Located in Bellingham, WA. Working on building passive cashflow.

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Located in Bellingham, WA. Working on building passive cashflow.

Paul Doty
Bellingham, WA · Member since 2018 · 80 posts · 26 votes

Hello good people of Bigger Pockets!

My name is Paul. I've been interested in real estate investing for while now. I've been learning as much as possible in the last year while I work on a first deal.

I have a general investing style and strategy chosen, now it's time to execute. I'm interested in investments which provide reasonably high cashflow and have an ability to scale. BRRRR(R?) investing in single-family and small multifamily to start, with an open mind for whatever else may come along. Most markets I watch are long-distance from where I live. Housing pricing to rent ratios aren't so favorable where I live for this kind of investing.

A little about me aside from investing; I'm an analyst for a consumer packaged goods company (spreadsheets, statistical analysis, market studies and economic trends are my daily routine.) I enjoy motorcycles, mountain bikes, camping, fishing, good food and travel. I live in the PNW with my wonderful girlfriend and our two pet rabbits: Miss Rabby and Bear.

It's good to be here (and finally posting). I look forward to meeting and discussing real estate!

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Emmett Bond
Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
6y

Hey Paul, what type of deal sizes are you typically looking for? I don’t have any deals myself but as a fellow investor and interested in connecting with other multifamily investors in B ham and Whatcom County in general. 

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  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Welcome to Biggerpockets!! Nice to meet you! Good luck going forward! I also like the BRRRR strategy. Hope the best for you!

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y

    Thanks @Anthoney Hanks!
    I see you're working on a fix and flip. Are you still planning to sell it when it's complete, or is renting and holding a viable option for you (and your market?)

    0Reply
  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Hey Paul, what type of deal sizes are you typically looking for? I don’t have any deals myself but as a fellow investor and interested in connecting with other multifamily investors in B ham and Whatcom County in general. 

    1Reply
  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    @Paul Doty I changed my mind and doing a BRRRR. I plan on finding another project soon.

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y

    Hi @Emmett Bond,
    I'm looking at SFR and small multi-family residential. Are you looking at large or small multi-family? The larger stuff intrigues me as much as the price of entry deters me. I'd like to get there someday. I'll start with SFR and learn to walk before I start running, haha.

    It's nice to "meet" you. Do you attend any of the local meetups?

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y

    @Anthoney Hanks, that's exciting news. I'd be interested to hear some more about it. Are you planning to manage it yourself?
    Have you found any potential 'next' deals yet? Is there anything, in particular, you're looking for?

    0Reply
  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Hi @Paul Doty, Like you, I am looking for smaller deals right now so I can get some momentum and build my credibility with banks, investors and learn from inevitable learning curve mistakes at a lower “ouch” price point than with a $1M deal. 

    Have not attended any of the local meetups but would love to! Are they on a set schedule? When is the next one? 


    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Emmett Bond:

    "...learn ...at a lower “ouch” price point than with a $1M deal." 

    Yes, my thoughts exactly!

    There are some meetings in the area. One is with REAPS, typically charges admission and you need to rsvp in advance:  https://www.reapsweb.com/meeting-schedule

    ...and another that's been managed via meetup.com and facebook. This group is my preferred gathering. Rather informal but lots of great discussions. The next meeting is on December 12th. I can forward you the details if you're interested.

    0Reply
  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Shoot. Dec 12th is when I fly down to California for a work trip. But otherwise I would love to attend. 

    Maybe the next on in January? 

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Emmett Bond:

    Shoot. Dec 12th is when I fly down to California for a work trip. But otherwise I would love to attend. 

    Maybe the next on in January? 

    There will certainly be more. There are usually two a month. I'll miss the next one while I'm on vacation. I should be around for the January meetups though. Maybe keep an eye on this thread and I'll post an update. 

     The group events are usually posted here:
    https://www.meetup.com/Bellingham-Real-Estate-Investors-Meetup/events/266991007/

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  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Ok great! Good to know. By the way, looks like I will get mutual acceptance tmrw morning on an owner financed 4plex just outside of Arlington! Went went and drove the property over the weekend and it’s fully rented, below market rents and doesn’t appear to have any extreme deferred maintenance. We shall see what comes up in the inspection but this is the best opportunity I have seen in a while. 

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Emmett Bond:

    Ok great! Good to know. By the way, looks like I will get mutual acceptance tmrw morning on an owner financed 4plex just outside of Arlington! Went went and drove the property over the weekend and it’s fully rented, below market rents and doesn’t appear to have any extreme deferred maintenance. We shall see what comes up in the inspection but this is the best opportunity I have seen in a while. 

    Wow that's great! How did it go today? I'm curious to know more about this deal and how the numbers look.

