Investor · Vancouver, WA · Member since 2016 · 7 posts · 5 votes
I've been on BP for a number of years, mostly in the shadows learning and focusing on my career. I'm in a position now where I've saved enough for a down payment (and then some), and have officially started looking at duplexes with a realtor. I'm also pre-qualified with a lender. After walking through a few properties, I realized that the barrier to entry in Vancouver can be quite high (BRRR strategy). So much so, that I found 2 properties that (I believe) would have been solid deals but I needed to inject more capital than I have at this moment.
Now, I'm going back to the drawing board and rethinking my strategy. I'm not sure whether to wait a couple more years so I have ~$100k in capital, or if there's a better strategy that I'm not fully grasping yet. I'm sure it's the latter.
I was hoping that I could pick someone's brain on this, maybe partner on the first deal. I realize there are many ways to skin a cat and I'm going to make mistakes on my first deal. I'm excited to learn from these! But I also realize that my first deal can be a strong catalyst for my REI journey.
Real Estate Agent · Portland, OR · Member since 2016 · 1k+ posts · 605 votes
6y
Hi @Armando Neri, I think you have the right mindset with BRRRR where you are looking to create equity by improving it. You might want to consider house hacking a duplex. That way you can get into an investment with less money down. I've seen a few on the market that might work for you. Feel free to DM me if you want to talk about other specific ideas.
Portland, OR · Member since 2015 · 29 posts · 10 votes
6y
Hi Armando, I am certainly no expert and thus in no position to be a mentor but I do have at least one BRRRR deal under my belt. Hit me up if you want to chat or strategize.