Just starting on my real estate investing adventure and I have a quick question ( I actually have a ton of questions, but that's not the point currently). Is anyone here on BP part of the Washington state REIA, and is it worth it? How has it helped you?
Don't know that one............I belong to the Wa LL Association and that has been outstanding..........support, advice, they lobby politicians, forms, meetings in non covid times etc. That, and Bigger Pockets has helped me along the way.
@Andrew Sanders I have been investing in WA for some time but never joined WA State REIA. Currently have a membership to RHAWA which is great and used WA Landlord Association which is another good organization. There are also a number of local Facebook groups that are worth participating in.
For REIA, my take was that it was more interesting for people who are active real estate agents but that could simply be a misunderstanding on my part.
@John Barrett got it. I'm part of a few Fb groups, mostly wholesale groups for the listing (although I haven't technically started investing yet). Do you mind sharing a bit of your experience with investing in Washington? It seems like it may not be the most beginner friendly state.
@Andrew Sanders I started a little over two years ago. Left my full time job over a year ago to invest full time. Every state has advantages and disadvantages, just start taking action.
@Bryce DeCora what was your job before? I ask because that is literally my driving force right now. I absolutely hate my job and how much time it keeps me away from my wife and daughter. But it pays well and I cant just quit without replacing the majority of my income. It's a very daunting prospect..... I'm worried I'll be stuck in this job for many years
Check out my YouTube (check my bio). I worked at Boeing as a software developer. $85k salary, benefits, 401k. I was almost able to match the $85k my first year working real estate after work hours flipping and doing wholesale... it took 4 months to make my first paycheck though. After seeing that, I burnt the bridge. Year 2 was about the same as year 1. Now year 3 it looks like my wife and I are on track for $500k gross.
@Andrew Sanders You don't need to have an investment property to be an investor. The fact you are spending the time to get educated about an area of investing that interests you makes you an investor.
WA state is a challenging market to break into due to the high cost of properties here. Depending on the area you are looking at (Seattle for example) the cost can really be limiting. My first suggestion for people is to spend sometime focusing on an area of RE investing that you are most interested in. You can change your mind but start by picking one so you can avoid distraction (shiny object syndrome). This will allow you to quickly filter through a lot of the noise in the market and only spend time on the properties that match your criteria (age, location, desired return, etc.). Spend time to figure out what your financing plan is upfront and this will make your life a lot easier and your offers more competitive.
I can understand your desire to not want to be tied to your current job but understand that your W2 is a huge asset when you are starting out. Your W2 provides a lot more access to capital at better rates than you could otherwise get. If possible, try to re-frame the grind of work as not taking you away from your family but rather building the financial platform from which to launch a more independent future.
Best of luck,
@Andrew Sanders , you are correct, investing in WA State is not so easy for beginners because of the high acquisition price. That said, once you get your first deal (many beginners get their feet wet with a house hack), things start to get easier.
I love investing in this market because I can get deals with great cash flow, and the market is very strong appreciation-wise.
I joined the WA REIA group in January of 2020 thinking I would get started with my investing career in WA (I moved to Gig Harbor in late 2018 and had just house hacked my first rental in my hometown before I left). I went to 1 or 2 events and then Covid hit and shut everything down. Not sure why but the group chose to go completely quiet - no virtual events nor communication at all during that time. (I had paid for the full year). Just received an invoice for 2021 membership and notification that they were restarting now that Covid restrictions were being partially lifted, but I have declined as I have found other groups and venues to participate in - so I chose not to renew my membership. I will wait and see what kinds of things the group offers the coming year when they get it organized and will re-evaluate then. Hopefully they are able to get it on track.
As @Char Tovar mentioned, joining a group that doesn't meet isn't helpful, especially when there are so many other places to connect and many without fees. Look for places that bring big value and REAL connection, meaning face-to-face meetings, groups, or at a minimum Zoom styled events that include group interaction, not just one person talking with everyone else muted. Obviously, BP has the events and often meet-ups are posted there. FB groups exist as you've already found. I'd recommend talking with 10-15 real estate brokers that personally invest and/or work with investors to see who they may recommend to you.
@John Barrett I have a pretty good idea of what I want, to start anyway. Long term goal is a bit more hazy, but it's coming into focus as i continue to learn.
That is exactly how I am looking at my W2, and how I justify it to my wife (working nights that is). However my goal is to get to the point where I no longer need this job. I don't plan to stop working all together, but I want to get to a point with RE that I no longer need this specific job.