To BRRRR or not to BRRRR

[John Paul Whaley]

I need someone’s help with a dilemma I’ve been having. Here it is:

Ever since reading the BRRRR and Long Distance Investing books, I think I am ready to purchase my first property (which will be out of state).

I originally had my heart set on starting out by BRRRRing a property, but I recently found a duplex that I would be able to make cash flow right away. 

Like I said, I really want to BRRRR since I would be able to pull my money back out fairly soon. However, this other deal is promising and I think there is something to be said for doing your first deal and just getting that out of the way. My big hang up with buying this turnkey duplex is that my money would be tied up in it and I would have to wait longer until I can do my next deal.

My question is:

Should I wait to find a good BRRRR opportunity so that I can keep my money available for more deals, or should I just do my first deal so I can get that experience and have something on my resume for when I am looking to borrow from a hard/private money lender?