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Updated about 3 years ago on . Most recent reply

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Advice: 1st Deal Sequencing/Type with ideal DTIR

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Hello Everyone, I have been a learning as much I can about REI, STR, and wholesaling in the past year and a half thanks to Brandon's Books, BP, Cashflow Quadrant, Rich Dad, Poor Dad, and Youtube.

I have a 4BR/3BA home in the PNW, bought new in 2014, will have $357,000+ equity upon sale (The numbers don't work for a rental, if I were to cash out refi or HELOC). I am a single, 37 yo woman and I know that what I do with my first REI with this money will set me up for future REI success or failure- my goal is financial independence. I will be in an ideal debt-to-income ratio for my first REI after the sale of this house (I don't own, have direct conveyance contract where it was purchased by a family member with money from an inheritance in a competitive market when I was younger). What I am desperately trying to avoid is being overleveraged after I buy my first REI property and unable to secure a second deal- sinking funds into a LTR that doesn't have good margins for cash flow. I have an LLC, a job that pays 87k annually and is 90% remote (working on a strategic job search to get into the 100ks and is fully remote). Markets- I'm in Portland, but do not like the PNW, very open to out of state if I can find the right comps and team for property management in VA (family), NC, Southeast. I've looked at Texas and the market is saturated, right?

The options: 

FHA Duplex/Multifamily- inventory for FHA duplex or triplex seems slim but I'm open to it.

STR: I would love a STR- this excites me, but I am nervous about the learning curve for comps and net income.

Other suggestions?

What are your suggested next steps? I thought I would pursue a turnkey, but am open to limited rehab which would be a new experience for me. 

What I am doing: 

Continuing to learn as much as I can and find an efficient and effective approach to comping STR and LTR properties (your experience is welcome), connecting with my REIA.

Aggressively saving

Starting to make wholesaling calls to build capital and network

Thank you in advance- the wisdom and expertise shared here has been invaluable!

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