Finding BRRR Deals vs No deals

[Devan Skinner]

I write this post looking for some guidance and advice on advancing my real estate investing. By no means am I a veteran, but I did the most difficult part (or what I thought was the most difficult part) and scored one deal.....way back in 2013. I hear all the time that getting the first deal will help get the ball rolling, help gain confidence, and get you in the game! Since buying my first investment property in 2013 I have failed to really gain traction and have not done any more deals since then. All I think about recently is how I have failed to capitalize and what have I done to cause this freeze and inaction in myself. 

So here is my story(Skip to last paragraph if you just want to see my question):

I bought a condo for personal residence in 2009 for $39,000. It was at the bottom of the market crashing and was a steal! I had gained good equity in the property and was able to get a HELOC on the condo in 2012 which I used to fund my down payment for my first investment property in 2013 on a townhouse. I made the leap of faith! I honestly think it was so easy for me to jump in and do a deal because I was only partially educated on deal analysis and numbers. This investment ended up basically breaking even every month for cash flow because I failed to account for the monthly payment of the HELOC which took all of my "would be profits". So years went by and I was making little progress paying down my HELOC or saving enough for another down payment to buy another investment. I was able to buy a 3rd property to move my now expanded family of four into and rented out the condo. I sold the townhouse in 2019 and faired well simply due to appreciation that we have all seen recently.

Because my first deal tied up funds that prevented me from buying more investments in a quick manner I have decided that I must BRRR all future investments. I now find myself failing to find deals on the MLS that would follow the BRRR method. I see deals that would cash flow and be decent investments, but usually wouldn't provide that upfront equity that I want. I have been out of the buying "game" for so long I have developed 'FOMO' (Fear of Missing out). I have been paralyzed by the idea that the market will soon hit another recession and I would be better of waiting until then. I have read and know that this "recession" might take years before it hits us and it doesn't mean it will be the same magnitude of the last housing recession. What is everyone's thought on this and how are you all still crushing it without waiting and worrying!? How can I find/make deals off the MLS? What am I doing wrong or need to focus on??