However, once they're on the right track it's a cash cow.

@Kelsey Mortimore I’m doing a mixture of both, trying to keep some cash in reserve but also staying active and still doing some deals here and there to keep some money at work and especially keep a pulse on what’s happening in the market.For your first investment though, I believe the best time to start is “now”, at any point in the market cycle, simply because you have to live somewhere and there is a lot of virtue in just getting started and getting over the “first deal” hump, overcoming “analysis paralysis” etc.I’d recommend taking some time to “digest” your first deal though and acclimate to all the joys and responsibilities of house ownership, before rushing on to the next one.

The moment he had enough cash, he bought a goat or a cow. 

For Austin, here are some metrics to digest:2019 New Construction Homes (a one-year record): 18,095 (Statesman article)2019 Multi-Family New Construction Units (doors): 11,000 (from multi-family broker colleague)2018-19 Population Growth (metro area): 61,586 (Austin Business Journal)Property developers, both SFH and multi-family, are only building approximately 30,000 doors per year, which is less than half our annual population growth over a 12-month period.

Definitely a lot to digest and think about. 

This property was in great shape and only needed minor cosmetic updates to bring in great market rent and make this a cash cow.

Even if the mortgage payment was 20k per month (PP would have to be over 4mil) plus property expenses this thing would still be a cash cow.  

We are the mgmt co. We

This is very new and we all are trying to digest it.  

I'm sure I'll get better and quicker at digesting contracts with practice.Thanks again.