I've been a member of BiggerPockets for a while now, but since I just got my Pro membership, I thought it was worth re-introducing myself.
I've been dabbling in Real Estate since about 2014. Rather than tell the whole story, I'll give you the bullet points:
- Bought first rental property in 2014, have managed it on my own since. During that time, did full renos on both units, and got the rents up more than 50%.
- Quit my full-time job as a Product Manager at SharkNinja to work at a start-up Development company in the Greater Boston area. We did more than 12 deals in Year 1 of operation.
- Dabbled in private lending.
- Got my Real Estate salesperson license.
I ended up leaving the Development company for personal reasons, and then traveled the world off and on for 6 months while doing some Marketing Consulting for a few small businesses.
Now I'm back I want to transition to Real Estate investing full-time. I'm going to be moving to Seattle in a few months. When I do, I'll sell my property on the East Coast and will have a nice chuck of equity to invest. I'd like to start building a portfolio of a commercial multi-family within an 30-90 minutes of downtown Seattle; the short-term goal being cash-flow, long-term a potential sell-out. I'd love some help with the following:
- Where can I find a partner ? I don't want any wannabes. I'm looking for someone who is really going after it. Someone that 1) wants to build a portfolio of commercial multi-families, 2) can be a thought partner on how we're going to make this portfolio a reality, and 3) can hold me accountable. In exchange, I'd be bringing some equity, an eagerness to learn, and time (I'd make this my full-time gig).
- Any resources you recommend? They could be books. They could be specific podcasts. They could be MeetUps. They could even specific websites / new publications.
Thanks in advance for the help, and looking forward to seeing you around the community!
@Clinton Holmes Welcome! There are so many questions I'd like to ask, but I don't want to take away from yours.
1. Start looking at the local networking events. "local" is relative, any idea where you plan on moving? 30-90 Minutes will get you very far from Seattle, unless you are including traffic. If your focus is south, look into Tacoma and surrounding areas. If your focus is north, look into Everett and the surrounding areas. If you aren't planning on living in one of the units you could also look into Spokane, or other states, your dollars will go much further.
Cascadia Investors Alliance has several meetups around the Seattle area, and there are a couple REAPS and REIAS. Once you are in Seattle and have a chance to go to a couple events, you shouldn't have any issues finding investors that you connect with. You'll be able to talk about what type of deals they are looking for/finding, and share with them what type of partners & deals you are looking for. Some of the events are posted on BP, others you can find easily on meetup.com
2. The BP podcasts and forums are always a good place to start. Probably wouldn't hurt to set up keyword alerts for the areas you plan to move to/invest in so you can start joining in on the conversation before you move here.
- How many properties are you selling and will you have enough capital when you move here to purchase a property outright?
- Do you have a job lined up in WA?
Good luck, hope to see you around.
@Julian Sibley Thanks for the welcome and the advice! My initial thought is I'd like to be able to drive to the property, so I will see if I can get on the email lists of the local REAPS / REIAS in the Tacoma / Everett Areas. I'll also add those two keywords.
To answer your questions:
- I'm selling just the one property. How much capital I'll have is a bit trickier to answer. I'm estimating between 100-200K. Which I think would be enough to get at least 5 units in markets like Tacoma or Everett, but immediately I haven't dived deep into the markets.
- Straightforward answer is no. The more complicated answer is I'm considering a few options; 1) I flew out to Seattle in Oct. to interview with Amazon, the interview went while, however I'm stuck in a holding pattern until their end of fiscal. I'd say there is a decent chance an offer comes through in Jan 18. 2) I've been doing some product development consulting, and have a client that is interested in a remote relationship. 3) I have my MA RE license. I'm thinking of re-taking the tests for Washington, and either managing property under a licensed broker. I'm looking to get clarity on this front around the end of Jan.
I've sent you in an invite to connect; feel free to ask me any other questions you'd like!
Welcome @Clinton Holmes ! The south sound definitely still has some great investment opportunity.
I've found it more difficult than I expected to find buy and hold investors in the area. The vast majority of people at meetups around here are flippers or wannabe flippers/wholesalers, which definitely fits the market. I've found myself being the only one in the room chasing cash flow on multiple occasions!
The monthly RHA meetings are a good place to find long-term investors since they are people who actively have rentals.
I'd really focus on building out your network of commercial brokers when you get here. There are a lot of tire kickers out there since everyone and their mom is an agent now!
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