Newbie from Portland Oregon trying to learn as much as I can

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Newbie from Portland Oregon trying to learn as much as I can

Zack Jackman
Troutdale, OR · Member since 2016 · 10 posts · 3 votes

My name is Zack Jackman and I am 23, I created my account on biggerpockets a few weeks ago and have been reading and listening to as much as I can since. I have yet to do my first deal due to lack of funds but I've made a plan to start saving $500 dollars a week (which is tough when you only make $1200 a week working full time!) and I am looking into getting a second job to save even more money. Primarily what interests me is multifamily units and it is what I would like to get started with.

I don't like to half *** things which is why I have been reading every book I can get my hands on including; Rich Dad Poor Dad, The Ultimate Beginners guide to real estate investing, The Wealthy code, The Book on Investing in Real Estate with No (and Low) Money Down, The Book on Rental Property Investing (reading this right now) I know I am for getting a couple right now but if you have any suggestions let me know.

My goals as of right now are; 

Have at least $1000 in positive cashflow in 2 years

To be "wealthy" by the time I am 35 (have all my expenses covered with some left over) 

My long term goal is to work my way up to owning a small then a large apartment complex.

I joined biggerpockets when I was googling information on getting started in real estate and came across the website after 5 minutes of looking around I fell in love with it, it was exactly what I was looking for, I learn really well from reading and watching others ( I like to say if I can watch someone do something once or twice I can generally replicate it) and this is what this website is all about. I rave to friends and family about it, and I describe it as facebook for real estate investors. 

I am looking to meet and learn as much as I can, from anyone who is willing to reach out I love getting my hands dirty so I am alway willing to help others if I can also. Plus my profession is a baker/candy maker and I love feeding people.

Thanks for reading and I look forward to join the community    -Zack Jackman

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

welcome,, to the myrarebird  meet ups once a month. also BP is having a meet up on the 12th.

JR Hinds I think is orgonizing it and he would be a great contact for you as well.

then consider seriously getting your RE license and get in the game... you can make good money while your immersed in the actual industry.

If its multi family you want to do.. then work for a commercial brokerage and work your way up.

by the time your 35 you will probably be knocking down 500k a year or more in commissions plus will own property... Commission income is the answer in most of these instances and the least talked about.. there is far more to RE then selling owner occ or SFR's.

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    welcome,, to the myrarebird  meet ups once a month. also BP is having a meet up on the 12th.

    JR Hinds I think is orgonizing it and he would be a great contact for you as well.

    then consider seriously getting your RE license and get in the game... you can make good money while your immersed in the actual industry.

    If its multi family you want to do.. then work for a commercial brokerage and work your way up.

    by the time your 35 you will probably be knocking down 500k a year or more in commissions plus will own property... Commission income is the answer in most of these instances and the least talked about.. there is far more to RE then selling owner occ or SFR's.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Zack Jackman
    OP
    Troutdale, OR · Member since 2016 · 10 posts · 3 votes
    10y

    @Jay Hinrichs   I am currently looking into get my RE license, so thank you for instilling I was on the right track with that, as far as the meet up on the 12th I already saw it and I am definitely going to it hope to see you there if you go.

    0Reply
  • Zack Jackman
    OP
    Troutdale, OR · Member since 2016 · 10 posts · 3 votes
    10y

    @Jay Hinrichs also I just figured out how to properly tag someone

    0Reply
  • Chris Parrish
    Flipper/Rehabber · Bend, OR · Member since 2016 · 209 posts · 87 votes
    10y
    Nice work Zach! Keep reading and don't let that hunger to learn go away and you will make it where you want to go. I live in Gresham and would love to get together and chat real estate if you want. Best of luck! Chris Parrish
    1Reply
  • Zack Jackman
    OP
    Troutdale, OR · Member since 2016 · 10 posts · 3 votes
    10y

    @Chris Parrish Don't worry I won't I would love to meet up sometime and chat

    0Reply
  • Zack Jackman
    OP
    Troutdale, OR · Member since 2016 · 10 posts · 3 votes
    10y

    oh I also have the book on managing properties I just haven't read it yet

    0Reply
  • Steve Milford
    Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes
    10y

    Like Jay states, keep your eyes open to anything and everything. You might find yourself on a totally different road than you originally thought. 

