New Investor in Tacoma, WA

Tacoma, WA · Member since 2018 · 13 posts · 10 votes

Greetings BP Nation!

My wife and I bought our Primary Residence in Tacoma, WA 3 years ago and it's time to go deal shopping. We are interested in primarily Multi-Family Buy and Holds as well as Buying/Flipping to inject cash where needed. We have an hour to an hour and a half commute up to Bellevue, WA for our full time jobs and listen to BP Podcasts up and back so we're looking forward to connecting with business minded investors who are trying to expand their businesses as well as partnering up to accomplish common goals. A big THANK YOU to @Joshua D. for having the tenacity to build and develop a community where we can all thrive and prosper.

Happy to be here!!!

Mike and Tess Robinson

1 Reply

23 views

Most Popular Reply

Christen G.

Rental Property Investor · Seattle, WA · Member since 2017 · 383 posts · 248 votes

Welcome to Tacoma and BP! I own a few MFH w/ a partner in Tacoma - got them all in the last 18 mo 1 and live in Seattle. If you’d ever like to get coffee or happy hour let me know! We have a great realtor and are looking to go into 10-25 unit buildings in 2019 or 2020 - always happy to connect. Again, welcome.

2 Reply

See this reply in the discussion

18 Replies

Jump to latestLatest

Sort by

Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
8y
You got to the right place Mike and Tess to find connections. All the best in your investing.
0 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
8y
Hello @Mike Robinson, 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 :)
1 Reply
Justin Koehn
Real Estate Agent · Olympia, WA · Member since 2016 · 47 posts · 23 votes
8y
@Mike Robinson Welcome to BP! Great to hear you are already hooked on the BP podcast - unbelievable wisdom held in those. Also, look up the local meetups if you haven't already and start becoming a regular at your local REI meeting. I know there are several in the Tacoma area that are very good.
Have you made a specific list of what you are looking for? Buy-and-hold to Flips is a very wide scope. And are you looking in the Tacoma area? South sound? Or out-of-area?
Welcome here!
0 Reply
Aziz Raji
Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
8y
Mike Robinson Welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here. Good luck !
0 Reply
Ryan Evans
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
8y
Welcome to BP! I'm sure the commute is a little easier knowing you scored big by buying in T-town three years ago!
Good luck with the deal shopping!
1 Reply
Tess Robinson
Tacoma, WA · Member since 2018 · 30 posts · 16 votes
8y
Hi @Justin Koehn, You're right! There's definitely a TON of wisdom in those podcasts!
We've attended one Meetup, so far, and have plans to attend all that are applicable. With our commute, sometimes it's a challenge to find them in the right locations at the right times, but we're checking every day for any that come up! (We're going to one tonight on foreclosures.)
Ultimately, our goal is to own apartment buildings or mobile home parks - many doors in each location. We've started in Pierce County b/c that's where we live (and that's what's affordable in this crazy Seattle market). We're not tied to this location exclusively, though. We're also looking at Vegas, Kentucky, Florida, Texas ... essentially wherever the numbers will work.
We realize that it'll be an unlikely opportunity to "start" with an apartment building or MH Park, so we'll probably work with a SFR flip first, for the cash infusion, then start working on some BRRRR multis until we get a foundation that will allow us to go for the bigger deals! (Not that we wouldn't jump at the chance if one came along!) Again, it's all about the numbers. Right now, we're just looking for that first deal that fits our needs.
1 Reply
Justin Koehn
Real Estate Agent · Olympia, WA · Member since 2016 · 47 posts · 23 votes
8y
@Tess Robinson that sounds like a great strategy. I am doing the same, but only about 1 step in front of you right now. With your long commutes, would you being doing the work yourself, or hiring everything out?
1 Reply
Tess Robinson
Tacoma, WA · Member since 2018 · 30 posts · 16 votes
8y
We'd for sure be hiring it out. I know it cuts into the profits, but ideally it should reduce liability as well as timelines! (*crosses fingers*)
0 Reply
Mike Robinson
OP
Tacoma, WA · Member since 2018 · 13 posts · 10 votes
8y
@Justin Koehn In addition to my wifes reply to you, I would add that we have some cash to put some skin in the game so we want to take action immediately. I can't stand just having money sitting around doing absolutely nothing for us. I would love to be partners in a flip situation because I would personally like to learn some ins and outs in that process. I think those lessons are worth their weight in gold going forward.
