Preparing for a First Deal by Year's End

[Daniel Bradley]

BP community,

I'm new to BP and am looking to make by first real estate investment sometime before year's end following a failed SFR investment that I held from 2011 to 2013. Failed in the sense that the gains were minimal and headaches maximal, but the experience gleaned sticks with me today.

I want to throw out some basic stats and initial thoughts about my position, and would be curious as to any insight passed along by the BP REI vets. I've already chatted with a couple folks privately but would love to hear more from others.

• I am debt free and own my primary residence 100% free and clear
• I work 30 hours a week so apart from family obligations there's some free hours to work on an REI side hustle
• I earn some passive income from other investments already, but...
• My 5-year goal is to generate at least $3,000 a month NET from REI as that would allow me to easily walk from the day job and focus fully on REI and other activities. More obviously would provide extra cushion so that's by no means a ceiling target.
• I have up to $100k liquid to devote to this and want to stretch it as far as I can. I don't think I'll need to HELOC my primary home
• I have some "entering at market highs" fears and have been shying away from SFR in my research as a result
• Also slightly deterred by seeing MLS listings for duplexes to four-plexes locally selling for 4-5x their purchase price from 5-7 years ago
• I am still debating whether I'm willing to do Class C properties for fear of headaches that may arise. There is value to peace of mind
• I am willing to invest out-of-state -- in fact my research is suggesting I might have to
• I want my portfolio holdings to grow in door numbers as I mature as an invester
• I LOVE the concept of BRRRR to keep that capital available and working to expand a portfolio, but am not confident that's the best place to start out

Thx - Dan