Is the 1st Deal a Myth?

[Scott Kimberly]

I'm curious to see how much of a myth the 1st Deal actually is.

The Myth I'm referring to is "get your first deal and it's off to the races". As a new investor, I the more I listen to podcasts (and not just BP's) the more it seems like "if you do your 1st deal, the doors will open up and you'll be able to acquire as many properties as you like, as quickly as you like".

Obviously, this sounds ridiculous and I'm also exaggerating a little bit. But, assuming it isn't ridiculous, at what point do you just do a good deal, regardless of size, just to say you've done one?

I want to be in the small-multi space to start. Anything from 2 to 20 units. However, there is a huge difference between 2 and 20. There's a pretty good difference between 4 and 6, to be honest. Is it worth it to just acquire the most affordable good deal I can in order to build that reputation, rather than try for something a little more expensive for more cash flow?