Newbie from Seattle area in Washington State

Newbie from Seattle area in Washington State

Bluffton SC · Member since 2015 · 199 posts · 55 votes

My name is Julian. I don't have a lot of background in real estate other than having bought three houses as primary residences over the years. I'm originally from Belfast, Northern Ireland but have been living stateside for almost 20 years. I moved here to work for an aerospace company in the Northwest on a 6 month contract and never left. I joined bigger pockets a few weeks ago after a friend referred me and after reading lots and lots and listening to a lot of the podcasts I figured it was time to introduce myself. 

At first I had no idea what direction I wanted to go in REI but I think I've narrowed my focus a bit. I'm leaning more towards notes buying and buy and hold cash flows. Not too interested in wholesaling or flips. I have quite a bit of equity in my primary residence that I plan to use for purchasing rentals and I have quite a bit of savings in my retirement account that I can use for note buying. I'm more interested in generating passive income while still working my day job than getting my hands dirty on a building site. At least in the beginning.

So, hello everyone. It's nice to be here.

Cheers,

Julian

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  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Julian Buick

    Welcome. 

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Julian Buick

     Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to  set up your Keyword Alerts!

    I am a former Seattlite, living in the area for over two decades. Kirkland is beautiful.  Now I am down in Oregon.  Are you planning to invest locally in your area?

  • Bluffton SC · Member since 2015 · 199 posts · 55 votes
    11y

    @Larry Fried I've been told that the market up here is really tough to find good rental properties. The 2% rule definitely does not apply. I have a friend that does some out of state investing in places like Florida and seems to be having some success. How is it down there in Oregon?

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome to BP @Julian Buick

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Julian Buick

      I have associates that have done well in Florida.. But before you give up were your at.

    explore some of the cities on the east side of the cascades or even were one of the owners of this Site Brandon Turner invests.. which is out south of you towards Aberdeen.. you do not need to go all the way across the country to find cash flow. If you take the time to look locally.. of course your not going to get in in Seattle proper. atleast by the 1% rule or 2% rule.. So keep an open mind. and remember there is very little grass that is greener than Washington.

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y
    Originally posted by @Julian Buick:

    @Larry Fried I've been told that the market up here is really tough to find good rental properties. The 2% rule definitely does not apply. I have a friend that does some out of state investing in places like Florida and seems to be having some success. How is it down there in Oregon?

    Hey Julian, that's funny, my first REI investments were also in Florida. I found that even meeting 1% rule locally was tough, so I never did. But I also wanted passive investments. Thus far all of my REI is out of state, and none of it on the West Coast.

  • Bluffton SC · Member since 2015 · 199 posts · 55 votes
    11y

    @Larry Fried

     That's good to know. Thanks

    @Jay Hinrichs

    Haha I'm not sure if that's a reference to the rainfall or the pot laws in Washington state but yes, there is very little grass that is greener than in Washington state

    @Dmitriy Fomichenko and @Paul Timmins

    Thanks

  • Specialist · Kirkland, WA · Member since 2013 · 1k+ posts · 817 votes
    11y

    Don't miss out at the meet up that is going on in Lakewood tomorrow night! It'll be a blast looking at the current list of attendees. Do a quick search on BP for Lakewood meet up!

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Julian Buick

      speaking of the POT laws ORegon has its latest one.. and there is going to be a RE play that is going to be HUGE.. here in Oregon...but its one of those plays that will be unique to the area and will blow away any buy and hold strategy financially... !!!

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y
    Originally posted by @Jay Hinrichs:

    @Julian Buick

      speaking of the POT laws ORegon has its latest one.. and there is going to be a RE play that is going to be HUGE.. here in Oregon...but its one of those plays that will be unique to the area and will blow away any buy and hold strategy financially... !!!

     Hey Jay, could you say more about this play.  Are you talking about commercial properties that will be taken up quickly by the new pot industry players or ??

