Hi! A little bit of background:
My partner and I each owned a home (single family) which we then turned into rentals when we bought another place together (where we also rent out 2 rooms!). At first this just seemed the smart thing to do from a financial standpoint but we hadn't considered it the start of our real estate investing business - until now :)
I have been binging bigger pockets podcasts and have started to read books - I freaking love @beardybrandon !! And here's where we areat when thinking about our goals:
Ultimately, we want to build a portfolio of rental properties. We already have 2 single family homes, and the next tier to explore would be small multi-family homes, i.e slowly ramp up to more units per property as we learn the ropes of managing multiple tenants. For now, I think keeping it local would be better, but I'm open to investing long distance down the road once we're more comfortable with our systems/ process/ team.
As for how to scale up, I'm still debating on what we should pursue next. As we all know, it all comes down to finding the right deals, and having the right strategy to finance it.
Wholesaling could be an opportunity to learn the skill of finding discounted or off-market properties, so maybe we should start there (if anything to challenge ourselves out of our comfort zone!), and then we could use those profits to invest in our next buy and hold.
On the other hand, we have equity that we can tap into, and a family member with some capital looking to invest with whom we could partner, so maybe jumping into a BRRRR strategy would make sense. In that case I'd be more comfortable with a property that only needs light rehabbing since I have zero experience in this department.
Either way it will be a learning curve and a challenge for this social introvert to network!
Any advice/feedback/leads/resources? Any locals in Western Washington willing to connect?
