Washington, Oregon and beyond

11 Replies

I’ve been diving in and learning everything I can to get started. The plan is to start searching for our first income property (duplex, triplex) within the next 6 months and then scale.

I’m looking to build generational wealth so I’m in this for the long haul.

Am I scared? You bet ya! But I have the time to learn this business and I’m looking forward to digging in.

We live in SW Washington (Long Beach) and Oregon is just across the river. We’re finding properties may be out of our price range in Washington and Oregon but are open to searching. We transplanted to the PNW from Nebraska/Iowa so we are considering looking at properties in those states as well.

I’d love to network with anyone in those areas as well as out of those areas. I’ll take all the advice and Info I can get!!

Hi @Amber Linthakhan

You are smart to look for properties outside of Oregon and Washington. Not to say that these are bad areas to invest. it’s just that in most areas of these states it is very difficult to find cash flowing properties which leaves you relying on appreciation for the win and with us being at what I feel is the top of the market I think you are smart to look elsewhere for investments. If you know the Nebraska/Iowa market well you are smart for starting in those spots. Get your experience in a market you know well and then expand out from there. I do not personally have any experience in the Nebraska/Iowa market but am in process of selecting my next market to invest in. If you have any specific questions you need help with please feel free to reach out. Good luck!!

Originally posted by @Amber Linthakhan :

@Justin Frank thanks for the welcome :) we're at the super beginning stages but getting ready to go! out of state makes me a bit more nervous but man the cash flow looks to be better in the midwest.

grass is not greener..  out of state makes sense if you can scale.. if you cant get to 10 doors real quick you may find it more trouble than its worth you would make more money with a coffee cart frankly. 

@Amber Linthakhan

Out of state is a hard step to take but if you get a solid team in place it really is a great move when you don’t currently live in a place that meets your investment criteria. The hardest part about out of state investing in trusting in other people. If you ask the right questions and dig into the history of the individuals you are choosing to work with you can pretty easily weed out the good from the bad. Hardest part for me is picking a market. Lots of good areas to invest. 

@Jay Hinrichs are you saying grass is not greener out of state? I totally see what your saying with it not making much sense if you can't scale. I'm curious if you do your investing in Oregon. I've only been looking on the websites for multi family homes so i know there is more out there then what i'm seeing. But everything i see in WA and OR won't get the cash flow. 

@Justin Frank i was just telling myhusband that if we go out of state we would need an amazing PM, and i'm not confident we could find that just yet. i'm not counting it out though! curious if you are  looking to head out of state? 

@Jay Hinrichs

@Amber Linthakhan

I most certainly don't think the grass is greener but the grass is most certainly different. Figure out what your goals are and then decide what type of grass you want to go play in. A SFR is a start, its a great place to learn, and is a cash flowing asset that will be paid off by your tenant one day. Maybe you won't stay in this niche, but if you choose to start here then you have at least started which is much further than most.

@Amber Linthakhan

We have already purchased out of state and have SFRs I have never visited and have only seen pictures of. We have decided to move into another area of RE and are looking at different markets that will fit our goals/investment criteria. I would recommend figuring out what your investment goals are and then go from there. 

@Amber Linthakhan Hi, I'm from Vancouver WA. I feel the same as you do about the up pricing that out of stater have been having on property values here. But the market is softening a bit. I don't know if it will soften more. I'm originally from Fresno CA and Costa Mesa, CA. I'm considering Fresno. But I'm focusing here in Vancouver first. We are currently looking for our second house which will be our primary. The one we live in will become a rental or Air BnB. Anytime you have a question please feel free to reach out. I am very new to this as well. I'm even considering getting my real estate license just to have access to the MLS (not to sell properties for others.) I thought once I get my license I can talk to a Managing Broker and pay them monthly for access. We'll see. Glad you joined. Let's stay in touch.

Originally posted by @Amber Linthakhan :

@Jay Hinrichs are you saying grass is not greener out of state? I totally see what your saying with it not making much sense if you can't scale. I'm curious if you do your investing in Oregon. I've only been looking on the websites for multi family homes so i know there is more out there then what i'm seeing. But everything i see in WA and OR won't get the cash flow. 

@Justin Frank i was just telling myhusband that if we go out of state we would need an amazing PM, and i'm not confident we could find that just yet. i'm not counting it out though! curious if you are  looking to head out of state? 

multi family is different.. those are sold at cap rates so yes buying a B class 20 to 60 unit location is not as important.

Welcome to BP nation. Its a wealth of knowledge on these threads. If you ever have any lending questions, let me know, I'd be happy to help.

Happy Investing!!!

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