New member from Seattle area -- introduction and questions
Hi BiggerPockets community. I came across this site searching the internet for information on Real Estate Investing. This really fits the way I learn and the way I like to work with others.
I’ve read the “UBG” and spent a bunch of time looking at all the references. Wise folks say a good next step is to introduce myself here, so here I am, and here is a bit about me and my grand plans. :) I’ve also got a few questions at the end which I’ll be grateful for your input on.
About Me
I'm Jonathan. I live in Snoqualmie, WA (Seattle area). I'm an experienced stock and options investor and other than having bought and sold my own primary residences, I have no experience in REI. I have a full time job in IT leadership which I'm not planning to leave anytime soon. I'm not looking to start a new career in REI. I am actively building a portfolio of wealth to accelerate my retirement with enough left over to leave my children something to start off with, and I believe real estate has a place there.
What I'm planning to do with Real Estate Investing
1. Prepare. Between now and March 1 of 2017, I will:
- Learn all I can about the business, the state of the market, and where the opportunities are.
- Determine who I need on my team and network to start those relationships.
- Set up the structure (e.g. do I need to set up an LLC? get a real estate license? open separate bank accounts etc?)
- Gather initial funding. On March 1 2017, I will deposit $100K cash into my venture to start with.
- Prepare for the first deal. I’ll do all the background work, research, etc to be ready to kick off an investment within the month of March 2017.
2. Accumulate. Between March 2017 and March 2027 I will:
- Continue to grow my portfolio.
- Continue to add cash to my portfolio to accelerate my accumulation.
- Re-invest 100% of all gains back into the portfolio.
- Regularly set aside time for learning and getting fresh ideas from the community.
- Make my relationships as strong as possible by delivering on what I promise and providing as much value as I can to my team who do the same.
- When I feel I’ve got some experience and wisdom under my belt I’ll contribute back to the community.
- Because I’m working full time, my primary contribution to my team will be money from my earnings, leadership and deal negotiation which are skills I have and use every day at my job.
3. Maintain. After 10 years of accumulation:
- Quit my job and begin drawing money from my stock and real estate portfolios to fund my living expenses.
- Take a more active role in management of the portfolio and seek to continue its growth.
Some Questions
- Are there any real estate investor groups who meet up in my local area? Does BP have a resource where I can look these up? I’d like to participate.
- Are there any individuals in my area and/or with the same plans I have who are also learning and would like to learn together? If so, I'd welcome a contact from you.
- This week I am on vacation in Chelan, WA which is full of vacation rentals and a fantastic place to visit (we come every year). Maybe a vacation rental in Chelan would be a good place to start? I’m inspired. What do you all think of a beginner starting with vacation rentals? Is there anyone on BP from Chelan who specializes in this? If so, I’d love to meet you.
A whimsical thought to finish
Is it just me or does the bigger pockets logo look like a police officer?
Looking forward to meeting you!