New Investor, buy and hold in Seattle
In the past seven months I have bought my first two investment properties in the City of Seattle and have brought them online.
Property #1 is an 8 year old 2BR 1.5 bath 1,100 sq ft half duplex bought for $350k and renting for $2,750. No money needed for repairs to get it rented. 20 min walk from downtown.
Property #2 is a 1922 brick house that I am converting into a legal duplex. Bought for $550k and will put $200k in. Upstairs is done and now is 3BR 1 bath 1,500 sq feet renting for $3,500. Basement is next and will be 650 sq ft 1BR 1 bath and will rent for $1,800.
Both are cash flow positive and I think I am doing ok. I am 46 and solid in the business world but new to investing in real estate. I will keep my day job as I am good at it and certainly want to keep my regular income as I explore this new hobby.
I work in tech (there are lots of us in Seattle) and my friends/colleagues/acquaintances have noticed my new hobby. People are asking what I think of new deals but, believe me, I am very green and I know it. However, the locations of the two properties I own are fantastic. Keeping within a 20 minute walk to downtown Seattle is a great niche for me and there are so many old houses that could use some love.
I am now considering doing a few more of these but am out of my own personal money. I am not willing to get over leveraged as I know real estate can go up and down. I have people asking me if I would be interested in taking on investors. To find a few new projects to work on. I am looking for tips as I consider this. Can you point me to the best books / sites on building a real estate portfolio that you manage for other people? I know how green I am but I am smart, driven, and hard working. Maybe in a few years I would be willing to do this more on a full time basis. Maybe post 55 it could be a good retirement gig. For now, I would like to read and consider. Although I just saw three properties today online that fit my criteria. Within a 20 minute walk to downtown and immediately cash flow positive.
Any thoughts for a newbie?