A brand new journey from Kirkland, Washington

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A brand new journey from Kirkland, Washington

James A.
Seattle, WA · Member since 2014 · 36 posts · 5 votes

Hi Everyone!

My name is James Abuan (pronounced as "aw-bwon") and I'm from the great pacific northwest living in Kirkland, Washington. I currently work for one of the top cloud-technology companies in the world developing new markets and I wouldn't trade working for anyone else (at least for now). About 3 months ago I've decided to enter the business of real estate investing part-time just because I've been so tired of relying on one source of income. Basically, not enough to help prepare for the future. You just never know when corporate will ever pull its plug on you! Even about a month ago my company had gotten acquired it was scary for a moment to think that I wasn't going to have a job any longer. Since looking for a community group like BiggerPockets a few days ago to get plugged-in I figured it would be a great idea to join immediately cause you never know what you're going to get. As much as I'm not only doing this for myself but helping my mom and our families grow financially in the Philippines, but most importantly help those who are less fortunate in other countries! I don't have much investing experience, but if anyone can mentor me, partner or point me in the right direction in making my first deal that would be totally awesome! I can definitely learn something from you guys. I'm all ears at this point, and since I'm just focusing on getting the right education I'm making this a major priority in my life to learn and grow while working full-time. So far, listening to the podcasts and utilizing the resources from BiggerPockets has been great!

As I'm still working on getting educated with the different strategies, especially through BiggerPockets I'm also looking to flip my first deal along with the approaches to wholesale, flip, buy and hold long-term. I'd like to ensure someday when I do retire that I have more than enough to take care of my family and to travel around the world meeting new people!

Thank you to BiggerPockets and to the community! I look forward to building a long-term financial legacy!

Cheers,

James

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Most Popular Reply

Rusty Thompson
Real Estate Investor · Salem, OR · Member since 2011 · 422 posts · 149 votes
11y

You stated that Job security was a concern of yours. Are you looking to get into REI to quit your day job, supplement you income or to create a healthy retirement. What assets do you have that will help you get there? What skills can you leverage? Do you have a wife/girl friend? Will she be on board? What sacrifices are you willing to make to get there? Do you have a history of follow through? If not what will you do to keep focused? These are are just a few of the big questions that you will have to answer for yourself to create a workable plan for yourself.

Once you have broken down your life and determined if you are in a position to be successful in REI. Then you can take those answers to determine what system of investing you want to pursue. What you choose will depend on what your local market looks like. For instance I see you are close to Seattle. From what I understand, buying and holding in your local market doesn't make a lot of sense up there. So if you want to buy and hold then it will have to be long distance. Maybe your not comfortable with that so you decide you would rather flip. Do you have the time and experience to do that? If not then maybe wholesaling is something you can do. Do you like talking with people & have negotiation skills. Maybe none of those appeal to you. So you could pursue Tax liens or note buying.

Once you have decided on a system, learn everything you can about it. So you will be prepared.

Then set some goals,. Like " I plan on buying enough cash flowing properties in my area in 5 years to replace my W-2 income so I can quit my job. To do that I will have to buy (x) houses every year. To purchase them I will buy them using ( conventional financing, private investors, hard money...) To do that I will have to...."

Your bushiness model will be a very personal self examination. Only you can decide on what is best for you, in you life at anytime. 

That was a lot longer than I expected and I feel I only touched the tip of the iceberg. I would recommend you read Bigger Pockets Ultimate Beginners Guide & Listen to all of the Podcasts, There is so much knowledge combined resources.

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  • Nghi Le
    Investor / Lender · Seattle, WA · Member since 2014 · 1k+ posts · 730 votes
    11y

    Welcome to BiggerPockets, @James A. !

    Glad to see another IT Investor ;-)

    If you'd like to dive into investing some more with local folks, you should attend the local Real Estate Investing Associations (REIAs), as well as look for other meetups in the area.  If you'd like to attend one this week, there's a meeting this Thursday in Bellevue for the Real Estate Association of Puget Sounds (REAPS).  You can find more details here:  http://reapsweb.com/

    0Reply
  • Kris C.
    Nashville, TN · Member since 2014 · 7 posts · 3 votes
    11y

    Welcome, @James A..  One thing I appreciate about BP is that it not only contains great content, but points to great external content as well.  Here's a reading list to help build up a real estate knowledge base:

    http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    11y

    Hey @James A. welcome to the site! It's great to have you! feel free to interact in the forums, meet some great people, and definitely provide more value to the community by sharing your thoughts, experiences, and of course, success stories!

    BiggerPockets
    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    @James A. 

    welcome to the site.

