All Forum Posts by: Nicholas L.

@Shiloh Lundahl this is a little bit of a tangent, but of your 74 SFHs, is cash flow / appreciation all comparable because they're similar houses in similar markets?  Or does it vary?  What are your best performing SFHs like? 

@Natalie Onacki OK - good luck.  As @Bruce Woodruff said I'd look in Arizona too.  Austin is a very, very expensive market and is going to be tough to invest in from out of state.  I've heard good things about Dallas - Ft. Worth.

@Justin Stewart it would depend on the numbers.

@Natalie Onacki one way people mitigate this is by having friends or family in an area, or by assembling David Greene's "Core 4."  Or, by visiting the area and setting their Core 4 up themselves in person.  Nothing stops you from visiting an area on the weekends and meeting a realtor, property manager, etc.

Where in AZ are you located?  And what do you like about the markets you mentioned?

@Nestor Vega BRRRR means you are looking to add value to a house by significantly increasing the ARV, either via repairs, or adding square footage, or adding a bedroom, or some other creative strategy, or some combination. To use real numbers (but not California numbers!), a "deal" would be something you could buy for $100K and spend $40-50K on, that would appraise for $200K+. If you read more about this on BP most will say that to do this you have to buy something off market (IE not on the MLS) because there isn't enough opportunity to add value to an MLS property.

Getting started with a BRRRR is possible, but can be difficult, because you have to find a deal that is way undervalued as described above.

Another way to get started is to house hack.  Or to pick a different market.  Or to house hack in a different market.

@Thomas O'Donnell I think the best possible position you can get into is to have savings.  Be patient and spend the next year saving up as a much as you can.  If you're living with your parents and not paying rent, this is a great time to minimize your expenses and save up as much as you can.  Doing this, instead of rushing, will put you in a much stronger position.  There are going to be deals in 2023, 2024 etc.

@Chris Young I think it depends.  Picky tenants can be good tenants.  You want tenants that:

• -Pay rent on time every month
• -Take care of the property
• -Stay for a long time (to minimize vacancy)

Since they've only been there for 2 weeks, no one knows yet whether this will be the case.

@Dustin Cramer OK - welcome.  I'm in Pittsburgh and have 2 properties here.  Unless you plan to house hack, I strongly recommend finding deals where the numbers support property management.  The property manager will take care of screening, placement, proper leases, etc.  

https://www.biggerpockets.com/...

@Dustin Cramer where are you located?  Working on your Core 4 is more important than finding the right forms unless you are truly going to DIY everything.

@Carter Mezzio I would say just keep doing what you're doing then.