How would you start if you were me?

Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes

Hello BP!

Hoping to get opinions from the community on how they would enter the market and start investing if they were in my shoes:

I have been saving and learning on BP for years, hoping to take my leap into real estate investing. Once COVID hit I waited and was thinking the market would become favorable and I would jump in. That didn’t happen and I’ve been waiting and watching since. I still don’t feel good about buying now with so much uncertainty and high interest rates, however I am at a point where I feel like I need to jump in. I have a lot of free time currently and can dedicate a lot of my time towards real estate.

I have saved around $200k and have family member/partner with roughly $100k. We are looking to partner 50/50, at least in the beginning - so starting with about $300k. I have vast experience in Hospitality and hoping to at some point acquire STR/MTR and apply those skills and knowledge . I am most focused on finding multi family. I'm living rent free currently with family and am ok to do so for foreseeable future.

I am wanting to acquire as much property that is smart for me to do so, with the capital I have on hand. I live in Vancouver WA/ Clark County area and am looking to buy in this area as well as including Portland, Beaverton, Gresham, Ridgefield, Battleground, Longview, Camas and overall surrounding areas. Also interested in Coastal such as Seaside, Rockaway, Canon Beach.

Curious your thoughts on best ways to enter this market and how best to utilize my current saved capital. Also any investors in this area would love to meet and learn from you. Appreciate those I have connected with on BP thus far and your help.

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Nicholas L.Pro Member

Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes

@Daniel Jodrey

-start with a house hack

-don't partner on your first deal

10 Reply

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
1y
@Daniel Jodrey
-start with a house hack
-don't partner on your first deal
10 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Nicholas L.:
  
  @Daniel Jodrey
  -start with a house hack
  -don't partner on your first deal
  Appreciate your response Nicholas. I replied below but also curious your thoughts:
  
  I stepped back from my W2 to go travel internationally and am currently working towards getting my real estate license (my goal is to work as realtor and/or property manager while acquiring properties) This of course makes it difficult for me to get pre qualified so that is where the idea of family partner comes in - he qualifies us on the loan. I know I can likely get a DSCR Loan but not sure if worth it or will work with high rates - what are your thoughts. I understand buying into multifamily and that's what I have been focused on for years. How would you go about scaling from there with the capital I have? Best to put as little money down as possible so I can acquire more? Challenge I am seeing is cash flow then doesn't work when putting down 5% or 3.5% - however I understand value in building the equity. I have looked at and analyzed many deals and at best I have found possibly break even. I've put in numerous offers but always outbid.
  0 Reply
- Austin WolffPro Member
  Rental Property Investor · Los Angeles, CA · Member since 2024 · 139 posts · 134 votes
  1y
  Quote from @Nicholas L.:
  
  @Daniel Jodrey
  -start with a house hack
  -don't partner on your first deal
  
  This ^
  0 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1y
I would be very careful about partnering this early in your career. Get some experience yourself before you bring someone else into the mix, especially a 50/50 partner. Really dig into partnerships and how to structure them, to include how to exit when things get rough or one of you wants to move on to something different.
As for starting, the market isn't ideal, but you can't continue sitting on the sidelines. You missed out in 2020. What's to say you won't have the same feeling in 2028? Buy one property with up to four units and start managing it. Figure out the next step after that.
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2 Reply
- Kevin S.
  Member since 2024 · 400 posts · 240 votes
  1y
  Quote from @Nathan Gesner:
  
  I would be very careful about partnering this early in your career. Get some experience yourself before you bring someone else into the mix, especially a 50/50 partner. Really dig into partnerships and how to structure them, to include how to exit when things get rough or one of you wants to move on to something different.
  As for starting, the market isn't ideal, but you can't continue sitting on the sidelines. You missed out in 2020. What's to say you won't have the same feeling in 2028? Buy one property with up to four units and start managing it. Figure out the next step after that.
  
  Jumping in here Nathan, what is your opinion if partnering is between father and son? I want to get my 23 y.o started with REI. I could provide 50% down and help him jump start. What are the pros and cons? How would you go about it? Thanks.
  0 Reply
- Nathan GesnerBusiness Member
  Moderator
  Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
  1y
  Quote from @Kevin S.:
  
  Doing business with friends and family is dangerous. If someone screws up, it destroys the investment and the relationship. Most business experts will tell you that it's very difficult to partner with family and be successful, because family is more likely to see it as a familial relationship and not a business relationship.
  
