Newbie Vancouver,WA multifamily options

[Julie Holmstrom]

Hello,

My husband, Dave and I are starting our real estate journey. We would like to invest semi-local but we aren't sure if the market is overpriced for a multifamily unit to cash flow. We live north of Vancouver in Kalama,WA. Our goal is to purchase a 4plex at a minimum this year or possibly an 8plex. We are in the early stages of acquiring a HELOC to fund the down payment. As of now, we know we have $220K in equity. I'm hoping we will have enough funds in our HELOC to cover the 20% down. There could be other creative options to fund the down payment I'm thinking...

Our hope is finding a distressed and underperforming property needing TLC and raising rents, RUBS, etc. My husband has been in construction for over 25 years and is currently a superintendent in the commercial space in Portland, OR.  We would prefer to hire out property management and still have it cash flow. 

Would anyone have any advice for us moving forward as in finding off-market deals, which areas to invest/avoid in the Vancouver area or general advice?

Thanks so much in advance!