Newbie! Intro & looking for advice :)
Whats up everyone! I am brand new to BiggerPockets and wanted to introduce myself. I live in WA state and plan to get started investing which lead me to BP. I have been educating myself on all things investing for the last few months especially on how to get started on my first deal. I'm a real estate broker so am very familiar with the buying/selling process and have access to the local MLS and familiar with the area here. I have always planned to use my real estate license as the conduit to get into investing and my wife and I are thinking we would like to start going down that path. Like most, we are a bit tentative to take the plunge! Mostly because we have a 2 yr old and another baby on the way (wife due in Feb 2020). Up until recent times, we were going to wait until both kids were about 5 before we started investing. Now we are thinking, why wait? My wife has a good job working in Health Care and the goal for 2020 is to acquire our first multi fam unit. There are deals here locally right now where I can have positive cash flow each month around 8-10% Cash on Cash ROI (factoring in CapX, Repairs, vacancy fee, PM, etc)
I plan to go the Brrr route and looking for a little advice on what others have done to come up with the down payment on their first deal. I would like to do 20% down to avoid PMI. I have a meeting with my Financial advisor next week to discuss all of this. We have chatted previously about me using invested money to get things rolling into real estate investing and I know he will advise not to. He is very conservative and obviously has a vested interest in me not taking away money he is managing for me. I have about 30K in an individual brokerage account w/him that I can access with no penalties. I do have more tied up w/him that's in a Roth & 401K. For others who got started, what would you say about tapping into 401K/Roth to come up with the downpayment? Thanks for much for any input!