  If you want to help him get started, maybe provide a small loan with a robust repayment plan, drawn up by an attorney, then provide education / mentorship for free.
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  4 Reply
- Kevin S.
  Member since 2024 · 400 posts · 240 votes
  1y
  Quote from @Nathan Gesner:
  
  Quote from @Kevin S.:
  
  Doing business with friends and family is dangerous. If someone screws up, it destroys the investment and the relationship. Most business experts will tell you that it's very difficult to partner with family and be successful, because family is more likely to see it as a familial relationship and not a business relationship.
  
  If you want to help him get started, maybe provide a small loan with a robust repayment plan, drawn up by an attorney, then provide education / mentorship for free.
  
  Thank you, Nathan. Appreciate your response.
  1 Reply
Daniel Jodrey
OP
Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
1y
Thanks for your reply and time, Nathan.

I stepped back from my W2 to go travel internationally and am currently working towards getting my real estate license (my goal is to work as realtor and/or property manager while acquiring properties) This of course makes it difficult for me to get pre qualified so that is where the idea of family partner comes in - he qualifies us on the loan. I know I can likely get a DSCR Loan but not sure if worth it or will work with high rates - what are your thoughts. I understand buying into multifamily and that's what I have been focused on for years. How would you go about scaling from there with the capital I have? Best to put as little money down as possible so I can acquire more? Challenge in seeing is cash flow then doesn't work when putting down 5% or 3.5% - however I understand value in building the equity. I have looked at and analyzed many deals and at best I have found possibly break even. I've put in numerous offers but always outbid.
0 Reply
Mike PaolucciBusiness Member
Realtor · Columbus Cleveland Dayton, OH · Member since 2022 · 499 posts · 553 votes
1y
Quote from @Daniel Jodrey:

Hello BP!
Hoping to get opinions from the community on how they would enter the market and start investing if they were in my shoes:
I have been saving and learning on BP for years, hoping to take my leap into real estate investing. Once COVID hit I waited and was thinking the market would become favorable and I would jump in. That didn’t happen and I’ve been waiting and watching since. I still don’t feel good about buying now with so much uncertainty and high interest rates, however I am at a point where I feel like I need to jump in. I have a lot of free time currently and can dedicate a lot of my time towards real estate.

I have saved around $200k and have family member/partner with roughly $100k. We are looking to partner 50/50, at least in the beginning - so starting with about $300k. I have vast experience in Hospitality and hoping to at some point acquire STR/MTR and apply those skills and knowledge . I am most focused on finding multi family. I'm living rent free currently with family and am ok to do so for foreseeable future.

I am wanting to acquire as much property that is smart for me to do so, with the capital I have on hand. I live in Vancouver WA/ Clark County area and am looking to buy in this area as well as including Portland, Beaverton, Gresham, Ridgefield, Battleground, Longview, Camas and overall surrounding areas. Also interested in Coastal such as Seaside, Rockaway, Canon Beach.

Curious your thoughts on best ways to enter this market and how best to utilize my current saved capital. Also any investors in this area would love to meet and learn from you. Appreciate those I have connected with on BP thus far and your help.

Hey Daniel. If you can house-hack a duplex / triplex / quadplex then I'd highly recommend starting off with that. If that's not feasible, or the price points are too expensive in your immediate area, then try looking elsewhere in the state OR look out of state. If you can find a turnkey single family that makes sense, go for it.
That wasn't really an option for me back when I started in 2021. I ended up looking out of state and have since moved to my target market to focus on building my portfolio.
Single family investment properties will be the easiest to manage, and will appreciate better than multi-family, but will not produce as much cash-flow.
Happy to answer any questions you might have.
[email protected]614-892-9184
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2 Reply
Taz Zettergren
Real Estate Agent · Memphis, TN · Member since 2019 · 365 posts · 264 votes
1y
@Daniel Jodrey

It sounds like you’ve put a lot of thought into this, and you’re in a great position to take that first step. Given your goals, I’d say house hacking a multi-family is your best bang for your buck. It lets you live for free (or close to it) while building equity and learning the ropes of being a landlord firsthand and after you've been in it a year you could rent out your space and go back to living with your family member if you wanted too. That experience will be invaluable as you scale.

Once you’ve stabilized that, leveraging your hospitality background into an Airbnb or mid-term rental could be a great next move if that’s something you’re passionate about. STRs take more hands-on management, but they can be highly profitable when done right.

Down the road, if you’re looking for something more passive and stable, out of state investing especially in the Mid-South where price points and cash flow are more favorable, could be a great addition to your portfolio. But based on your post, I think a more hands-on approach would be a better fit for you to start.

