Hello BP community, my name is Ryan Nugent, a new aspiring real estate investor from Spokane Washington, looking to take charge of my retirement planning and generational planning. I am looking to get multi-family apartments and commercial retail in my local area. I am looking to build my network, team and knowledge base from new and seasoned investors throughout this community!
If you have experience in these areas, I would love to connect!
What was the biggest myth you busted in your journey as a Real Estate Investor?!
Hi Ryan! Welcome! Spokane is a lovely area, I lived there a few years ago.
For investors just starting out, I always recommend that you consider the risk you are taking on and how to manage and mitigate it with an asset protection plan. Real estate investing is an inherently risky area to navigate in terms of liability, and you want to make sure that risk is mitigated wherever possible.
With a small portfolio when you can handle less risk of loss, separating each property owned into an LLC to limit your personal liability and isolate one property from another is a good way to go. That way if a lawsuit due to some kind of accident on a property happens, any judgement is limited just to that LLC and that property rather than putting your personal assets and other properties at risk. As your portfolio and your risk tolerance grow, grouping properties in LLCs becomes more reasonable.
Welcome to Bigger Pockets and good luck with your investing!
I'm excited for you, Ryan! You're on the right path to financial freedom! BP forums are definitely a great way to start building your network!For new investors: Beyond doing extensive research, take action. I remember before buying my first investment property, I did a lot of research and got stuck in analysis paralysis. If I had pulled the trigger sooner, I likely would have secured a much better price.
I may be biased as a realtor, but building relationships with realtors is key. Good realtors are already connected to many people in the real estate industry. I personally ensure that the professionals I refer are the best in their field because they reflect my reputation. I live far from Spokane, but I have business partners in your area who are already working with investors. Don't hesitate to work with agents to save on commissions. More often than not, you'll find a good deal if you and your realtor clearly communicate your goals, and they put in the effort.