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Larry Fried

      Nope not talking about commercial space  but that has been a nice play for a few commercial friends of mine.

    Last thing I am going to do is educate the masses on this very complicated but huge upside play.  I have spent many years learning all of this..  I guess I could charge for the info but then I would be just another unpopular  guru on BP... nope folks are going to have to learn it on their own just like I did... :)  I have already mentioned enough.. !! :) 

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Julian Buick thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

    Seeya around!

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Jay Hinrichs

     Jay, you such a tease, but I understand.

  • Investor · Chicago, IL · Member since 2013 · 451 posts · 96 votes
    11y
    Welcome ti BP
  • Memphis, TN · Member since 2013 · 969 posts · 524 votes
    11y

    @Julian Buick

    Welcome to BP!!

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    11y

    Hi @Julian Buick!

    Welcome to biggerpockets! Great that you joined this group! May you be successfull on your deals!

  • Investor · Bellevue, WA · Member since 2013 · 22 posts · 9 votes
    11y

    Welcome to BP from another Seattle-area Eastsider, Julian!

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

    Julian, welcome to BiggerPockets from a few hours south of you! We are also buying and holding cash flows, but not exactly in a passive way, as we chose a hands on approach. We found a line of credit to be a great way to leverage the equity in our home, we love the flexibility of using it when we need it and paying it down when we don't.  Best of luck as you move forward!

  • Rental Property Investor · Everett, WA · Member since 2013 · 389 posts · 222 votes
    11y

    @Julian Buick I like your strategy as that is the route I have taken and have been experiencing some pretty good success. My wife and I planted our feet in Everett for our investment portfolio after giving up on Seattle. Tacoma has some great cash on cash returns too as I am sure you have noticed.

    Good luck and if you are looking for some more info on the market up north shoot my a direct message.

  • Bluffton SC · Member since 2015 · 199 posts · 55 votes
    11y

    Thanks @Wayne Prentiss

     @Timothy Riley

     @Derrick Craig

     @Marlon Wilson

     @Dmitriy Fomichenko

     @Michele Fischer

     @Account Closed

     My strategy changes the more I learn from BP. I definitely like the hands off approach and I'm now considering private money lending as I continue to learn. I think it would be a good way to invest money and learn at the same time, while continuing my day job. I have a friend that does that on a lot larger scale and has had a lot of success. I believe he would be willing to help me learn the ropes. Thanks for the support guys.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Julian Buick

      commercial purpose loans in WA require no licensure... if you have cash to invest.. lending is a great way to make nice returns without all the hassles of landlording.

    Just need to exercise caution.. like buying rentals.. lend as close to home as you can so you can drive up and look at the collateral.. always lend with the thought in the back of you mind would I mind owning this and could I sell if for more than I lent on it after a years time.

  • Bluffton SC · Member since 2015 · 199 posts · 55 votes
    11y

    @Jay Hinrichs good advice. Thanks. I'm also thinking of investing in notes inside a self directed IRA. I'm in the middle of reading a thread started by Dion a while back. Some good information in there. You seem to be pretty knowledgeable on the subject. I might be coming to you for some advice. Thanks again

  • Investor · Miami Lakes, FL · Member since 2015 · 65 posts · 5 votes
    11y

    @Julian Buick

    Greetings from Miami, FL and welcome to the BiggerPockets community! I highly recommend that you check out ALL of the BP podcasts because they contain a lot of valuable and insightful information that will help you expand your business. Have a good one!

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Julian Buick

    I am by know means as thoroughly knowledgeable as Dion when it comes to buying notes post closing. My knowledge is based on HML , which I have 30 years experience at.

    But buying existing paper on owner occ mortgages is whole nother kettle of fish. And super complicated compared to simple HML ing.

  • Architect · Tacoma, WA · Member since 2015 · 68 posts · 28 votes
    11y

    Welcome Julian!  I'm in Tacoma just getting started also.  One of my bridesmaids is from the Belfast area :-).

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