1 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Taz Zettergren:
  
  @Daniel Jodrey
  
  It sounds like you’ve put a lot of thought into this, and you’re in a great position to take that first step. Given your goals, I’d say house hacking a multi-family is your best bang for your buck. It lets you live for free (or close to it) while building equity and learning the ropes of being a landlord firsthand and after you've been in it a year you could rent out your space and go back to living with your family member if you wanted too. That experience will be invaluable as you scale.
  
  Once you’ve stabilized that, leveraging your hospitality background into an Airbnb or mid-term rental could be a great next move if that’s something you’re passionate about. STRs take more hands-on management, but they can be highly profitable when done right.
  
  Down the road, if you’re looking for something more passive and stable, out of state investing especially in the Mid-South where price points and cash flow are more favorable, could be a great addition to your portfolio. But based on your post, I think a more hands-on approach would be a better fit for you to start.
  
  Appreciate it, Taz!
  
  I have spent a tremendous amount of time going over every which way scenario. I have been learning passively over the last 8 years all while saving money. We have no debt and this savings and am so eager to jump in. I want to be in my market at least in the beginning to learn and be able to go to my property on any notice - I feel after acquiring a few properties and gaining the hard earned knowledge, I then would be ready for possibly out of state.
  
  Every deal I analyze doesn’t cash flow and maybe barely breaks even. On the deals that break even, we have put in offers but always get outbid. It’s discouraging but not giving up.
  0 Reply
Travis TimmonsPro Member
Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
1y
1. Don't partner. You have enough money to get started.
2. House hack if you can.
3. Don't sleep on a live in flip. It's a great low risk way to get started. At the end of a couple of years, you can always refinance and keep it as a rental if you want to.
4. Be kind to yourself. It's okay to do nothing and keep saving up money.
I have nothing to sell and would be happy to help if you think that I can be a resource. Feel free to reach out.
2 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Travis Timmons:
  
  1. Don't partner. You have enough money to get started.
  2. House hack if you can.
  3. Don't sleep on a live in flip. It's a great low risk way to get started. At the end of a couple of years, you can always refinance and keep it as a rental if you want to.
  4. Be kind to yourself. It's okay to do nothing and keep saving up money.
  I have nothing to sell and would be happy to help if you think that I can be a resource. Feel free to reach out.
  Appreciate your time and advice, Travis.
  
  I did it to myself - but I left my W2 to go travel for about 4 months and to jump full into real estate upon returning. Now that we’re back, we can’t currently qualify for loan. Family member is also wanting to get into real estate and is ok to be the “bank” to qualify and I am boots on the ground. I feel I would rather try this and be able to get conventional financing, rather then getting a high interest rate with DSCR Loan.
  
  I also am not sure if should pull trigger on a multi family that doesn’t cash flow (looking for at least break even but even that is hard to find with interest rates) and see how that first goes. We still have capital to go out and get 2-3 more properties in relatively short amount of time.
  
  Overall again, family member is happy and wanting to help qualify for loan - I am doing majority of work and will manage - and hopefully we find a good 1st property that is ideally triplex/fourplex. Again, trying to decide if best to jump in and get equity and not cash flow or continue to wait to see what happens in market and rates.
  1 Reply
Travis TimmonsPro Member
Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
1y
DSCR rates are not that much higher than conventional. I've done 2 in the last year and 1 refinance. All have been around 25-50 basis points higher than conventional options depending on LTV. I did have to put 30% down on one to get the ratio to be above 1, though. You're going to pay a point or two at closing and likely have a 1-2 year pre-payment penalty, but if you're okay with that, rates aren't bad.
I'm a fan of buying the best asset possible in your budget and then employing a higher effort strategy to make it cash flow. For us, that's mid term and short term...it could also be rent by the room, but I know nothing about that business.
I think that we are in a "What can you do that is really hard?" market. If you can solve a tough problem or pull off a strategy that requires a lot of work, you can likely find something that works. If not, returns are just far to thin and meager to justify writing a giant check for the right to bleed cash each month.
2 Reply
Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
1y
OP. I would stop for a second. On paper put your goals and then a plan to scale. You will see you hit a road block very quickly on your cash or equity to do the next deals.
Divide your REI types into the following. Appreciation long term, cashflow, and cash snowball.
In your shoes and current situation I would do a value add to build cash.
A. Pick a house with extra acreage you can subdivide. The original house if it is a 2/1 then ADU into a 3/2. Use as primary for 2 years and sell taking advantage of no taxes in capital gains 2 out of 5 years primary. Rent a room. You take the smaller unit.
B. Pick the worst house in a great neighborhood and modernize. Again see if you can do ADUs. Or split off lots. Again 2 of 5 years. Rent a room. You take the smaller room.

