Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
Hi Everyone!
what are you all up to? living the dream?? 馃槂 I hope so, if not, I'd love try and help you get there, I myself am in pursuit of that dream! I plan on investing in the Seattle, Washington and surrounding areas and maybe expanding to different markets in the future. I'm new to BP but that doesn't mean I can't offer my support and friendship if it leads to that. As we all continue to learn, grow and build a network we can then help each other in different ways. I don't believe you should rule someone out just because they are new to something, they could very well become an absolute genius!
Welcome to BP and yes, together we can all enjoy the amazing wealth generator our country has to offer. This is a great place to learn and collaborate!
Seattle, WA 路 Member since 2015 路 500 posts 路 243 votes
10y
Hi @Cassie Sherie and welcome to the Seattle REI community!
Sounds like you have a very positive outlook on investing, that's a great asset to have and will serve you well as you grow.
Where are you looking to go from here? Sounds like you're brand new? If you are, I would generally recommend not even considering getting into any real estate deals for at least 6 months as you get to better understand your area of preference, and also learn your market.
Here's to success and hoping to see you at one of the meet-ups soon! @Kevin C. and @Troy Fisher host them for Seattle, the Eastside, and Tacoma.
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Alex Chin Hi, thank you for welcoming me and for being generous and replying! It means a lot being a new kid on the BP block! LOL! To answer your question I'm looking to learn as much as I can and to get acclimated with how all of this works... there are many different avenues that one can take and an array of strategies to choose from. I may be new to this, but I'm not new to hard work, and it's going to take a whole bunch of it to be a success. There will be failures but it's those who find a way to get back up after being knocked down that will ultimately make it. I have immersed myself in this and already spent countless hours coming up with a path and a plan. What seems to be right for me personally on this adventure is to do hard money SFR flips and sell, and hard money Multi-Family (4 plex or more), Flip, Refi, (pull equity to buy another property) , Hold for a couple years get the tax break maybe hold for longer if I like the property enough to keep it and if it makes sense, sell and then proceed with purchasing a bigger better multi-fam....and keep repeating that until I build up a great and sizable cash flowing portfolio. Eventually, once I find the dream house, I'd like it to have a guest house and AIRBNB hack it and generate even more income with that. Basically I want to have multiple income streams, creating more financial freedom and wealth. Would love to meet you and other locals at the meet ups :) I just signed up today for the Seattle Wa area, I am currently in california but I am moving back to seattle soon, I miss it there! I have an uncle that moved to des moines a few months ago and he is going to be my first partner. I hope to build more relationships and have more partnerships in the future and do amazing deals that will benefit everyone involved... :) thanks again Alex for reaching out! What are your plans?
Seattle, WA 路 Member since 2015 路 500 posts 路 243 votes
10y
Sounds like you've got a plan and are charging full steam ahead with it. Luck to you!
I'm a small-time landlord with property in Tacoma. I like the area and will be looking to slowly build up my portfolio over the next 10-12 years.
In contrast to many on this site, I have a W-2 job that I really like and want to stay at, so REI is a side gig that I'll be working to supplement my income.
In the near term, I'm focusing on a BRRR of a 4-plex and making sure my ducks are in a row, don't want to be caught with my pants down on the refi.
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Alex Chin thanks! yeah I'm trying my best :) looks like you have some good plans of your own that suits you :) everyone has their own journey and that's part of the beauty of it all!
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Lane Kawaoka Aloha and Mahalo for the message! you Sir are correct! that is not seattle...LOL! but it has to do with the dream... good to know you're from hawaii! I'm orginally from there...which island are you from?
Bellevue, WA 路 Member since 2016 路 154 posts 路 57 votes
10y
Hello, @Cassie Sherie! I'm new here as well, living in Bellevue. I went to the last REAPS meeting here in Bellevue, and will attend one of the meetups soon as well. Hope to see you around! Best wishes!
Note to @Alex Chin -- I appreciate that advice to sit tight and learn the ropes before jumping in. That was pretty much my plan anyway, but it's good to hear someone else caution newbies along those lines. :)
Investor 路 Ravensdale, WA 路 Member since 2016 路 21 posts 路 10 votes
10y
Cassie Sherie Hi and welcome to BP! Sounds like a great plan. I am looking for buy and hold rentals in the area and looking to collaborate and others out along the way. Let me know if I can help.
