New investor diary - Follow along in my journey

9 Replies

My name is Eric, and I'm an aspiring out of state investor.  I've listened to @David Greene 's podcast and bought the book - and now here I am, sitting in a Greensboro, NC coffee shop documenting my journey so far.  Now, I'm not the best writer but I hope that you find my story interesting and will follow along.

I'm based out of Everett, WA which is about 30 minutes north of Seattle.  I've been searching locally for a property for the past two years, and I gotta say that if your goal is to cash flow, you better look elsewhere.  It's an expensive market with real upside for appreciation.  If you are a buy and hold investor like me, it's just not going to work for you.


I decided to expand my search to the rest of Washington state and even parts of Idaho, but nothing fit my criteria.  Defeated, I gave up.  I just couldn't find a deal that made sense. 

After listening to David's podcast on long distance real state investing, I took a look at the other businesses that the company I work for owns.  Low and behold, there were a couple in the South where the numbers make a whole heck of a lot of sense for me.  I settled on Greensboro, as there appeared to be properties that fit my criteria.  

This was back a few months ago, and my wife was tired of me waffling.  'Just buy a plane ticket and GO, Eric!', she would say.  Yeah, yeah I'll get to it.  I continued to research and plug numbers into spreadsheets, but was unable to do it.  I decided that the only way I was going to do it was to announce it publicly.  I'm an admin of our area's local ChooseFI meetup group (a podcast focused on financial independence), and during our meeting in January I announced our plans to the group.  Folks where very interested to hear about it, and cheered me on.  Now that I'd committed publicly, it was time to get off the pot so to speak.

I booked my tickets to Greensboro, and reached out on the beginner forum to announce my intent and see if anyone was willing to meet.  Leveraging the connections made there and additional cold calls, here I am meeting with investors and realtors to hatch my plan and get after it.

I'll keep posting daily through this week as I learn new things and begin my journey.  Hop along for the ride!

Cheers,
Eric 

Best of luck @Eric Merhar !

My partners and I recently purchased our first properties in the Greensboro area.  I look forward to hearing how your week goes.

@Eric Merhar - Looking forward to seeing this journal as you go through the process!

Hi Eric, Thanks for sharing your adventure with us.  I'm an Everett, Wa local who's also in your ChooseFI FB group.  Can't wait to attend a meetup and hear about this in person.  My husband and I are currently doing a live in flip in Everett.  Wishing you all the best.

Wow, that's fantastic! Small world. I almost didn't mention the ChooseFI group because it wasn't really relevant. I'll be setting up the next meeting soon, hope you can make it!

@Eric Merhar I am strictly a buy and hold investor and have built  (and continue to build) my entire 10 building, 40 unit portfolio here in Everett. Therefore, I will have to respectfully disagree with you statement "If you are a buy and hold investor like me, it's just not going to work for you."

Nevertheless, I am excited to see what you find in Greensbro, as that area seems like a hidden gem. I look forward to hopping along for your ride and seeing future posts.

@Grant Fosheim I should have qualfied my statement - at my price point. Deals are everywhere if you are willing to work for it. Thanks for reading!

Day 2 - Well, I'm beat.  I spent the morning touring the various neighborhoods around Greensboro.  It's amazing how neighborhoods here change from street to street - going from 70k-100k properties to 150-200k then the next street up are 800k-1.1m properties.  

I met with three realtors today, all with completely different styles and takes on the market.  I have my work cut out for me in making a decision around exclusivity.  My preference is to have one point of contact for leads, which I believe can help incentivize them to bring me deals.  We'll see if this strategy yields dividends.  

There was an trade show at a local hotel this evening that I was able to make some good contacts for property management.  I'll be researching their listings and spending some time on their site to make sure that they fit my needs.

I have a lunch meeting with another investor tomorrow that I'm really excited about.  I met her at the trade show (on recommendation from another BP member), and she's a straight shooter that will be a wealth of information and contacts for me.  Should be a great sounding board and way to keep me on point.  

Alright, thanks for reading.  Time for me to go watch an episode of Fastest Car on Netflix and crash.  

-Eric

Originally posted by @Eric Merhar :

My name is Eric, and I'm an aspiring out of state investor.  I've listened to @David Greene 's podcast and bought the book - and now here I am, sitting in a Greensboro, NC coffee shop documenting my journey so far.  Now, I'm not the best writer but I hope that you find my story interesting and will follow along.

I'm based out of Everett, WA which is about 30 minutes north of Seattle.  I've been searching locally for a property for the past two years, and I gotta say that if your goal is to cash flow, you better look elsewhere.  It's an expensive market with real upside for appreciation.  If you are a buy and hold investor like me, it's just not going to work for you.


I decided to expand my search to the rest of Washington state and even parts of Idaho, but nothing fit my criteria.  Defeated, I gave up.  I just couldn't find a deal that made sense. 

After listening to David's podcast on long distance real state investing, I took a look at the other businesses that the company I work for owns.  Low and behold, there were a couple in the South where the numbers make a whole heck of a lot of sense for me.  I settled on Greensboro, as there appeared to be properties that fit my criteria.  

This was back a few months ago, and my wife was tired of me waffling.  'Just buy a plane ticket and GO, Eric!', she would say.  Yeah, yeah I'll get to it.  I continued to research and plug numbers into spreadsheets, but was unable to do it.  I decided that the only way I was going to do it was to announce it publicly.  I'm an admin of our area's local ChooseFI meetup group (a podcast focused on financial independence), and during our meeting in January I announced our plans to the group.  Folks where very interested to hear about it, and cheered me on.  Now that I'd committed publicly, it was time to get off the pot so to speak.

I booked my tickets to Greensboro, and reached out on the beginner forum to announce my intent and see if anyone was willing to meet.  Leveraging the connections made there and additional cold calls, here I am meeting with investors and realtors to hatch my plan and get after it.

I'll keep posting daily through this week as I learn new things and begin my journey.  Hop along for the ride!

Cheers,
Eric 

 
Yes...you've put it into the universe now you are obligated to deliver. I believe in you. Happy Investing.  

Hi Eric - I hope your visit to Greensboro was productive. I've been looking carefully at that market as well. Returns are better there than in my back yard, the Triangle.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here