C. If you’re near military, coast guard, hospitals, airport, etc. look there for your future MFH. Or your house with room to rent.
1 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Henry Clark:
  
  OP. I would stop for a second. On paper put your goals and then a plan to scale. You will see you hit a road block very quickly on your cash or equity to do the next deals.
  Divide your REI types into the following. Appreciation long term, cashflow, and cash snowball.
  In your shoes and current situation I would do a value add to build cash.
  A. Pick a house with extra acreage you can subdivide. The original house if it is a 2/1 then ADU into a 3/2. Use as primary for 2 years and sell taking advantage of no taxes in capital gains 2 out of 5 years primary. Rent a room. You take the smaller unit.
  B. Pick the worst house in a great neighborhood and modernize. Again see if you can do ADUs. Or split off lots. Again 2 of 5 years. Rent a room. You take the smaller room.
  
  C. If you’re near military, coast guard, hospitals, airport, etc. look there for your future MFH. Or your house with room to rent.
  
  Thats great advice Henry and is very closely to where my mindset is at. I have searches set up on all the main MLS apps keyword for "ADU, DADU, Grandmother unit" and am keeping an eye on property size and zoning for potential of adding a DADU or possibly tiny home as well as expanding on the existing house.
  It’s just a matter of finding. I’ve been searching and reaching out to realtors and lenders for long time and not finding that deal. Doesn’t mean I’m giving up.
  2 Reply
Ben FernandezBusiness Member
Realtor · Lancaster, PA · Member since 2025 · 169 posts · 97 votes
1y
Keep up the good work Daniel! Your focus and dedication is evident.

Portland looks more affordable and looks to also have a better price-to-rent ratio than Vancouver... If you are looking to invest in your backyard.

However, in both Vancouver and Portland, with price points showing a median home price of ~$480k and MF showing about $200k+ per unit, cash flow will be a challenging task. A market like yours is prone for little-to-no cash flow, but favorable appreciation.

If you are putting a substantial down payment up (likely 30%+), you could accomplish both. However you need to also consider your COC return and where the best use of your cash is. Comparing ROR to potential appreciation on your cash. Unless you can get 8%+ on appreciation, you're better off putting the cash into the stock market. But, let's stick to real estate...

When determining where to put your money to work, you always have strategies that provide returns in short-term periods of time and those that provide returns in long-term periods of time. Of which, some being unrealized gains.

Here are some options:

Tax liens - provides potential for interest income and the potential to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.

Tax deeds - provides potential for interest income and to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.

With these two strategies, you can either fix and flip after - renovate, rent and hold or wholetail. This leads into the next short-term strategies.

Fix and Flip - provides potential to invest lumps sums and earn a multiple back in a short period of time.

BRRRR - provides potential to invest lumps sums and earn a multiple back in a short period of time on the cash out refinance. However, this is a buy and hold strategy for cash flow, equity paydown and (hopefully) appreciation. This strategy provides incentives for (potentially) both short and long-term investment strategies simultaneously.

Buy and Hold - provides either; little-to-no cash flow and high appreciation, high cash flow and little-to-no appreciation, or a little of both. This is a long-term strategy that does not return your lump sum investment for a long period of time (if at all).

Bank auctions is another option to entertain.

Being that you have partners, I realize you all are not considering house hacking. But for a personal strategy, I recommend this for if you do buy where you are residing. The rent rates look good and if you get a multifamily, you should get the majority of your mortgage covered if not the entire amount (if you put down 25%+). This would be a long term strategy.

Depending on your access to deal flow, you can conduct these options in your market or outside of your market. I do not recommend flipping or BRRRR'ing remotely to start. You can manage buy and holds, but not value add until you get more experience and can manage people effectively. For the cash flow models, you'll likely need to seek remote opportunities. If you're considering PA or assistance with tax auction consulting, give me a buzz.

Feel free to connect for further dialog. Hope this helps.

[email protected]717-945-7040
0 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Ben Fernandez:
  
  Keep up the good work Daniel! Your focus and dedication is evident.
  
  Portland looks more affordable and looks to also have a better price-to-rent ratio than Vancouver... If you are looking to invest in your backyard.
  
  However, in both Vancouver and Portland, with price points showing a median home price of ~$480k and MF showing about $200k+ per unit, cash flow will be a challenging task. A market like yours is prone for little-to-no cash flow, but favorable appreciation.
  
