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

    @patrick britton  @Julie marquez and I have spoke about it a little bit.  But it's mainly what you see on the forum here.  

    If you could handle the mount Vernon Meetup, I can take the anacortes one.  The biggest question is, do we want them to be separate groups with separate meeting times, or should they be the same group and switch off locations.  I'm down with both. 

    0Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    @Robert Freeborn @Patrick Britton I am happy to spearhead a Skagit group, I think to start, it would be the same group, just changing locations between Anacortes and MV/Burlington.

    I'm just not sure about getting together during business hours, it might be harder for most people who are used to these types of meetings to be in the evenings.

    1Reply
  • Robert Freeborn
    OP
    Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    9y

    I know.  It isn't ideal for me either, as I'd have to be there as a bank representative doing community outreach, and not as myself.  I simply offer it as a starting point. 

    For me, any meeting would need to be on Monday, Tuesday, or Wednesday.  But don't let that stop everyone from meeting st another time if that's what's best. 

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

    @Julie Marquez understood about the business hour get-together.  I might add another mid-month meeting at 12pm and see how that goes/.  

    keep us undated!  thanks! 

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

    A midday meeting would be nearly impossible for me due to being active duty.  I am still interested in anything in the evening.  I doubt many would want to come down to Oak Harbor, but the firehouse on Heller Street has a meeting room open to the public at no charge in the evenings.

    2Reply
  • Abram Howard
    Olympia, WA · Member since 2016 · 45 posts · 8 votes
    9y

    Welcome to BP!

    0Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    https://www.biggerpockets.com/forums/521-events-an...

    Ok guys!! Meet up for Sept. 21 has been created! We will meet in MV/Burlington this month, and Anacortes next month, alternating locations. Location still TBD, but save the date!

    @William Sumner @Patrick Britton @Robert Freeborn @Bobby Wakeland @Adam Pearson @David Worst @Julian Sibley @Natalie Kolodij @Jay Shuler

    1Reply
  • Julian Sibley
    Lender · Everett, WA · Member since 2017 · 104 posts · 59 votes
    9y

    @Robert Freeborn @Julie Marquez I appreciate the mentions, and will keep an eye out for your future Mt. Vernon meetings, unfortunately the 21st is not a good day for me. I plan on attending the Cascadia North End meeting on Monday the 25th at Marysville Bob's burgers @ 7 (If they are still hosting the North end events) so hopefully I will see all of you there!

    0Reply
  • Michael WallimannPro Member
    Rental Property Investor · Western Washington · Member since 2018 · 151 posts · 60 votes
    4y

    Hello @Natalie Kolodij! I was wondering if you are still attending meet ups in the Everett area and if so do you know of any coming up soon?

    0Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    4y

    Welcome to BiggerPockets, Robert! This is a great place to learn and to connect with people so take advantage of all the great resources.

    561-253-6640
    0Reply
  • John Barrett
    Rental Property Investor · Everett, WA · Member since 2015 · 458 posts · 386 votes
    4y
    Quote from @Michael Wallimann:

    Hello @Natalie Kolodij! I was wondering if you are still attending meet ups in the Everett area and if so do you know of any coming up soon?

    @Michael Wallimann There haven't been that many in person meetups in the Everett area / north end following the pandemic.  There used to be a number of events, my wife and I attended a meetup at Bob's Burgers in Marysville but that hasn't happened for over 2 years.

    Feel free to reach out if you ever want to chat about real estate investing.

    John

    1Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    4y

    @Robert Freeborn- hi there  -  have you explored the options of  going in  with your parents  on  buying a proeprty and  getting a loan together?  if not - you might consider this  - 

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