Newbie in Bellingham, Washington

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Newbie in Bellingham, Washington

Robert Freeborn
Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes

Hello BP!

The realtor in my REI group told me about BP, and boy do I owe him. This site is a tremendous resource, and I'm eager to dive in and learn, learn, learn!

I've always loved real estate, but have only recently looked at investing. I'm a licensed banker by trade, and I just talked my parents out of making a bad investment in Texas. I know that real estate has options that would be perfect for them, and so that lead me down the rabbit hole to here.

Originally, I was looking at student housing for my parents. However, due to city regulations where I live, I don't believe that is the best option for them any longer. I'm now exploring other options for them, including mobile/manufactured homes.

The goal for them is to build at least $25,000 or more in passive, annual income.

For myself, I'm eager to get started, but have no funds. Based on what I've seen, I think the best option would be to wholesale/bird dog/sweat equity with a seasoned investor in the area. I would then leverage that experience into something more. At least, that's what I THINK I'm the best option is, but I would love anyone's thoughts or opinions on it.

I'm also trying to figure out the best place to get started, whether that is here in WA state or somewhere else. Prices are so high here that getting started from where I am seems like a huge issue, in comparison to other parts of the country. I know there are TONS of opportunities in Bellingham, and Washington state, but I don't yet know how to take advantage of them!

My long term goal is ever changing, but, for now, it is to be able to retire in 15 years with at least $20,000 in monthly, passive income from my property investments. To do that, I want to be a full time investor as soon as possible, but I'm giving myself 5 years to get there. In order to get to the point where I can quit my job, I need to be making at least $5,000 a month in passive income.

So that's me. I'm looking forward to connecting with people and learning more about how to do this properly and for the long haul.

- Robert

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Patrick Britton
Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
9y

@Robert Freeborn glad to know you've found value from this site :)

@Julie Marquez  if doing something in Skagit could we have it in Mount Vernon?  I would be happy to let the members of my group know about it too.  There are a good number who have not found BiggerPockets yet.  

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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Robert Freeborn, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
    0Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y
    Thank you Dave. I'm looking forward to seeing what can be done out there.
    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    9y

    @Robert Freeborn

    Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

    0Reply
  • Julian Sibley
    Lender · Everett, WA · Member since 2017 · 104 posts · 59 votes
    9y

    @Robert Freeborn Welcome! My wife and I both graduated from WWU, and certainly miss Bellingham!

    The forums are great resources for finding information, I would also highly recommend you listen to the BP podcast. As previously mentioned, start looking for meetups in your area so you can meet local investors and start building out your team/network.

    For your personal goals, I would start looking into house hacking to get into your first couple properties. Figure out what your long term plan is and what type of properties you want to focus on, from there you will be able to search the forums and find answers to a lot of your questions.

    Feel free to reach out if you ever need anything, and good luck!

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    Welcome! 

    It's a little ways but we have regular Real estate meetups in the Everett area if you ever want to do some networking we'd love to have you!

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    1Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y

    @Natalie Kolodij Thank you. I''ve heard tos about the development down there, and it is exciting. Could you pm me the group info? I work in Anacortes, so I might be able to do an evening meeting after the branch closes. 

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    Sounds good @Robert FreebornRobert I'll shoot you a PM tomorrow with the meetings I attend and why. They're all different  and I like that. Sometimes I want a hardcore course. Sometimes I wanna drink beer and talk deals. 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    1Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y
    Julian Sibley hi Julian! Thank you. I actually do have a few questions about the western student housing market that I'd love to ask you. I'll send you a pm once the kiddos are asleep.
    0Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y
    @dmitriy fomichenko thanks! I really appreciate the links.
    0Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    @Robert Freeborn Welcome to BP! Do you want to start an Anacortes group!?! My husband and I have been meeting investors in town (we live in Anacortes and invest in Skagit). Have you been going to the Bellingham meet up group with Patrick? There are some great opportunities here, and that's so great that you have clear goals and ambitions!

