Another Newbie from Ridgefield (Vancouver) WA

[Tyler C.]

Hi All -

I've been meaning to post an introduction for the past week, although I have been somewhat active on the forums.  I am a Project Manager in telecom and am looking to pick up some rentals as I have some cash to work with.  

My wife & I bought our first home in west Vancouver in 2002, but moved on to a bigger place in 2010 since we wanted to grow our family.  Since the market was still recovering, we wouldn't have been able to pull enough cash if we sold to make much of a difference, so we kept it as a rental.  So far (knocking wood), it's been going really well.

We were able to rent it immediately and have had no trouble finding great renters (we've had three in five years; the first two ended up buying in the same neighborhood).  We have used a PM firm to date, mostly because I've been a complete chicken about screwing up the screening process.  I ended the contract with them later last year as I was basically paying them $140 to cash the checks and send me my cut two weeks later (not a dig at them; they've been great at screening).  I do all of the maintenance.  So far, we've been cash flowing: our expenses were 36% in 2014 and 30% last year.  I am hoping the current tenant decides to stay after his lease is up in April.

Anyway, I am most interested in the BRRRR method but the big challenge right now is finding properties that I can get for a price that makes sense. The inventory is very low right now. So that's what I'm researching currently.

I had the pleasure of meeting Marcia Maynard last night at the local rental association meeting and I imagine I could learn a lot from her (I already have).

Anyway, I'm really glad I found this site (thanks to Reddit) as I know it's going to be instrumental in my education.

Tyler