When to buy my first deal

[Josh Hagen]

I am new on bigger pockets forum, so be easy on me! I got hooked on the podcasts and decided to checkout the forums after hearing about all the good discussions taking place. I grew up around rental properties my whole life as my family owns many in the Saint Paul area. I am a currently the part-time caretaker of 4 of those apartment complexes in addition to my full time day job. I have been able to save all of my primary income for years while living off my wife's salary and taking advantage of free rent. I am eager to start my own portfolio of multi family properties now as well. We have enough money to get started with the first couple of deals, but I am nervous because of the hot market. I know part of the problem is my analysis paralysis because it would be our first deal, but I also don't want to settle on a mediocre property that does not properly cash flow. I am using the BP calculator to analysis deals and I am having a hard time reaching the 2% rule of thumb, in fact, I am averaging around 1% on the deals I have assessed. I know the 2% rule is not set in stone, but I feel like I am always far from there. I am in a good place right now and am perfectly satisfied with stockpiling cash for future deals if that is the best option. But I also want to be actively searching for a deal and be ready to jump when I find a deal. Any advise on how to proceed is appreciated, especially if you are in the twin cities (Minneapolis and Saint Paul, MN). Thanks!!!