  If you are putting a substantial down payment up (likely 30%+), you could accomplish both. However you need to also consider your COC return and where the best use of your cash is. Comparing ROR to potential appreciation on your cash. Unless you can get 8%+ on appreciation, you're better off putting the cash into the stock market. But, let's stick to real estate...
  
  When determining where to put your money to work, you always have strategies that provide returns in short-term periods of time and those that provide returns in long-term periods of time. Of which, some being unrealized gains.
  
  Here are some options:
  
  Tax liens - provides potential for interest income and the potential to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
  
  Tax deeds - provides potential for interest income and to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
  
  With these two strategies, you can either fix and flip after - renovate, rent and hold or wholetail. This leads into the next short-term strategies.
  
  Fix and Flip - provides potential to invest lumps sums and earn a multiple back in a short period of time.
  
  BRRRR - provides potential to invest lumps sums and earn a multiple back in a short period of time on the cash out refinance. However, this is a buy and hold strategy for cash flow, equity paydown and (hopefully) appreciation. This strategy provides incentives for (potentially) both short and long-term investment strategies simultaneously.
  
  Buy and Hold - provides either; little-to-no cash flow and high appreciation, high cash flow and little-to-no appreciation, or a little of both. This is a long-term strategy that does not return your lump sum investment for a long period of time (if at all).
  
  Bank auctions is another option to entertain.
  
  Being that you have partners, I realize you all are not considering house hacking. But for a personal strategy, I recommend this for if you do buy where you are residing. The rent rates look good and if you get a multifamily, you should get the majority of your mortgage covered if not the entire amount (if you put down 25%+). This would be a long term strategy.
  
  Depending on your access to deal flow, you can conduct these options in your market or outside of your market. I do not recommend flipping or BRRRR'ing remotely to start. You can manage buy and holds, but not value add until you get more experience and can manage people effectively. For the cash flow models, you'll likely need to seek remote opportunities. If you're considering PA or assistance with tax auction consulting, give me a buzz.
  
  Feel free to connect for further dialog. Hope this helps.
  
  This is very helpful and a lot of great thought, I really appreciate you taking the time Ben.
  I have shifted the mindset that I'm ok to have little to no cash flow (at least in years 1-3) because I am investing long term and plan to have my portfolio be my retirement in 11-15 years from now. Of course I want cash flow, but as long as I am breaking even and building equity and then hopefully having the added benefit of appreciation- I feel like that would be a win. After acquiring several long term rentals , I hope to jump into the STR space where I can begin seeing more immediate revenue and cash flowing opportunities.
  
  I am more then okay to house hack and believe this may be best to obtain a 5% conventional primary loan which would leave me plenty of cash to gain a second and hopefully 3rd property. It’s just my wife and I and have no kids so house hacking as well as renting by the room is something we definitely are willing to do - put in that hard work and little sacrifice to make it work.
  0 Reply
- Ben FernandezBusiness Member
  Realtor · Lancaster, PA · Member since 2025 · 169 posts · 97 votes
  1y
  Quote from @Daniel Jodrey:
  
  Quote from @Ben Fernandez:
  
  Keep up the good work Daniel! Your focus and dedication is evident.
  
  Portland looks more affordable and looks to also have a better price-to-rent ratio than Vancouver... If you are looking to invest in your backyard.
  
  However, in both Vancouver and Portland, with price points showing a median home price of ~$480k and MF showing about $200k+ per unit, cash flow will be a challenging task. A market like yours is prone for little-to-no cash flow, but favorable appreciation.
  
  If you are putting a substantial down payment up (likely 30%+), you could accomplish both. However you need to also consider your COC return and where the best use of your cash is. Comparing ROR to potential appreciation on your cash. Unless you can get 8%+ on appreciation, you're better off putting the cash into the stock market. But, let's stick to real estate...
  
  When determining where to put your money to work, you always have strategies that provide returns in short-term periods of time and those that provide returns in long-term periods of time. Of which, some being unrealized gains.
  
  Here are some options:
  
  Tax liens - provides potential for interest income and the potential to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
  
  Tax deeds - provides potential for interest income and to gain ownership. Can take anywhere from 60 days to 4 years - depending on the redemption period.
  
  With these two strategies, you can either fix and flip after - renovate, rent and hold or wholetail. This leads into the next short-term strategies.
  
  Fix and Flip - provides potential to invest lumps sums and earn a multiple back in a short period of time.
  