We are currently evaluating a 10 unit opportunity right now that is absolutely going to need investment partners on the deal to make it fly but at the end of the day, if the numbers work then we should move on things and grow. I don't really care if it's local to us or not.
I've always been a big believer in T.E.A.M. efforts and it is that old acronym of Together Everyone Achieves More. It's so true in Business no matter the vertical or industry.
Thank you for the nice Welcome.
2 Reply
Mike Robinson
OP
Tacoma, WA · Member since 2018 · 13 posts · 10 votes
8y
@Ryan Evans Thank you for the Welcome. Yes it certainly helped 3 years ago but I just can't see spending the huge price tags for going up north and cutting into our investments. Maybe at some point we'll move but I would much rather focus on investing and growing our portfolio at this time.
1 Reply
Mike Robinson
OP
Tacoma, WA · Member since 2018 · 13 posts · 10 votes
8y
@Aziz Raji Thank you for the warm welcome and we're looking forward to getting acclimated in the forums for sure.
1 Reply
Christen G.
Rental Property Investor · Seattle, WA · Member since 2017 · 383 posts · 248 votes
8y
Welcome to Tacoma and BP! I own a few MFH w/ a partner in Tacoma - got them all in the last 18 mo 1 and live in Seattle. If you’d ever like to get coffee or happy hour let me know! We have a great realtor and are looking to go into 10-25 unit buildings in 2019 or 2020 - always happy to connect. Again, welcome.
2 Reply
Mike Robinson
OP
Tacoma, WA · Member since 2018 · 13 posts · 10 votes
8y
@Christen G. Thanks for the invite and warm welcome. Good job for you snagging those MFH's and I loved the description on your "polishing" skills. :) We would love to connect with you for a Happy Hour and talk some shop. I usually pick Tess up around 4:30 in Factoria and could meet up somewhere over there as we still have that lovely commute down South, ugh.
2 Reply
Justin Koehn
Real Estate Agent · Olympia, WA · Member since 2016 · 47 posts · 23 votes
8y
@Tess Robinson I think it is probably a good idea to hire a lot out for several reasons. I have done most of my own work so far, but I did hire my brother-in-laws (both amazing general contractors) to help me a little bit with my last project in Roslyn, WA. What I found is this: They are WAY faster than I am. Like 3-4 times faster at most tasks. This is because they don't have to spend as much time researching and learning each little trick to make the finished product turn out well. They also have all the tools necessary. If I were to pay them $100/hour, it would be like paying myself only $25 a hour because of the speed difference. So, it becomes an issue of how much is your time worth?
I really think it is good to learn some basic construction stuff so you can speak intelligently to contractors, but your time is much better spent finding deals, making connections that could lead to funding or partnerships, or educating yourself. I kind of subscribe to the theory that you will get paid according to what you are doing. So, if you want to swing a hammer, you'll get paid the same as someone who swings hammers for a living. If you want to paid like a business owner and investor, you should be doing the tasks and educating yourself to do this role instead.
@Mike Robinson (not sure why this tag won't work...) It's great to have some cash on hand. For me, I try to think about how easy it is to replenish that cash when deciding the level of risk I am willing to take in investing it. I will invest (haha, that is a poor use of the word here) $100 in Bitcoin without thinking too much about it - just like playing a game of poker. But the $100k that has taken me 6-7 years to come up with? I am VERY cautious to deploy because it know a big mistake with that could take me years to recoup. I am pretty cautious though. If you and Tess are making good money and able to sock away $50k or more a year, you are in a great place to aggressively invest. I am hoping to be in that place in the next few years.
2 Reply
Mike Hoskins
Specialist · New Smyrna Beach, FL · Member since 2018 · 30 posts · 16 votes
8y
Just moved from tacoma to sunny Florida 9months ago. Lived there all my life. You'll love it there! Lots of deals to be had...
0 Reply
Mike Robinson
OP
Tacoma, WA · Member since 2018 · 13 posts · 10 votes
8y
@Justin Koehn I love your insights around getting paid for what you're doing. Swinging hammers will pay you like someone who swings hammers for a living and doing the tasks of a business owner and investor will pay you likewise. That's just amazing advice right there and thank you for sharing it.
0 Reply
Justin Koehn
Real Estate Agent · Olympia, WA · Member since 2016 · 47 posts · 23 votes
8y
@Mike Robinson - glad to be of any help. I have heard that bit of wisdom repeated on more than one podcast, I think, so I can't take credit for it.
0 Reply
George Blower
Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
8y
@Mike Robinson
Welcome to Bigger Pockets.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.