New guy from Pullman, WA

[Matt Marino]

Hi BP,

I've been reading/podcasting/lurking for long enough, so I thought it was high time I made an account and got the ball rolling. I'm Matt, I'm 26, and I moved to Pullman, WA from South Florida in 2012. I know there is great potential in a small town like Pullman with a market driven by a big university, and I'm interested in tapping into this market as a means of generating passive income. 

I do like my job, and don't plan on giving it up to tend to a massive real estate portfolio. So I'm starting with a modest goal, as I still have a lot to learn. I would like to acquire a buy and hold multifamily unit, and occupy one unit while renting out other unit(s) to subsidize mortgage payments. I plan to start with an FHA loan, unless I learn about some more attractive financing option.

At this point, this "modest" goal still seems very daunting to me. But this is mostly because I still have a lot to learn. I'm hoping BP can help me develop my real estate knowledge, and help me build some local connections with other investors. 

As a true real estate newbie, any and all advice is much appreciated. Thank you!

[Justin Cofer]

HI Matt,

FHA is a very smart option. There is great potential in our small town because it is driven by WSU. (Almost 2/3 of Pullman are students!). I personally am an investor who lives in a multi-family property and rents out the other side in Pullman. The key is to have 3 bedrooms on the side you are renting out. It will pay for all the interest and a large portion of the principal pay down. Shoot me an email if you want and I can share some numbers with you.

Kindest regards,

Justin Cofer