  BRRRR - provides potential to invest lumps sums and earn a multiple back in a short period of time on the cash out refinance. However, this is a buy and hold strategy for cash flow, equity paydown and (hopefully) appreciation. This strategy provides incentives for (potentially) both short and long-term investment strategies simultaneously.
  
  Buy and Hold - provides either; little-to-no cash flow and high appreciation, high cash flow and little-to-no appreciation, or a little of both. This is a long-term strategy that does not return your lump sum investment for a long period of time (if at all).
  
  Bank auctions is another option to entertain.
  
  Being that you have partners, I realize you all are not considering house hacking. But for a personal strategy, I recommend this for if you do buy where you are residing. The rent rates look good and if you get a multifamily, you should get the majority of your mortgage covered if not the entire amount (if you put down 25%+). This would be a long term strategy.
  
  Depending on your access to deal flow, you can conduct these options in your market or outside of your market. I do not recommend flipping or BRRRR'ing remotely to start. You can manage buy and holds, but not value add until you get more experience and can manage people effectively. For the cash flow models, you'll likely need to seek remote opportunities. If you're considering PA or assistance with tax auction consulting, give me a buzz.
  
  Feel free to connect for further dialog. Hope this helps.
  
  This is very helpful and a lot of great thought, I really appreciate you taking the time Ben.
  I have shifted the mindset that I'm ok to have little to no cash flow (at least in years 1-3) because I am investing long term and plan to have my portfolio be my retirement in 11-15 years from now. Of course I want cash flow, but as long as I am breaking even and building equity and then hopefully having the added benefit of appreciation- I feel like that would be a win. After acquiring several long term rentals , I hope to jump into the STR space where I can begin seeing more immediate revenue and cash flowing opportunities.
  
  I am more then okay to house hack and believe this may be best to obtain a 5% conventional primary loan which would leave me plenty of cash to gain a second and hopefully 3rd property. It’s just my wife and I and have no kids so house hacking as well as renting by the room is something we definitely are willing to do - put in that hard work and little sacrifice to make it work.
  
  Good deal. Your plan sounds well thought out. Keep setting your goals in doubles and you'll be more likely to meet them.
  Make sure the numbers in each project align with long-term goals. I recommend getting with a local rea estate professional to understand the historic appreciation over the last 5, 10 and 20 years. That'll help your projections and forecasting. I just did mine for the central PA region by zip code.
  Nice work. Keep it up.
  [email protected]717-945-7040
  2 Reply
Eric Bilderback
Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
1y
Have you thought of doing a short term rental or a new build? If your all in go all in and you should be able to get a better return.
0 Reply
Peter W.
Member since 2020 · 351 posts · 329 votes
1y
Everyone is saying househack which is usually the right move, however you are likely the exception because you are living rent free with family.

You have enough cash for one deal. So do one and see how it goes. If you are handy and because you seem to have time, I would aim for a cosmetic flip (update bath and kitchen, and maybe floors). You’ll be able to build additional equity which will help down the line.
The key thing though, more than the first deal is you need to rebuild your income so you can do deal number 2. Excluding your potential partner, you are probably 50k away from deal number 2 and you will get slightly more favorable financing with steady income.
Third thing you need to do is narrow down your buy box. You are all over the place in terms of location and strategy. It’s one deal so taper down to 2-3 neighborhoods so you can know those neighborhoods like the back of your hand. What is the sale price I kept to be, how long will it likely be on the market, what will rent likely be, how long will it take you to rent the place.
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- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Peter W.:
  
  Everyone is saying househack which is usually the right move, however you are likely the exception because you are living rent free with family.
  
  You have enough cash for one deal. So do one and see how it goes. If you are handy and because you seem to have time, I would aim for a cosmetic flip (update bath and kitchen, and maybe floors). You’ll be able to build additional equity which will help down the line.
  The key thing though, more than the first deal is you need to rebuild your income so you can do deal number 2. Excluding your potential partner, you are probably 50k away from deal number 2 and you will get slightly more favorable financing with steady income.
  Third thing you need to do is narrow down your buy box. You are all over the place in terms of location and strategy. It’s one deal so taper down to 2-3 neighborhoods so you can know those neighborhoods like the back of your hand. What is the sale price I kept to be, how long will it likely be on the market, what will rent likely be, how long will it take you to rent the place.
  Thank you Peter.
  
  I agree and is a reason I wanted to make this post. I have overloaded myself with all the ways to get started and am looking at a lot of things. I just want to get started and be successful. I have a buy box narrowed down and I look at it multiple times a day. I just keep a slight eye open to surrounding (drivable) areas just in case something interesting pops up.
  
