Acquiring New Property

[Elijah Pemberton]

Hello, I am new to real estate.

I am in the process of buying my first property(Duplex) and wanted to know if I should continue acquiring properties immediately or stay where I am and build up capital?

A little backstory about myself, I have been renting for 4 years and decided I was wasting money and time mainly because I was paying someone else. I wanted to start building wealth by acquiring assets(real estate). I looked around for any information to help myself including YouTube videos, books etc. 

I actually came across bigger pockets on YouTube. I know I should not exceed my cash flow but this property I am purchasing is only a few hundred dollars between my previous rent and my soon to be mortgage. I would still have enough cash flow to afford another mortgage.

My current short term plan is to build up more capital and try to find a distressed home and try the BRRRR strategy.

 Would it be a good idea to wait while building more capital for a few months/years?

Or

Jump at a new opportunity to get another rental property? 

Or

should I build some capital to try the BRRRR strategy? (I know I am pretty inexperienced to try but I am willing to take that risk)

Thank you in advance for any advice/feedback.