Preparing for my first investment property purchase!

Spokane, Washington
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Preparing for my first investment property purchase!

Sean Urann
Investor · Spokane, WA · Member since 2024 · 2 posts · 9 votes

Hello Bigger Pockets Community, 

I have been reading books and forums, watching videos, saving money, and analyzing markets over the last 2-years. I am excited that I am finally preparing to purchase my first investment property! If you could provide 1 piece of advise to a newcomer, what advise would you offer? I am based in Spokane,WA but am looking to grow my portfolio in the MidWest. Looking forward to connecting with professionals, providing any value I can, and getting involved with this community. 

Thank you, 

Sean Urann

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Min ZhangBusiness Member
Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
2y

Hey Sean! Welcome! I'd say start small and really dive into your research. Get familiar with the local market, connect with other investors and agents, and make sure you have a solid plan before jumping in. I personally like the Midwest for its affordability and cash flow potential. Columbus is awesome with all the tech giants boosting growth. I also put my money in Cleveland and Dayton. These are great markets for cashflow opportunities. Let me know how I can help!

[email protected]614-412-2912
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  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    2y
    Quote from @Sean Urann:

    Hello Bigger Pockets Community, 

    I have been reading books and forums, watching videos, saving money, and analyzing markets over the last 2-years. I am excited that I am finally preparing to purchase my first investment property! If you could provide 1 piece of advise to a newcomer, what advise would you offer? I am based in Spokane,WA but am looking to grow my portfolio in the MidWest. Looking forward to connecting with professionals, providing any value I can, and getting involved with this community. 

    Thank you, 

    Sean Urann


    Make sure you have the right team around you, such as the CORE 4. Which consists of attorney, contractor, realtor, and property manager. If each one of those pieces are not strong in what they do it will only make it more difficult for you to manage.

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate540 Reviews
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  • Min ZhangBusiness Member
    Real Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hey Sean! Welcome! I'd say start small and really dive into your research. Get familiar with the local market, connect with other investors and agents, and make sure you have a solid plan before jumping in. I personally like the Midwest for its affordability and cash flow potential. Columbus is awesome with all the tech giants boosting growth. I also put my money in Cleveland and Dayton. These are great markets for cashflow opportunities. Let me know how I can help!

    [email protected]614-412-2912
    Reafco.512 Reviews
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    8Reply
  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    2y

    Hey Sean, that's great you're getting started! 

    I would make sure that you're always learning and meeting people in this industry. Make sure to build a solid core-4 in the market you want to invest in. It's also going to be smart to not bite more than you can chew. Start with something light-value add or turnkey so you don't take on too much risk and you can learn the whole process with a more friendly investment. 

    When investing in the Midwest, I really like Ohio because we have multiple markets that attract all types of investors, which in turn is causing our markets to boom. Columbus, Ohio, is leading the growth with so many national businesses and tech companies investing heavily in our city. 

    [email protected]614-662-1652
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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Sean Urann:

    Hello Bigger Pockets Community, 

    I have been reading books and forums, watching videos, saving money, and analyzing markets over the last 2-years. I am excited that I am finally preparing to purchase my first investment property! If you could provide 1 piece of advise to a newcomer, what advise would you offer? I am based in Spokane,WA but am looking to grow my portfolio in the MidWest. Looking forward to connecting with professionals, providing any value I can, and getting involved with this community. 

    Thank you, 

    Sean Urann


     Do not get stuck in analysis paralysis 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    2y
    Quote from @Sean Urann:

    Hello Bigger Pockets Community, 

    I have been reading books and forums, watching videos, saving money, and analyzing markets over the last 2-years. I am excited that I am finally preparing to purchase my first investment property! If you could provide 1 piece of advise to a newcomer, what advise would you offer? I am based in Spokane,WA but am looking to grow my portfolio in the MidWest. Looking forward to connecting with professionals, providing any value I can, and getting involved with this community. 

    Thank you, 

    Sean Urann


    Hi Sean, welcome to the BiggerPockets community! Looking into the Midwest markets is a great decision. I personally moved from Portland OR to Columbus OH to start with real estate investing here. Purchased several rentals and grew my portfolio to over 7 figures and now I'm helping my clients do the same. My best advice when diving into investing out of state is to find a realtor who can easily plug you in with their systems and network of  lenders, GCs, PMs, etc. Happy to connect and answer any questions you may have!

    [email protected]614-300-7535
    Jimmy Lieu, Red 1 Realty4.9120 Reviews
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  • Sean Urann
    OP
    Investor · Spokane, WA · Member since 2024 · 2 posts · 9 votes
    2y

    Thanks @Jimmy Lieu, @Remington Lyman, @Samuel Diouf!

    I appreciate the advise! It also sounds like Columbus and Ohio in general are exciting markets to be involved in. I did quite bit market research surrounding Ohio, it is definitely on my radar! I will keep you all in mind! 

    Thank you, 

    Sean

    1Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    Don't trust w/o verifying!

    Understand EVERYONE has their own agenda, which may not be aligned with yours.

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  • Samantha Fedor
    Property Manager · Cincinnati, OH · Member since 2024 · 64 posts · 69 votes
    2y

    Hey Sean, not everyone does this, but actually visiting the area you are interested in investing can be really helpful. If you head this way to Ohio, I would love to chat as well. I will DM you!

    1Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    2y
    Quote from @Sean Urann:

    Hello Bigger Pockets Community, 

    I have been reading books and forums, watching videos, saving money, and analyzing markets over the last 2-years. I am excited that I am finally preparing to purchase my first investment property! If you could provide 1 piece of advise to a newcomer, what advise would you offer? I am based in Spokane,WA but am looking to grow my portfolio in the MidWest. Looking forward to connecting with professionals, providing any value I can, and getting involved with this community. 

