Newbie investor from Kirkland, WA

Newbie investor from Kirkland, WA

Everett, WA · Member since 2018 · 4 posts · 1 vote

Hello there, Bigger Pockets! My name is Luke, and I'm an early 30's guy living in Kirkland, WA with my wife and 2 cats. I am a pretty big video game geek that works remotely for an indie game publisher called Raw Fury that is based in Stockholm, doing global marketing and brand strategy. I supplement my possibly-too-frequent indoor habit with passions for travel, food, hiking, snowboarding, and live music.

I discovered BP through a friend who mentioned his desire to start investing in real estate away from the west coast. This struck a chord with me, as I've always had a keen interest in working to secure my retirement by finding ways to make my money go farther through investing. I've been debt free since my late 20's, have some money invested in IRAs, mutual funds, and stocks, but only passively considered real estate as something that would only come about after purchasing a house to live in. I also figured this would be a far-future scenario, because buying my own house in the rapidly-growing greater Seattle area has seemed like an expensive pipe dream. I'm now learning that, not only is it possible to start investing earlier than that in property out of state, but it's actually within reach!

As the subject states, I am a total newbie. My goal is to eventually supplement my income with additional cash flow, further diversifying my portfolio of investments, and building long-term wealth that can result in early retirement and only working out of desire vs. necessity. I am about 70% through David Greene's book on long-distance real estate investing, attended the last couple of webinars, and have been absorbing articles of interest as I come across them. Based on what I have learned so far, I would say I have a primary interest in learning more about BRRRR, rental, and flipping strategies, but will take every opportunity to learn as much as I can.

I hope that I can bring value to the community by not only absorbing knowledge, but by being useful and helpful to others who are also looking to build wealth and accomplish their dreams. One of my mantras is to make the world a better place by doing what you love, serving as an inspiration to others, and doing right by others whenever possible. While I know I have a long ways to go ahead of me, and will gladly take any of the guidance and assistance that I can find, I hope that this can be the first step to helping both myself and others reach success. :)

Thanks!

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Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
8y

@Luke Icenhower

Welcome to the BP family! Glad you joined the best real estate investing website! 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!

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  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    @Luke Icenhower

    Welcome to the BP family! Glad you joined the best real estate investing website! 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!

  • Everett, WA · Member since 2018 · 4 posts · 1 vote
    8y

    Thanks @Dmitriy Fomichenko! I appreciate the welcome. Beginner guide has been read, podcast subscribed to, so it looks like the keywords tracking and meetups are the next logical step.

  • Rental Property Investor · Everett, WA · Member since 2015 · 457 posts · 386 votes
    8y

    Hi Luke,


    I would suggest attending some local meet ups.  There are many different meet ups in the Seattle area but I would also look at the north end & south end as well.  Doing this will allow you to meet a lot of other investors who are doing interesting stuff in and around the area. Most are free to attend and the only thing you are giving up is your time.  By talking with folks who are doing different things you maybe interested in you can narrow down you focus.

    Best of luck.

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

    @Luke Icenhower I just moved from Kirkland a year ago. You, unfortunately, live in a primary market (the whole WA state is). Cashflow is going to impossible if you are unwilling to put in hours to source a deals and put up a lot of sweat equity.

    For me my sweat was better off put at my day job and buy out of state rentals that cashflowed.

  • Everett, WA · Member since 2018 · 4 posts · 1 vote
    8y

    @Lane Kawaoka That was my assumption as well. One consideration I've had (but have not yet begun to explore the feasibility of) would be owning a duplex and renting out the other half to begin my investing journey and stop paying rent into zero equity; but much more information would be needed to understand if this is possible in my financial state. 

  • Real Estate Broker · Bellevue, WA · Member since 2017 · 172 posts · 107 votes
    8y

    Hi @Luke Icenhower,

    Welcome to BP!  This community is great not only for learning but also getting in touch with people who have experience and are willing to teach through that experience.

    There are a plethora of strategies one can follow when it comes to real estate.  Over time you will learn what works best for you and your risk tolerances.  

    Your idea of purchasing a duplex, living in one unit and renting the other is something many investors do when first starting out, especially if their end goal is passive rental income.  It can be a great way to "house hack" and keep costs low as there is not only the rental income offset but also the advantage of being able to put less money down when financing.

    I also want to mimic what @John Barrett mentioned.  Attend local meet ups.  It's a great way to connect with other like-minded individuals and learn.  You will also find differing opinions which leads to discussions and deeper learning on the subject, which is awesome!

    If you ever have any questions, I'd be more than happy to be a resource for you as well.  Always feel free to reach out :)

    - Jake

  • Everett, WA · Member since 2018 · 4 posts · 1 vote
    8y

    @Jake Alger - Thanks for the welcome. Meet-ups are definitely something I will be attending.

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    8y

    Welcome aboard Luke!

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