BRRRR in Tacoma, WA and surrounding areas

[Account Closed]

Hi everyone I'm Daniel, I'm 22, and I want to begin my real estate investment career by using the BRRRR strategy. I have never done anything in the field of real estate besides watch youtube videos on real estate and browse Zillow in my free time. I am interested in BRRRRing in the Tacoma market for reasons such as growing--and expected growing of the population, home prices have increased in past years, the expected job growth over the next decade, it is a satellite city of Seattle, and there's probably other reasons I haven't listed. I want to learn the ins and outs of real estate investing and be able to grow my portfolio over the long term. I wont make this too long. I want to make a career out of this, out of doing the BRRRR method and possibly other types of real estate investing down the road. However, I don't really know where to start, which is the main point of my post. I was hoping to see if anyone in the nearby Tacoma, WA area would be willing to give me advice as to how to go about finding a great deal, possibly off market and the process of actually buying it and starting the journey. Thank you everyone who read this post.

[Michael Haas]

@Account Closed welcome to BP! You're on the right track - knowledge is power and daily action is essential to success. My wife and I both work in Real Estate full time as investors and agents, and it is a pretty great way to make a living (and then some).

I have a couple questions for you so we can help you better:

1. Do you own your own home?

2. How much cash are you planning or able to invest?

3. Do you have a w-2 job, and how happy are you there?

BRRRRing is an amazing strategy and we're engaged in two of them personally, but it is cash intensive. If you have $150,000 cash to invest, or have a private investor or friend/family member with at $150,000 cash to invest, then by all means BRRRR. If you don't you'll have to rely on hard-money, which is really dangerous for a beginning investors.

For most people just getting started a $100,000+ cash investment isn't an option, which is why HouseHacking is the most effective beginner strategy - you can get a good HouseHack deal under your belt for just $10,000-$30,000 cash in Tacoma, and there are great programs (like the WSHFC downpayment assistance program, and the BofA $17,500 free grant program) that a good agent can guide you towards to get the downpayment on a househack down to between 1% and 6% of the purchase price. 

Happy to talk more - not trying to talk you out of BRRRRing here as we're doing those deals now, but I found it a lot easier to BRRRR after I had 4 HouseHacks and 3 STR / Airbnb rentals under my belt. I think if my first deal was a BRRRR I would have lost my shirt haha.