    Thank you, 

    Sean Urann


     Look into the Ohio market. It has been pretty popular for investors and I have invested a ton here as well. Find an investor friendly agent and connect with good lenders, property managers, and contractors. 

    Have your agent send you off-market and MLS deals. Analyze them and buy them below what the comps. Make sure the property is in a good location and cashflow positive after your PITI. You are all set.

    [email protected]614-802-5698
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  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    2y

    Hey Sean, welcome to BiggerPockets! I'd say look for properties with solid rental histories and reasonable price points to maximize your cash flow. Building strong relationships with property managers and contractors is important for your long-term success. These connections can save you time, money and headaches as you grow your portfolio. Start small and gradually scale up. Best of luck on your first investment!

    1Reply
  • Evan HoppleBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2023 · 284 posts · 420 votes
    2y

    @Sean Urann

    Look at turnkey properties on your first one. Fixer upper deals are tough starting out

    [email protected]614-924-8151
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  • Joseph Bui
    Lender · Nationwide · Member since 2023 · 362 posts · 237 votes
    2y

    Hi Sean, I'm based out of the Seattle area, so not too far from Spokane. I'm a newer investors as well and have a 9 door portfolio in the Midwest across Detroit and Memphis. I scaled through a combination of turnkey and BRRRRs. Would be happy to connect and knowledge share if you are interested.

    1Reply
  • Phil Wells
    Real Estate Agent · Spokane, WA & North Idaho · Member since 2017 · 135 posts · 170 votes
    2y

    Pick your niche and stick to it. I see too many new investors want to house hack, but also brrrr, but also flip, and maybe an air bnb in there too. They usually end up doing nothing. 

    Master one strategy and run with it. There’s riches in the niches. 

    1Reply
  • Rhealaine Sayson
    Virtual Assistant · Memphis · Member since 2022 · 29 posts · 19 votes
    2y

    Hey Sean, congrats on preparing for your first investment property! If I had to give one piece of advice, I'd say focus on buying for cash flow rather than just appreciation. Cash flow will provide you with a steady income and a safety net for any unexpected expenses, which is especially important when starting out.

    1Reply
  • James WachobBusiness Member
    Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 890 votes
    2y

    Hi Sean,

    For your first property, consider acquiring one in well-regarded neighborhoods A or B. Such properties tend to carry less risk and can help facilitate scaling up for future investments. Our market in Memphis, TN, offers numerous hidden opportunities. I would be happy to serve as your go-to contact for anything related to real estate investing. 

    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y
    Quote from @Sean Urann:

    Thanks @Jimmy Lieu, @Remington Lyman, @Samuel Diouf!

    I appreciate the advise! It also sounds like Columbus and Ohio in general are exciting markets to be involved in. I did quite bit market research surrounding Ohio, it is definitely on my radar! I will keep you all in mind! 

    Thank you, 

    Sean


     ohio is one of the cheapest new construction markets. I'd go to a market where the economics are the most favorable and focus on a strategy that is easy for you. we focus on new construction and land development in columbus ohio 

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  • David F.
    Member since 2018 · 113 posts · 136 votes
    2y

    @Sean Urann

    I'm gonna go against the grain and say buy a SFH in Spokane and rent it out. All in 225k-ish, rent $1700/mo ish, in a good neighborhood. Buy off market at a discount and a property with "good bones". There's a lot that goes into investing, and I think most beginners would do much better in their own backyard. Less risk.

    I considered long distance investing but instead have chosen to buy a few rentals in Spokane the last few years, I dont regret it. If you're successful locally, you can always try some long distance investing after. Just my 2 cents. There are horror stories of Ohio long distance investing all over these forums. 

    3Reply
  • Daniel Hill
    Contractor · Spokane WA · Member since 2024 · 5 posts · 1 vote
    1y

    Hey Sean, if you decide to invest locally I'd love to opportunity to work with you if your properties need any work done. I am a licensed General Contractor looking to grow my business and want to work with investors.

    1Reply
  • Nicholas Davaul
    Rental Property Investor · Katy, TX · Member since 2022 · 63 posts · 31 votes
    1y

    Hey Sean,

    When starting out and building your real estate investing business, either in your local market and especially in a market where you don’t live, don’t overlook the importance of connecting with local real estate investors. While the Core 4—your real estate agent, lender, contractor, and property manager—are essential, local investors are probably just as, if not more important. They can fast-track your success by offering invaluable market insights and introductions to their trusted network. They know the local landscape and can guide you toward the best neighborhoods and opportunities, helping you avoid costly mistakes.

    By leveraging the relationships that local investors have already established, you can quickly build your Core 4 with professionals who understand the nuances of the area. Additionally, these investors can provide warnings about potential red flags, ensuring you hire reliable contractors and property managers. Ultimately, forming connections with local investors can be a game changer, providing you with the mentorship and support you need to thrive in unfamiliar markets.

    1Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Hey @Sean Urann - I have two golden nuggets:

    1.  Learn from other people's mistakes - It is SO EASY TO RUSH into real estate investing instead of finding people who have done what you want to do and work with them.  The amount of problems you''ll avoid  and the speed you can scale after you've already worked with an experienced operator is unbelievable

    2.  Don't be cheap - I personally went into the real investing space with a scarcity mindset and trying to maximize profit at all costs.  I can't tell you how many times I went with the LOW GUY and it cost me more, or how many times I tried to do the CHEAP FIX, and it didn't work.  In the beginning there is EXTREME VALUE in paying people well who know what they are doing - you can SCALE SO MUCH FASTER!!

    If you are coming to the Midwest and interested in Chicago, let's definitely link up!

    [email protected]
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