Interested RE investor living near Seattle, WA

Interested RE investor living near Seattle, WA

Financial Advisor · Issaquah, WA · Member since 2017 · 243 posts · 141 votes

Hi all,

Been lurking on the forums for a while, but taking the opportunity to post an intro since I'm enjoying some time off at the end of the year.  Anyway, about me/us:  My wife and I are currently living near Seattle, WA (actually in Issaquah), after moving up to this area in March 2016; prior to that, I spent nine years living and working in St Louis, MO.  The difference in cost of housing was hard to swallow, as you can imagine!  I grew up in southwest Michigan, went to college in Indiana, and spent a year living near Durham, NC.  I work in technology sales and my wife is a nurse practitioner; we're also expecting our first child in February 2018, so staying busy getting ready for that monumental change to our lives.  On the education front, I'm listening to about two of the BP podcasts per day and reading various books.  I've reconnected with the agent who helped us buy our home; he's a real estate investor who has done many flips and buy-and-holds himself.  He invited me to a local session held by Steve Chader (one of the authors of Hold), which was great because it helped my wife come to the realization that RE investing can be a great way to helping us reach our goals.

Our goals (subject to change, as always):  Identify and acquire profitable multifamily properties for cash flow initially.  My current targets are at least $100/door, but the more the better.  My target markets are being identified still; there are opportunities in the surrounding Seattle area, but they're still significantly more expensive than in places like the Midwest.  I'm currently partnered with two guys (one in Lexington, SC, the other in Harrisburg, PA), and their markets are more affordable and the numbers tend to come out better for cash flow.  In the long term, I'd like to establish a portfolio of both SFRs and multifamily properties to generate monthly income and build wealth.  I've been saving for retirement since I was 18 with a target of retiring before 50; I'm on-track for that with my regular job, but earlier is better and I think real estate investing is both interesting and the best way to help reach our financial goals.  Currently we have no properties beyond our primary residence, so just getting started!

Why I'm joining the BP community:  I love that the gurus are nowhere to be found, and we can have frank discussions about even the simplest of topics.  There are no dumb questions, right?  I'm also hoping to start meeting and networking with others to learn from their experience, identify potential markets and partnerships, and build a good team going forward.

Thanks.

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  • Enid, OK · Member since 2017 · 4 posts · 1 vote
    8y
    Pete, Welcome to BP! Being in Issaquah, you might want to check out the market just over the pass in Ellensburg. It is a thriving college town that may be in the right price range for beginning investors, and college towns bring lots of rental business from young families fresh out of college begining their careers. Ben
  • Sandy, UT · Member since 2017 · 22 posts · 21 votes
    8y

    Hey @Pete M. ! Welcome to BP!  And huge congrats on your upcoming baby- it is a HUGE life change for sure but in the best possible way! 

    Who are you connected with in Harrisburg?  We have a rental there and I'd love to pick a few brains about the area.

    All the best in 2018! :)

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y
    Pete Mathias 100 dollars per month cf is pretty thin. You should be getting 200-300 at lease even with some cash for 6% vacancy and 5-10% cap ex too. As for as Ellingsburg... I would stay away since it’s a tertiary market with no real robust economy. Stick with with secondary markets.
  • Realtor · Camp Hill, PA · Member since 2016 · 69 posts · 17 votes
    8y

    Welcome to Bigger Pockets, Pete. Harrisburg and surrounding areas are great markets for buy and hold rentals. I am here to help so feel free to message me to discuss. Happy new year!

  • Financial Advisor · Issaquah, WA · Member since 2017 · 243 posts · 141 votes
    8y

    @Christine Z.  Thanks!  My only connection at this point is the local partner who lives there.  I know he has an agent in the area, but I'm afraid I don't know any names or specifics at this point.  Sorry!

    @Lane Kawaoka  Thanks for the response and insight.  Does this vary based on geography, or would you say those numbers are pretty reasonable for any market?  I guess to @Benjamin Singer's point, the reason to be in Ellensburg would be to get into student housing at Central Washington U.  Your fate will rise and fall with the university with no other major supporting factors in the community, though.

    @Jason Stutenroth  Thanks for the welcome.  Do you do investing yourself in that market?

    Also, anyone doing any vacation rentals in Hawaii, by the way?  My wife and I visited Maui this past September and it piqued my interest into vacation rentals and how viable they are for both personal use and generating cash flow.  I'd assume far less consistent than a normal rental property, but the upside would seem to be quite nice.

    Thanks.

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y

    @Pete M. in the macro sense yes. But its more if you have a team there.

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