​YOUR First Deals

[Jason R.]

Hi BP community!

I'm planning and scheming to buy my first designated rental property. I already live in a home with a detached mother-in-law that pays a good chunk of the mortgage. So I have a small taste of cash flow and a few years of light land-lording. I was tempted to post here asking simply for direct advice on my situation. Instead, I thought it would be more fun to ask about YOUR first deals or first properties. How did you get started? Would love to hear about them and hopefully learn something. Could also say what you would've done differently.

If you'd like to share any direct advice for me this is my basic situation:

-I'm a 30 hour a week RN

-Have about 25K cash available now

-Substantial home equity available

-No debt outside of our mortgage

-Excellent credit

-My wife and I are willing to do another owner occupied/house hack to get a MFH if advantageous

-We live north of Seattle in a hot market. Prices are high and there is substantial competition. There are other more affordable areas within a couple hours more or less, but would need to manage from afar.

It would not be difficult to obtain a property with my financial situation. I am more concerned with putting myself in a position to continue to expand my portfolio. I don't want to spend all my capital then be stuck. I am interested in buy and hold, BRRR, and maaaaaybe a flip if necessary.

Thanks in advance! You guys rock!