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@David M. Hi...I see you're new to BP also...thanks for saying it sounds like I have a great plan... :) i am sure trying to put it all together, making the best effort possible, and really putting in the time it takes....I read your profile and it says you want to get to 10 properties... i think you ought to add a zero to that and go for at least 100! haha! :) i mean why not? are you planning on attending any meetups to find people to collaborate with?
Seattle, WA 路 Member since 2015 路 500 posts 路 243 votes
10y
@Jennifer King - I'd also like to add that I really don't mean it in a patronizing way. It's just with real estate, a big time mistake can mean tens of thousands of dollars, so I usually default to recommending caution.
That being said, analysis paralysis is real too, and at a certain point, ya just gotta jump in.
Investor 路 Ravensdale, WA 路 Member since 2016 路 21 posts 路 10 votes
10y
@Cassie Sherie - Haha, you are right! 10 is just my short term goal. We need to think big and help each other out. I'm planning to go to every meetup I can. I'm gonna hit Dinner, Drinks on 4/8 and Deals on 4/12.
Investor 路 Lake Forest Park, WA 路 Member since 2015 路 108 posts 路 35 votes
10y
something to keep in mind is that the market around Seattle is really hot right now with prices so high it's crazy and therefore hard to find affordable deals. Some folks intent on investing here in WA are looking at Tacoma and south king county - i know Des Moines is more affordable and that senior citizens make up a large part of the demographic there with two major retirement communities. Investors are also looking further north into snohomish, skagit, and whatcom counties.
Also, are you ok with paying Uncle Sam short term capital gains tax on any flips you do? And then are you ok paying him more with a regular Airbnb side gig later on, plus any potential hotel/bnb local taxes?
From a tax perspective, doing the brrrr strategy from the get go would minimize taxes the most, and still allow you to get that 4-plex after a while. With enough properties giving you depreciation and other deductions to the max of $25K, they could offset the Airbnb taxes.
Seattle, WA 路 Member since 2015 路 500 posts 路 243 votes
10y
@Cassie Sherie - You should connect with @Kevin C., @Troy Fisher, and @Tiffany Plovie. They run the Tacoma-Lakewood, Eastside, and Seattle meet-ups respectively. They're also all-around good folks to know and are active investors themselves as wholesalers, buy-hold/syndicator, and real estate agent.
Events are typically posted on Meet-Up and the BP event tab (link below)
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Charles Moore I'm definitely aware of the markets being hot in and around seattle....some more, some a little less...it just is what it is... we'll see what happens... but I'm not interested in the limiting mindset of "hard to find" or people who think that way. When I get to that point and the dream house is purchased airbnb and taxes will be handled accordingly or be a non issue....because the profits and cashflow will be on point.
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Alex Chin hi alex :) how is your day going? thanks for the info and recommendations. I will definitely look into this! I appreciate you making the effort and providing helpful, actionable leads and information.
Bellevue, WA 路 Member since 2016 路 154 posts 路 57 votes
10y
@Cassie Sherie I'd say the room was "happening" and I was in way over my head! But it was a great time anyway. Fun exercise in valuing properties with an expert panel.
@David M. ok cool :) ....also, where are these meetups posted?
I usually do my meetup post the monday before and @Mention all of my colleagues, but the best way to stay up on the meetups is to join meetup.com. The PacNW Real Estate Meetup is here.
Investor 路 Lake Forest Park, WA 路 Member since 2015 路 108 posts 路 35 votes
10y
@Cassie Sherie good to know you've already accounted for the seller's market and taxes here! That's great! Incidentally, while naysayers are typically those with "limited mindsets," not all those with limited mindsets are naysayers; one person's version of limited mindset can be another person's version of being focused on a niche and becoming very good at it, rather than being spread too thin all over the place and not getting nearly as much accomplished.
Seattle, WA 路 Member since 2016 路 81 posts 路 43 votes
10y
@Charles Moore I see what you are saying, and I'm sure you are just trying to help... but your version of success, how you plan on getting there and your personal vision might not be ideal for someone else. Do you really think taxes are the be all end all for creating wealth?? I don't. Do you think the people that net $10, 20, 100+ million dollars a year are crying themselves to sleep at night.... highly unlikely. They obviously try to pay the least taxes as possible but even if they have to dish out several million dollars in taxes every year, their lifestyle and wealth pales in comparison to worrying about taxes plus that's what they hire/pay people to handle for them. And they move on to the next opportunity and keep cashing checks.