New Member from Seattle WA

17 Replies

Hello, BP community! My name is Charles Alexander and I'm a mechanical engineer currently living in Seattle, WA where I design automated aerospace manufacturing equipment. Although I'm new to real estate I'm hoping that my analytical skills and creative problem solving experience can be leveraged successfully in this arena, especially with respect to buy-and-hold deals for income replacement. 

Given the cooling but still relatively hot Seattle market I'm especially curious about out of state investing. Seeing people producing tidy cash flows in areas like Indianapolis, Kansas City, or even the Tri-Cities area of Washington has certainly piqued my interest in areas with good cash flow where my savings dollars could potentially go further.

I've recently attended my first local real estate meetup and plan to make a habit of doing so in the hopes of meeting folks with whom I could potentially partner in the future. As someone with some free time and good analytical horsepower who lacks a large sum of capital I'm hoping to connect with experienced out-of-state investors to whom I could provide value in exchange for knowledge and experience and potentially some equity in deals. Looking forward to getting to know this community!

-Charles

@Charles Alexander   Welcome to Bigger pockets!  The local meetups are a great way to get started and possibly find that first deal.  We have almost a dozen events each month.  Although I can't attend them all.

@Charles Alexander you can learn a lot from attending local meetups.  There are multiple per week here in the Seattle area if you are willing to drive a little bit.  Just go to meetup.com and look for any of the groups who are focused on an area of investing that interests you.

I know a lot of people have made great returns investing out of state but I caution people on that as their first investment.  I feel that having local knowledge of an area can provide you with better chances for a successful real estate investment than a low purchase price in a distant market.

You mention that you are looking to partner on a deal.  Don't forget there are many ways to partner on a deal including owner financing or assumption of a mortgage, etc.  You have lots of options available to, so pick the one that best meets your goals and don't artificially limit your choices.

Best of luck.

John

@Charles Alexander

Welcome to the BP family! Good to have you here!

Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
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: https://www.biggerpockets.com/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!

@Charles Alexander Welcome to BP. We've been active in both Indianapolis and Kansas City since 2010. Both can be excellent cash flow markets when you buy in the right areas and the right class of property. I'd be happy to share my insights if you want to contact me.

Welcome @Charles Alexander ! I'm an oos investor as well and I have the opposite problem - I have some cash but such limited time LOL! I hear great things about Indianapolis and Kansas City. Good luck!

I'm loving all of the activity, this has to be one of the most active first forum posts I've ever made!

@John Barrett I appreciate your perspective, it is interesting to balance out the risks associated with doing a deal with poorer margins in a known area vs healthier margins halfway across the country. With that said I'd probably be driven up to Everett or at least Shoreline if investing locally and I know Everett about as well as I know Moscow :) It would be dramatically easier to do research on the ground in Everett, however.

If you don't mind, what are your thoughts on the investment prospects for Everett? It seems if the area keeps growing home prices and rents in Everett are a good bet to rise, although I am a bit worried about how much of an impact the 737 Max grounding will begin to have on the rest of Boeing operations, including up in Everett.

@Danielle Wolter I must say, that sounds like potentially fertile ground for a partnership! I've been in contact with a few folks operating in each area already including a wholesaler and turnkey provider. I'm planning to undertake a serious research period over the next month or so, if you'd like I could get in touch once I've gathered and digested a bit more information.

Originally posted by @Charles Alexander :

Hello, BP community! My name is Charles Alexander and I'm a mechanical engineer currently living in Seattle, WA where I design automated aerospace manufacturing equipment. Although I'm new to real estate I'm hoping that my analytical skills and creative problem solving experience can be leveraged successfully in this arena, especially with respect to buy-and-hold deals for income replacement. 

Given the cooling but still relatively hot Seattle market I'm especially curious about out of state investing. Seeing people producing tidy cash flows in areas like Indianapolis, Kansas City, or even the Tri-Cities area of Washington has certainly piqued my interest in areas with good cash flow where my savings dollars could potentially go further.

I've recently attended my first local real estate meetup and plan to make a habit of doing so in the hopes of meeting folks with whom I could potentially partner in the future. As someone with some free time and good analytical horsepower who lacks a large sum of capital I'm hoping to connect with experienced out-of-state investors to whom I could provide value in exchange for knowledge and experience and potentially some equity in deals. Looking forward to getting to know this community!

-Charles

 Welcome to the site Charles.

@Charles Alexander I really like Everett as it is positioned well to capture the migration of people who are looking for something more affordable than Seattle but is still within commuting distance. Rents have increased a lot over the last few years but rent growth seems to be slowing a bit currently. 

Boeing has a big impact on the economy, but it is a lot more diversified than it once was.  So while any struggles at Boeing do affect the economy, it is no longer the only source of high paying jobs.  

Feel free to reach out if you have other questions.

John

Welcome to BP! I am a local investor in Everett and I also work for Boeing as a Manufacturing Engineer in Everett. The MAX will recover and we wouldn't be as impacted as say Renton would be if there was further issues because we build many other planes here! As of now I only have a couple single family home rentals but looking to continue growing. I've grown up around rentals my whole life, as my Dad owns several around Snohomish County with a few in a couple surrounding counties. I do property management duties for about 15 of his units as well. Let me know if you have any questions and I'll do my best to help you out. 

Hi Charles,

Welcome to BP!

As John Barrett pointed out, Everett has a lot going for it. High prices are pushing people out of Seattle. Tacoma/Pierce Co. - which was once considered the place to go for great deals - is now one of the nation's hottest markets as people from the Seattle area were looking to get more for their money by going south. With that, though, Tacoma isn't necessarily much of deal anymore.

There are great prospects up north, however. Marysville (just north of Everett) is experiencing a construction boom of new homes. Ever-expanding commercial flights out of Paine Field are a HUGE plus for the area. Not to mention, the City of Everett is redeveloping a lot of it's downtown core (google "Metro Everett").

A lot of people tend to overlook Everett, but personally I think it's a great place to invest right now to put yourself ahead of the curve. (btw, I know some property owners in downtown Everett that told me they've never had a problem renting at good market rates. (they're looking to sell off market, btw, for anyone out there interested. i'd jump on it myself, only i'm not really in a position to do so... not yet, anyway))

I'm interested Doug, if you could PM me their info or address so I could check it out I'd appreciate it!

@Charles Alexander

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you