  Like you mentioned, ultimately gotta walk before run and gotta buy the first property first - then can move to second and so on. Hope to update everyone soon on my purchase (s)
  1 Reply
Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
1y
@Daniel Jodrey
With $300K in capital and a strong hospitality background, you're in a great position to start investing in multifamily or STR/MTR properties. Given current market conditions with high interest rates, consider creative financing options like seller financing, partnerships, or house hacking to maximize your leverage. Start by analyzing cash-flowing properties in your target markets (Clark County, Portland, and coastal areas) while networking with local investors, agents, and lenders to find off-market deals. If multifamily pricing is tough, consider a mix of duplexes or small commercial properties to scale strategically.
Good luck!
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- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Wale Lawal:
  
  @Daniel Jodrey
  With $300K in capital and a strong hospitality background, you're in a great position to start investing in multifamily or STR/MTR properties. Given current market conditions with high interest rates, consider creative financing options like seller financing, partnerships, or house hacking to maximize your leverage. Start by analyzing cash-flowing properties in your target markets (Clark County, Portland, and coastal areas) while networking with local investors, agents, and lenders to find off-market deals. If multifamily pricing is tough, consider a mix of duplexes or small commercial properties to scale strategically.
  Good luck!
  Really appreciate it Wale! Enjoyed reading this and gave me a great boost of energy this morning !
  
  I agree and definitely is what I’m aiming for. Every realtor/seller I reach out too I will ask if they will consider seller financing (every one so far is a no). I have connected with several local lenders and pre approved with them as well as picking their brains on our area. I have connected with several realtors as well and have met and got coffee to be able to be face to face, learn, and show we are serious.
  1 Reply
Derrick Keller
Member since 2021 · 10 posts · 5 votes
1y
While the Las Vegas market offers many great opportunities for real estate investors, I generally do not recommend pursuing short-term rentals (STR) in Clark County. The permitting process is extremely challenging, with many of my clients waiting over six months for approval—and enforcement is strict. Operating without a proper license can lead to hefty fines, as the county is actively cracking down on unpermitted STRs.

That said, there are still strong investment opportunities in the $300K–$400K range across Las Vegas, where you can achieve a solid 4–6% return with a traditional long-term buy-and-hold strategy. If you're investing in Clark County, this approach tends to offer more stability, fewer headaches, and better long-term growth.
1 Reply
Stephen MoralesBusiness Member
Jacksonville, FL · Member since 2025 · 402 posts · 205 votes
1y
@Daniel Jodrey

As some others have said, house hacking is the way to get started here. Would be curious to hear an update on how your search is going so far.

I would allocate some capital into lead generation while also working with a local realtor that is investor friendly in your markets. Try pulling some off-market homes with distress indicators or higher equity (70% or more). There are some sites where you can pull list for free here on BP :).

But even though you are feeling the FOMO from not investing during the c19 era, just know that there really is no silver bullet to fire when it comes to investing in real estate.
Especially for the strategy you're wanting to implement.
[email protected]
PrimeTracers
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1 Reply
- Daniel Jodrey
  OP
  Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
  1y
  Quote from @Stephen Morales:
  
  @Daniel Jodrey
  
  As some others have said, house hacking is the way to get started here. Would be curious to hear an update on how your search is going so far.
  
  I would allocate some capital into lead generation while also working with a local realtor that is investor friendly in your markets. Try pulling some off-market homes with distress indicators or higher equity (70% or more). There are some sites where you can pull list for free here on BP :).
  
  But even though you are feeling the FOMO from not investing during the c19 era, just know that there really is no silver bullet to fire when it comes to investing in real estate.
  Especially for the strategy you're wanting to implement.
  Hey Stephen!
  
  Appreciate your time and thoughts and I agree with you. Goal is to house hack a multi family (preferably a triplex or fourplex).
  
  so far still in same position. We are looking everyday. Have few realtors set us up on MlS for both Washington side and Oregon side. Numbers don’t work with interest rates in nearly every deal. I’m looking for break even deals in year 1 that have upside to grow in future years. I ask every selling agent I reach out to about seller financing and so far every one is a no.
  0 Reply
- Stephen MoralesBusiness Member
  Jacksonville, FL · Member since 2025 · 402 posts · 205 votes
  1y
  Quote from @Daniel Jodrey:
  
  Quote from @Stephen Morales:
  
  @Daniel Jodrey
  
  As some others have said, house hacking is the way to get started here. Would be curious to hear an update on how your search is going so far.
  
