While the markets I have chosen may not have as much rent growth or cap rate compression as other top growth markets, I believe the lack of competition makes up for that.Just as investing in the stock market, or bitcoin, or anything, you want to be ahead of the heard as best as possible.

As rates continue to compress elsewhere, we all have to get creative.

Cap rates are steadily compressing every year and it's a pretty competitive market already for multifamily investors.

Most of the folks on this site just were not around during those days.. and during the GFC you had some price compression but not as bad as the 89 to 94 time frame. 

The downside being that they’ve inflated purchase prices MUCH more than rents which compressed the cap rates

As you say in this market with Cap Rates continuing to compress, how would you advise me on the first deal I should do?

Every minute of a vacation is compressed.

You can do this with hard money and the holding costs go up and compress returns slightly, but the deal still works.

The market and compressing cap rates making much of this possible. 

The newer builds are much bigger and obviously trade for much more compressed cap rate.