Looking for REI Mentor in Vancouver, WA (or Portland)

[Armando Neri]

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.

[Account Closed]

@Armando Neri - An option is to loan your capital for 6-months at a time as a "hard money" lender on local flips.  I do this quite often in between deals.  Essentially you act as a hard money lender. However since you don't need a license (2 or less notes in Oregon) and no overhead for that manner you don't charge points and your note yields 8% 1st position or 15% 2nd position. After you determine the project collateral adequately covers the investment, you sign the note at the bank, wire funds to escrow, and title records the note on the collateral's title. Once the project sells or the terms expire you are paid principal and interest accrued. For any reason the terms of the note are not met you can foreclose and force a sale to recoup all principal, interest, and penalties.

That's what I've been doing with my capital for a few years and even use self directed IRA and ROTH accounts to invest in these type of notes. I've built a relationship with a local flipping team that's very successful and serve as a capital partner on these type of projects. We can chat if you have more questions or look at some notes I've done in the past.