All Forum Posts by: Account Closed

NYC and its 5 boroughs is good for flipping houses only due to the high prices.

Landlord friendly cities and towns and not over price houses like LA or NYC. I'm from NYC and here the BRRRR strategy will not work.

Yes

Meghan McCallum if I would do a brrrrr on a property it would be a long time hold and the area would be middle to low class.

That's a golden secret that many investors won't go too much into detail because they are afraid of over saturating the market of investors but they will give you an idea and the rest you have to do your own diligence. From what I heard on podcast and forums, direct mail works best. There's websites for mail to be send out on whatever amount and where. Now the question is how do you find the owners who want to sell? Well there's also a website for that too where you are able to find all houses and owners and equity and etc info. I have not use the direct mail yet cause I got lucky on auctions and agents, but I will soon so I have been training myself.

Hello everyone, I have a question to all investors who use the BRRRR strategy and the kind of rehab you would do. 1- would you go all out full gut renovation on your rehab? OR 2- would you do a patch up and repair just enough to get it done fast? As a contractor I always prefer a full gut but it does eat away the rehab cost and takes longer but no stress about plumbing, leaks, electric, lead paint and etc in the future. The patch up would cost less, fast timing, but then you are gambling with what's behind the wall and hoping nothing happens in the future. I assume most house that are purchase for BRRRR purpose are in distress/bad condition and old on some occasion. What rehab number would you go for?

Great job, is it me or is Texas a great state to use the brrrr strategy? I happen to notice many forums from successful investors using brrrr from Texas lol I have it on my keyword so im always learning and monitoring the brrrr from all the forums .

Emanuel Bloomfield-Jones send me a PM as I too was in process of investing in Allentown and would love to hear your story, I use to live there many years back and very familiar with the area.

13K on rehab? your market must have great prices on materials, just looking how nice you did that bathroom is about 3-4K itself. Good job on budgeting, here in NYC 13k would only be Good for 25% of the rehab lol I'm in the wrong market lol

Everyone who reply to this post, your definitely good with your numbers. But everyone miss the big point which I understand what Beau Gumbert was trying to say. #1-Using the BRRRR, buy and hold and rentals to gain long term wealth is an excellent way of becoming rich BUT it does not apply/work in all cities and states. #2- flipping/rehabbing properties is also another way of getting rich BUT it also does not apply/work in all cities and states. EXAMPLE: I live in NYC and anywhere in the 5 boroughs, you will lose if you try the BRRRR, buy and hold and renting because NYC is a tenant friendly city and they all know it and they will milk the system and not pay rent for the next 8-12 months which takes that amount of time to kick them out. The properties here are way too expensive and will take years to recoup when rental out. BUT NYC is the one of the best place for flipping properties. LA IS THE WORST FOR RENTALS, here is a BP forum of an investor that just purchase a property and took 5-1/2 year to kick them out : https://www.biggerpockets.com/forums/67/topics/64944-the-occupants-from-hell- CONCLUSION: you can be rich with rentals in certain cities, states and town. Vise versa for flipping properties, so there is no right and wrong answer to this forum, it all depends what market you are in.