    1Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y
    Julie Marquez hi Julie! I'd love to talk about it. I can't ad you as a connection on mobile for some reason. If you could add me we can chat. Looking forward to meeting you!
    0Reply
  • Jay Shuler
    Realtor · Hallsville, TX · Member since 2014 · 28 posts · 9 votes
    9y

    Hey Robert! I'm down in Skagit county, and have been educating myself like crazy over the past six months or so. I have similar goals as you do, and have been kicking around some ideas to get there. Just got my real estate license to dig into the MLS, and I really want to start networking and attending some meet-ups to grow a bit more socially (I'm a self-proclaimed introvert, so that's one of my major goals going forward). I'll send you a colleague request.

    2Reply
  • Bobby Wakeland
    Investor · Bow, WA · Member since 2016 · 12 posts · 6 votes
    9y

    Welcome Robert!!  I live in Bow & would second the idea of an Anacortes meetup.

    1Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    Okay everyone! I love connecting with local investors, so I'll organize an Anacortes / Skagit meet up! @Bobby Wakeland @Jay Shuler @Robert Freeborn

    1Reply
  • Adam Pearson
    Investor · Seattle, WA · Member since 2015 · 10 posts · 4 votes
    9y

    Count me in for a Skagit meetup @Julie Marquez!

    1Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    @Adam Pearson I'll get something in the work for the middle of September!

    0Reply
  • Jay Shuler
    Realtor · Hallsville, TX · Member since 2014 · 28 posts · 9 votes
    9y

    @Julie Marquez Sounds great! Can't wait to meet everyone.

    1Reply
  • Adam Pearson
    Investor · Seattle, WA · Member since 2015 · 10 posts · 4 votes
    9y

    @Julie Marquez I'm happy to help organize too, if you need anything.  Living in Seattle can make it hard to be consistent with attendance, but it's definitely a priority with the bulk of my investing being in Mount Vernon.  I think there's an opportunity for more collaboration and partnership in the area and look forward to meeting everyone.!

    2Reply
  • David Worst
    Anacortes, WA · Member since 2016 · 8 posts · 9 votes
    9y

    Count me in as well.

    1Reply
  • Patrick Britton
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    9y

    @Robert Freeborn glad to know you've found value from this site :)

    @Julie Marquez  if doing something in Skagit could we have it in Mount Vernon?  I would be happy to let the members of my group know about it too.  There are a good number who have not found BiggerPockets yet.  

    3Reply
  • Gilian GegawinPro Member
    Virtual Assistant · Scottsdale, AZ · Member since 2017 · 236 posts · 38 votes
    9y

    @Robert FreebornHey Robert and welcome to Bigger Pockets! You came to the right place for real estate investing. On Bigger Pockets, you can real out to experienced real estate investors while getting deals done the right way. Congratulations and I wish you nothing but success. You are not alone in your real estate ambition.

    1Reply
  • William Sumner
    Arlington, WA · Member since 2014 · 13 posts · 8 votes
    9y

    @Julie Marquez I live in Oak Harbor, I would love to attend a group in Anacortes.

    1Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    @William Sumner Hi there! I'm thinking of rotating between Mount Vernon and Anacortes each month so we can catch all people in the Skagit and surrounding areas. I'll let you know!

    3Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y

    @Julian Sibley, @Natalie Kolodij, @Julie Marquez, @Jay Shuler, @Bobby Wakeland, @Adam Pearson, @David Worst @William Sumner, @Patrick Britton

    I'm tagging all of you because you expressed interest in a skagit/anacortes meetup. I can't speak to meeting in Mount Vernon, but if we want to meet in Anacortes I can offer the conference room of my branch. To use it, we would have to meet during business hours, but it is completely free. I would also have to meet in my role as a banker/lender, not an investor. I can promise though that there will be no sales pressure from me for our services at the bank. (Though if you have questions while you're here, I'll, of course, be happy to answer them!). 

    I would provisionally set the time for 3:00pm the 2nd or Monday of every month. For instance, this month would be 9/11.

    Whether we want to alternate months between here and Mount Vernon, or hold two, separate meetings, doesn't matter to me. (I'm up for more meetings!) What are your thoughts? 

    0Reply
  • Patrick Britton
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    9y

    @Robert Freeborn thanks for the offer!  

    Is someone spearheading this?  I would be willing to offer my services as it has always been my intention to start a group further south at some point.  

    0Reply
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