    I am open to connecting if your up for that. Best of luck.

    1Reply
  • Steve Milford
    Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes
    10y

    I am curious about your $1,000 positive cash flow goal and your definition of wealthy. 

    I am not trying to be a skeptic, but I want to caution you to be realistic. If you are currently saving $500 a week, I would assume that you are already "wealthy" by your definition. If your saving but deferring other costs, this is where I would encourage you to rethink your strategy. Again, if you are saving $1,000+ per month it would already be assumed that you have positive cash flow. Bad money management and lack of budgeting is where many falter. 

    I will use myself as an example. I have a "regular job" where I cash flow positive roughly $400 a month. Real estate is pure gravy for me. Now after getting my initial real estate licenses and my required education, in the last year of helping others, I still netted approximately 10 times my expense level. Yet this income is maximized because I keep a very tight lid on expenses. Though to others it is peanuts because their expenses are so much larger. I guess, just make sure your goals are relative.

    0Reply
  • Zack Jackman
    OP
    Troutdale, OR · Member since 2016 · 10 posts · 3 votes
    10y

    @Steve Milford sorry I ment month not week 

    0Reply
  • Steve Milford
    Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes
    10y

    Ok, even still is that realistic and relative? Your first goal should be to be cash flow positive with your current income and expenses, and to really learn and understand the cost of money, and return. And to really figure out how to drive down your costs. In many cases it's as easy as just asking the same questions over and over. I.e. if you have credit cards with balances, find one with less than 9% interest. Is your housing cost stable? Do you have a car payment? Do you understand the tax advantages of having a mortgage versus paying rent? Many people theorhetically understand it though couldn't tell me immediately why, if I asked them. Do you have access to other financial vehicles that could provide a better return, and are you taking advantage of them? In many cases when an employer matches in a 401k, this return is almost instantly a better. Stock options? Now look at real estate. After you get your license, you will have to join a local Realtor association to get access to the RMLS. More fees. You will "hang your license" somewhere. They will want a split of your commissions. Most agents give away a lot more than I am willing too. I received a recruiting call a few weeks from a "bigger" firm than my current brokerage, and I couldn't help but laugh. They were offering me 70/30 split up to $20,000 plus a $200 per tranaction fee. This would have been $8,000 more than my current deal. And the reasoning was "marketing". I got asked, "How do you know your pictures are good enough?" And I answered, when I ask the customer and they tell me they are satisfied. 

    See where I am going with this? You need to micromanage it all.

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and welcome to BP!  Have you heard of Lance Edwards?  He has a bunch of good things about getting into small apartments first and then growing and buying larger complexes.  This is a good site to learn and ask questions.  I found BP about 11 months ago and I am still trying to decide what to do.  One of the first things to do is to form some type of corporation that will protect you personally.  Another thing you have to do early on in to find local and experienced professionals to be on your Team.  They have to be trustworthy and returns your calls.

    The main Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handeymen.  Always do the math analysis and try to look at the subject properties before you make an offer or at least have a clause that will allow you some time (about 15 days) to make an inspection to look at the subject property and possibly back out of the deal without a penalty that exceeds your earnest money amount.

    Since the inventory is low right now cash buyers are getting most of the deals because they can close quickly.  Try to get cash instead of a pre-approval letter.

    0Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    I evidently pushed the wrong button.  I did not get a chance to finish that letter.  Right after you close get an insurance policy that will protect you if there is a loss.  As soon as you comfortably get it done, get the exterior door locks changed.  If the locks are still in good condition just install them at a new address.

    I am 59 years old now and trying to get into something new. I graduated from college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there I found out if I was qualified to take a real estate broker test so I took the test and got the license.  I kept that license for about 30 years even though I never did that full time.  Regardless of what I had I felt more comfortable with the construction business.  I have been in the construction business since I was 17 invluding those college years.

    My father has been in real estate sales and buys for about 40 years and he has taught me a little bit.  I closed a few deals for other people and I only have done one personal investment deal.  If you think I can help you please contact me through BP at any time.   Good luck to you!

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Zack Jackman

    Welcome to Bigger Pockets. Make sure to check out all of the informative podcasts.

    0Reply
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