    0Reply
  • Parker Eberhard
    Contractor · Seattle, WA · Member since 2019 · 339 posts · 325 votes
    6y

    @Paul Doty Pleased to meet you. I am in Seattle but have relatives in Maple Falls and have been starting to look for some multi family up there

    0Reply
  • Philip Price
    Member since 2019 · 2 posts · 0 votes
    6y

    Hi Paul and everyone else in the Whatcom area.  Just found this post and was excited to see some folks in my area.  Thanks for the link to the meet ups, as I’m new to real estate investing and always looking to learn and discuss with others about it.  Ive been reading and learning as much as possible the past few months.  I’m always looking in the whatcom area for sfh with an adu (house hacking)  but have started looking at other markets.  

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  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    @Paul Doty, went well! Got mutual acceptance and the property is under contract! Has been poorly managed by an older 1-man operator so has missing records and looks like he was taking cash from some tenants to not have to pay taxes. Anyways we are on the due diligence phase now! 

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Parker Eberhard:

    @Paul Doty Pleased to meet you. I am in Seattle but have relatives in Maple Falls and have been starting to look for some multi family up there

     Hi Parker!
    Maple Falls is an interesting area. Is that where you're looking for Multi-family, or did you mean Bellingham/Whatcom Co. in general?

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Philip Price:

    ...I’m always looking in the whatcom area for sfh with an adu (house hacking)  but have started looking at other markets.  

    Yes, an ADU or duplex type option around here would be great! Or just the biggest house (most bedrooms) you can afford and get a pile of roommates. Gotta live somewhere, may as well reduce the expense while getting started. Are you looking for other markets to live in, or invest in?
    Personally I've stopped putting effort into our local market. I need deals that have a positive cashflow from day one. I don't see many options for that around here, just a lot of people competing for very low returns :/

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Emmett Bond:

    @Paul Doty, went well! Got mutual acceptance and the property is under contract! Has been poorly managed by an older 1-man operator so has missing records and looks like he was taking cash from some tenants to not have to pay taxes. Anyways we are on the due diligence phase now! 

    That's great news! Congratulations!

    0Reply
  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Thanks man! Been hunting for a deal like this for a long time so was ready for it to fall apart with some sort of deal breaker but... finally it all just fit into my criteria! 

    0Reply
  • Philip Price
    Member since 2019 · 2 posts · 0 votes
    6y
    Originally posted by @Paul Doty:
    Originally posted by @Philip Price:

    ...I’m always looking in the whatcom area for sfh with an adu (house hacking)  but have started looking at other markets.  

    Yes, an ADU or duplex type option around here would be great! Or just the biggest house (most bedrooms) you can afford and get a pile of roommates. Gotta live somewhere, may as well reduce the expense while getting started. Are you looking for other markets to live in, or invest in?
    Personally I've stopped putting effort into our local market. I need deals that have a positive cashflow from day one. I don't see many options for that around here, just a lot of people competing for very low returns :/

     I’m looking in the whatcom market for a new home for my family and me.  An adu or mil would be great.  It would reduce the expenses.  For sure the market here is high, but I look a couple times a day.  I am looking at other markets to invest in MO, KS, TX, IN, and NY.  I just made an offer on a sfh in NY today, it would be our first property.  You trying to stay in WA or other areas?

    0Reply
  • Parker Eberhard
    Contractor · Seattle, WA · Member since 2019 · 339 posts · 325 votes
    6y

    @Paul Doty maple falls is interesting for sure; my inlaws work up at the mountain so it is good for them. They also love mountain biking

    I am casually looking all over the place up north, as Seattle has gotten crazy as you know. There are a couple commercial properties downtown that look very appealing as well

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y
    Originally posted by @Parker Eberhard:

    @Paul Doty maple falls is interesting for sure; my inlaws work up at the mountain so it is good for them. They also love mountain biking

    I am casually looking all over the place up north, as Seattle has gotten crazy as you know. There are a couple commercial properties downtown that look very appealing as well

    I can see why they like it so much. They're in the right spot if they like mountain biking and skiing. That's why I live here :)

    If you're ever in the area for research or to check out properties, drop me a line. I'm always interested to poke around some properties and meet like minded investors.

    1Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y

    @Emmett Bond FYI: There's another meetup this week. It's on Thursday. Event details can be found here: https://www.meetup.com/Belling...

    0Reply
  • Emmett Bond
    Investor · Bellingham, WA · Member since 2019 · 16 posts · 3 votes
    6y

    Hi Paul, wish I could come but that is the morning my wife is scheduled to get induced if our baby isn’t born by then. 

    No chance of moving the venue to the hospital cafeteria? If not, please send me an invite next time one comes up as I genuinely want to attend. 

    0Reply
  • Paul Doty
    OP
    Bellingham, WA · Member since 2018 · 80 posts · 26 votes
    6y

    Hi @Emmett Bond,

    I'm just now seeing this post. I'm sorry you missed the meeting opportunity, but it sounds like a worthy reason :)

    I believe the in-person meetings are on hold until further notice. There's talk of doing a virtual meeting this month. I'll post here if that comes together.

    How's that property you were talking about? Did it go through alright?

    0Reply
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