Newbie from Bonney Lake, WA

6 Replies

Good afternoon BP! I wanted to start the proper way with the newbie intros. I'm in a little city an hour South of Seattle (on a good traffic day), although we just got a Costco so it's growing. I'm a tech nerd by day with a lucky job that allows me to work from home as well as spend time learning and reading on my next adventure here. Some hobbies are football...I mean REAL football, not throwball (Go SOUNDERS), techie things and motorcycle riding. I'm recently divorced with a couple, almost adult, children. This last sentence is the most important as it is the catalyst for me to get into REI.

Lucky for me I will be able to keep my current house and also pull out some cash to get started into the game.  In fact I'll be posting shortly about a deal analysis.  I've been interested in RE for long time.  I was very close about 10 years ago to purchasing a foreclosure.  I had private money for the down, a hard money lender, etc.  There were just some other things preventing me from pulling the trigger.  Better late than never I suppose.

I've read multiple threads about having a plan or finding your niche.  However it's hard to know NOW what I will or will not be most interested in.  As it sits now though my initial short term goal, after refi, is to find another primary house in the area (preferably off-market) to move into and rent my current house.  This is going to give me experience finding and negotiating 'deals' as well as landlord experience.  If after a year I can't handle landlording, then I'll know.  But I think the rental market may be my long term goal.  At this point I'm not so much interested in 'become a bajillionaire in 18 months!' but gaining knowledge and experience to lead me to the next goal.  I want to be comfortable enough within the next 2-5 years to be able to help my kids as they grow and move out to maybe start off with a 'house-hack' duplex and then possibly on to other things.  Longer term I want to be able to invest both in WA and AZ and become a snow bird :) in addition to providing my kids something long lasting.

Alright, I think that's good for now.  I look forward to learning and meeting other people excited about REI here on BP.

Justin

Hi @Justin NA,

Welcome to BP!  This is a great community to share, learn and be a part of something all of us are passionate about, Real Estate!

There's some great resources here to help guide you through the process of analyzing your first deals as well.

In terms of your goals, I think you're on the right path.  Doing something that is comfortable to you is what will help aid in your long-term success.  Building a future not only for yourself but your kids is what most of us strive to accomplish.

I too come from a tech background and found my love in Real Estate, so I made a change.  My joy came not only from the deals, but the people I'm able to meet and help (both investors and "retail" buyers/sellers).  It's an addicting and very fun industry to be a part of and for someone who is analytical, it will spark your creativity when needed!

I look forward to seeing your future posts and deal analysis questions.

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@Justin NA

Hi Justin,

I am also in Bonney Lake. Well its actually technically Buckley but I'm a lot closer to Bonney lake than Buckley. Anyway welcome to BP. I am a fairly new investor also looking to grow my rental portfolio. I am currently reading BRRRR by David Greene and am excited about using that method on my next deal. I am short on time for searching for deals and running numbers, so if thats something you are interested in, let me know. Maybe we could work together.

@Jake Alger

Hi Jake, I saw your name on a listing in Buckley for $149,950. I looks like someone started a remodel but didn't finish? Do you know what is going on with it? Is it too much work? looks like a good opportunity to add sqft in remodel and get a good ARV? Do you have more info on it? Address is: 342 S Cedar St, Buckley, WA 98321

Thanks,

Si

Hi @Justin NA

Welcome to bigger pockets, I am also from Bonney Lake and invest locally. I flip in pierce county and out of state as well as having several houses and duplex’s as rentals. 

Let me know if there is anything I can do to help with getting started investing or deal analysis. Have you thought about house hacking a duplex to get started?

Tyson


Originally posted by @Si Clark:

@Justin NA

Hi Justin,

I am also in Bonney Lake. Well its actually technically Buckley but I'm a lot closer to Bonney lake than Buckley. Anyway welcome to BP. I am a fairly new investor also looking to grow my rental portfolio. I am currently reading BRRRR by David Greene and am excited about using that method on my next deal. I am short on time for searching for deals and running numbers, so if thats something you are interested in, let me know. Maybe we could work together.

@Jake Alger

Hi Jake, I saw your name on a listing in Buckley for $149,950. I looks like someone started a remodel but didn't finish? Do you know what is going on with it? Is it too much work? looks like a good opportunity to add sqft in remodel and get a good ARV? Do you have more info on it? Address is: 342 S Cedar St, Buckley, WA 98321

Thanks,

Si

Hi Si,

That was a listing of mine a month or two ago. We sold it to an investor who is rehabbing the property currently.

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