitable market and a specific pocket within that market. I would greatly appreciate any ideas or guidance you can provide to help me choose a market and begin my venture.
Thank you in advance for your assistance!