  I would allocate some capital into lead generation while also working with a local realtor that is investor friendly in your markets. Try pulling some off-market homes with distress indicators or higher equity (70% or more). There are some sites where you can pull list for free here on BP :).
  
  But even though you are feeling the FOMO from not investing during the c19 era, just know that there really is no silver bullet to fire when it comes to investing in real estate.
  Especially for the strategy you're wanting to implement.
  Hey Stephen!
  
  Appreciate your time and thoughts and I agree with you. Goal is to house hack a multi family (preferably a triplex or fourplex).
  
  so far still in same position. We are looking everyday. Have few realtors set us up on MlS for both Washington side and Oregon side. Numbers don’t work with interest rates in nearly every deal. I’m looking for break even deals in year 1 that have upside to grow in future years. I ask every selling agent I reach out to about seller financing and so far every one is a no.
  Yeah I can see how you keep running into that issue.
  
  So for the most part, creative deals are going to be hard to come buy on market.
  
  If you need to work out a seller financing deal I would look up off market properties in your AOI's skip trace them and reach out to the sellers with 100% equity so there's no lender to complicate things or the need to do a wrap.
  [email protected]
  PrimeTracers
  Website View Page
  1 Reply
- Robert EllisBusiness Member
  Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
  1y
  Quote from @Daniel Jodrey:
  
  Quote from @Stephen Morales:
  
  @Daniel Jodrey
  
  As some others have said, house hacking is the way to get started here. Would be curious to hear an update on how your search is going so far.
  
  I would allocate some capital into lead generation while also working with a local realtor that is investor friendly in your markets. Try pulling some off-market homes with distress indicators or higher equity (70% or more). There are some sites where you can pull list for free here on BP :).
  
  But even though you are feeling the FOMO from not investing during the c19 era, just know that there really is no silver bullet to fire when it comes to investing in real estate.
  Especially for the strategy you're wanting to implement.
  Hey Stephen!
  
  Appreciate your time and thoughts and I agree with you. Goal is to house hack a multi family (preferably a triplex or fourplex).
  
  so far still in same position. We are looking everyday. Have few realtors set us up on MlS for both Washington side and Oregon side. Numbers don’t work with interest rates in nearly every deal. I’m looking for break even deals in year 1 that have upside to grow in future years. I ask every selling agent I reach out to about seller financing and so far every one is a no.
  
  build a triplex don't buy is how I'd do it
  [email protected]786-494-6766
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
1y
@Daniel Jodrey
You're in a strong position with $300K in capital, no housing expenses, and time to dedicate—this is a perfect setup to make your first move. Given your background in hospitality, starting with a small multi-family or STR/MTR-friendly property in a tourist-friendly or demand-stable area (like the coast or near Portland) could align well. Focus on buying a cash-flowing deal even in today's higher-rate environment, and don't wait for perfect market conditions—getting in smart now will teach you more than waiting for an ideal moment. Consider house hacking a multi-unit, partnering on a larger property, or even doing a small value-add BRRRR to stretch your capital.
Good luck!
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NETWORTH BUILDERS5236 Reviews
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Daniel Jodrey
OP
Real Estate Broker · Vancouver, WA · Member since 2016 · 96 posts · 31 votes
1y
Really appreciate it, Wale!

That’s my focus and appreciate your advice. I’m not stopping and I’m hoping to find a deal with seller concessions that I can use to buy down the rate and help cash flow.

Would you put 5% down on a multi family (house hacking as a primary residence) and not cash flow but have more capital for more deals - or put higher amount down (20%-25%) to break even/cash flow but then not have capital for further deals?
0 Reply
Ryan SpathBusiness Member
Real Estate Agent · Boise, ID · Member since 2017 · 566 posts · 377 votes
1y
@Daniel Jodrey Glad to hear you are ready to jump in! If I were you I would buy a small multi-unit most likely a 4plex with FHA financing. I would put as little money down as possible and underwrite the deal such that when I moved out of one of the units it was cash flow positive. I would live in this unit for the required 1 year. I'm not familiar with your area, so I would either find a realtor that is and invests or I would start attending meet-ups and become the expert myself. After living in this unit for the 1 year, I would purchase another 4 unit and have guidance as to the best type of product to use from a trusted loan officer. I would keep doing this until have run out of money, then I would save and keep going. Even if you end up with two four unit properties, you are going to be extremely happy in ~10 years. Personally, its more about simplicity and achieving a certain amount of cash flow to be free, vs having tons of doors, tons of headache, just to be a door warrior. Best of luck, please let us know what you decide to do.
[email protected]208-600-2814
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