    0Reply
  • James A.
    OP
    Seattle, WA · Member since 2014 · 36 posts · 5 votes
    11y

    Thank you to all for the message reply! This totally helps! What's next?!

    0Reply
  • Rusty Thompson
    Real Estate Investor · Salem, OR · Member since 2011 · 422 posts · 149 votes
    11y

    Welcome to the board, always nice to see more Pacific Northwest members. Its always best to define you goals first, then choose a strategy to help you meet them.

    0Reply
  • Account Closed
    Kirkland, WA · Member since 2014 · 71 posts · 18 votes
    11y

    @James A.  - Welcome, neighbor!  Nice to have another Kirklander here!

    0Reply
  • James A.
    OP
    Seattle, WA · Member since 2014 · 36 posts · 5 votes
    11y

    @Rusty Thompson - Thanks for the tip Rusty! I'm always trying to re-define my goals both personally and professionally. Any examples you can provide perhaps?

    0Reply
  • Rusty Thompson
    Real Estate Investor · Salem, OR · Member since 2011 · 422 posts · 149 votes
    11y

    You stated that Job security was a concern of yours. Are you looking to get into REI to quit your day job, supplement you income or to create a healthy retirement. What assets do you have that will help you get there? What skills can you leverage? Do you have a wife/girl friend? Will she be on board? What sacrifices are you willing to make to get there? Do you have a history of follow through? If not what will you do to keep focused? These are are just a few of the big questions that you will have to answer for yourself to create a workable plan for yourself.

    Once you have broken down your life and determined if you are in a position to be successful in REI. Then you can take those answers to determine what system of investing you want to pursue. What you choose will depend on what your local market looks like. For instance I see you are close to Seattle. From what I understand, buying and holding in your local market doesn't make a lot of sense up there. So if you want to buy and hold then it will have to be long distance. Maybe your not comfortable with that so you decide you would rather flip. Do you have the time and experience to do that? If not then maybe wholesaling is something you can do. Do you like talking with people & have negotiation skills. Maybe none of those appeal to you. So you could pursue Tax liens or note buying.

    Once you have decided on a system, learn everything you can about it. So you will be prepared.

    Then set some goals,. Like " I plan on buying enough cash flowing properties in my area in 5 years to replace my W-2 income so I can quit my job. To do that I will have to buy (x) houses every year. To purchase them I will buy them using ( conventional financing, private investors, hard money...) To do that I will have to...."

    Your bushiness model will be a very personal self examination. Only you can decide on what is best for you, in you life at anytime. 

    That was a lot longer than I expected and I feel I only touched the tip of the iceberg. I would recommend you read Bigger Pockets Ultimate Beginners Guide & Listen to all of the Podcasts, There is so much knowledge combined resources.

    1Reply
  • James A.
    OP
    Seattle, WA · Member since 2014 · 36 posts · 5 votes
    11y

    @Rusty Thompson Well said, what about this so-called "no money down" "no credit check" approach? Is this really possible? As far as I know you have to leverage your own credit to get some sort of financing. What's the misconception here? I think I've missed the boat here.

    0Reply
  • Rusty Thompson
    Real Estate Investor · Salem, OR · Member since 2011 · 422 posts · 149 votes
    11y

    @James A. 

    If you haven't read the Beginners Guide or Listened to the Pod Cast, then I would strongly recommend you do it. 

    As for as 0 down investing without credit check. The people who are experts in all aspects of the field agree that it can be done, but it is like looking for a needle in the hay stack. That being said. You don't need 100K dollars. The two main kind of REI that can be pursued with little to no money Are Whole Saling and Owner financed properties. But if you will either have to invest money in marketing, or "drive for dollars".

    I kind of think of REI as the " Triangle". Where you have Time, Skill & Cost. Success being divided between the three sides. If you have very little of one, you are going to need a lot of either or both of the other two to be successful.

    0Reply
  • Michele FischerPro Member
    Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
    11y

    Welcome to BiggerPockets, James!  I am also in Washington, also have a full time job I enjoy very much, and also am investing to make a positive impact on others.  So keep in touch!

    Podcast Guest on Show #79
    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome to BP community @James A.  It is a great place to meet new friends and learn about various aspects of real estate and more. 

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Wishing you the best! 

    0Reply
  • Gerald K.
    Real Estate Investor · Kirkland, WA · Member since 2012 · 480 posts · 116 votes
    11y

    @James A. 

    Welcome to BP. Nice to see another local join BP. A lot of us are here for many of the same reasons you have. Maybe we will see you a one of the local meetups. 

    0Reply
  • James A.
    OP
    Seattle, WA · Member since 2014 · 36 posts · 5 votes
    11y

    Thanks again everyone! Gotta luv getting the right education here! There's a lot to learn here!

    0Reply
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