Washington. I’m in my early 50s and plan to start investing as a cash buyer. I’d love to get connected with others in my area to share information and find out what’s working best for local investors.

If my calculations are accurate, I could invest at most $200k-$300k into a property to come out cash flow positive at local rental rates after refinancing to get my cash back out. Housing costs here are high compared to rent, so this is going to be a challenge. I’d like to start out local to get my feet wet, but I think I should consider the Spokane area later.

I started down this path a couple months ago. At the time, I was thinking I'd buy a new house–something closer to my work and big enough to move my parents into with me–and then rent out my current house (a 3/2 rambler with an attached studio MIL apartment; my mortgage is <25% of the value at a 2.5% rate so this would cash flow). After some research, a couple books, and some forum reading, I decided BRRR would be a better use of my available cash in the longer term. I'd like to be cash flowing $20k monthly within 10 years (or sooner!).

I don’t currently own any properties except my residence, although I purchased a foreclosed house in 2008 as a primary residence, rehabbed it, then used the increased value to buy my current house, which my parents’ neighbors were selling because they were in tough financial straits while getting divorced. My close family includes a retired bankruptcy attorney, hoping to find some good connections there.