First Rental--Seeking Stories of Failure and Success--No Hacking

[Trevor Pogue]

Hi there,

I've been managing multiplex apartments averaging 30 units each for the last 4 years as an onsite manager/ roaming property manager. In that time I've managed to save enough money, with the help of a partner, to purchase my first rental property. We're currently in the financing and deal finding stage of things. 

Our Ideal house would be a single-family residence, under 250k, 2-4 bedrooms, within 1-hour commute of my current place here in Seattle.  I have already identified a few markets that look promising and am just waiting for the right property to become available. I should also note that living on site is not an option for me or my partner at this time, so no house hacking. 

My plan is to repeat this same model every 1 or 2 years until I reach a portfolio of 10 single family homes, then upgrade to a multiplex of no more than 15 units. Because of my experience as a manager, I will manage all properties myself with the help of outside vendors when necessary. 

My question for you all is three-fold: 

1. Are there any bigger pockets members currently in the area who are somewhere between 3 and 6 years into a similar plan of my own? If so, how's it going/what's story?

2. What sort of financing did you use to purchase your first property given that you weren't able to house hack? 

3. How did you avoid tieing too much of your seed money up during that first deal? 

Looking forward to hearing what you all come up with. 

Thank you in advance.