New BP member and investor from Bellevue, WA

[Errol M Tazbaz]

Hello BP community,

Good to be here among you folks. I have been bitten by the RE investment bug and am devouring as much information as possible before jumping straight in with my family's life savings. Specifically reading books from Brandon and David and watching different RE investment and management channels on youtube. We currently own a home in Bellevue WA with about 50% equity and between my wife and I have great credit and good stable jobs. 

Here are some facts: We are shopping for a new house in a better school district and we need to decide what to do with our current home. Our current home has had all of the big ticket items addressed recently. Roof, AC, sewer. It is basically in very good shape, some (our RE agent) might say too nice to rent out. I used the rental calculator and the CoC isn't very good because of how much equity we have in the house. The equity allows for modest cash flow but the appreciation has been insane in our area.

Here is the question: I am interested in using the stack method to do BRRRRs and want to get into multi-family. Would it be better to rent out our current place and gain experience in property management on a property I know well that has low chance of needing major repairs or would it be better to sell and pull the equity out and start with multi-family from the get go? We currently have an untapped HELOC against the house so have access to substantial equity w/o selling plus we have additional savings to fund a large down payment and rehab on the next investment property.

I feel like gaining experience through learning from others, falling and getting back up to master all of the different aspects of BRRRR is essential and figured using a property I know well might ease the transition into BRRRR but the CoC numbers are not very good so this thinking might be antithetical to BRRRR.

I am also open to partnering with someone who has experience in BRRRR and am willing to contribute capitol and hustle. I want to learn through doing. If you made it this far, thanks for reading.

Errol