First Time Home Buyer

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Brit Bear
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Washington State LTR Portfolio

Brit Bear
Posted Oct 6 2022, 03:46

Good morning Bigger Pockets!

Background. I am just starting my journey of financial literacy and a deep down the rabbit hole of self education through websites, bigger pockets podcasts, and books. I am OBSESSED, as I am sure most people here are! I am transitioning out of the military and planning to move to Washington State. I hoping to start a LTR portfolio in Tacoma (for the military cliental) but am open to Spokane, Snohomish, and any other area that makes sense. My focus is on cash flow vs. other metrics. My dream is to live in Winthrop, but I know that dream cities are not necessarily the best investments.

I am currently accumulating cash to be in a cash-advanced position when I purchase my first property (thanks Scott for the Rookie Readiness Quick Start Guide!). For my first purchase I am looking for a house hack for my primary residence (where I have a separate 1 bedroom and rent out the rest of the property). I may or may not have access to the VA loan.

Questions. Are there any investors in Washington State in this community I can talk with? Does anyone have strong real-estate agent with an investment background and experience with VA loans? Ace property managers? Any landmines to avoid with the Washington State? I am working through my own research, but it would be great talk to knowledgable people in the area as I am still located in Virginia Beach.

Thank you all so much for any help- bigger pockets has changed my life!

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Jacob Mack
  • Realtor
  • Spokane, WA
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Jacob Mack
  • Realtor
  • Spokane, WA
Replied Oct 6 2022, 09:56

Hello Brit! Thank you for your service and congratulations on coming to the end of your time in the military. Last year I separated from the Army National Guard after 8 years so can relate in that regard. I am an agent in Spokane, WA and a local and long distance investor myself. I have worked with many military families and am familiar with the VA loan program. I will send you a direct message and would love to talk further!

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Daniel Nobile
  • Real Estate Broker
  • Seattle, WA
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Daniel Nobile
  • Real Estate Broker
  • Seattle, WA
Replied Oct 6 2022, 10:28

Hi Brit, 

Welcome to BP! Congrats on your upcoming transition back to the civilian world! I recently separated from the Coast Guard this year. I am currently house hacking my property with the VA loan in the greater Seattle area. Earlier this year I helped a Military client close on a duplex in Tacoma using their VA loan entitlement. Cash flow is a bit tough right now in this market with low down payments and high interest rates but there is still good opportunities out there. Happy to chat some more if you'd like to connect.


Cheers! 

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Brandon Vukelich
  • Real Estate Broker
  • Auburn, WA: 🏢 26 LTRs 🏡 3 STRs
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Brandon Vukelich
  • Real Estate Broker
  • Auburn, WA: 🏢 26 LTRs 🏡 3 STRs
Replied Oct 6 2022, 11:34

Hi @Brit Bear, I work the Tacoma area and own property in WA as well as a PM firm.  Answers to your questions below:

Questions

Are there any investors in Washington State in this community I can talk with? - Yes, I'm happy to chat or connect you with other investors in my sphere.

Does anyone have strong real-estate agent with an investment background and experience with VA loans? - Yes, I'm a broker/agent and investor.  I've served VA clients and have great lenders to refer, if needed.

Ace property managers? - Yes, my firm offers PM or I can refer you to others to consider too.

Any landmines to avoid with the Washington State? - ABSOLUTELY! Covid has significantly affected our local LT laws.  Best to follow (or become a member of) the Rental Housing Association of WA.  Fantastic organization.

Best wishes on your real estate journey!

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Brit Bear
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Brit Bear
Replied Oct 6 2022, 11:46

Thank you all for the quick follow up! I will reach out to you separately. I am excited to continue the conversation.

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Sherief Elbassuoni
  • Realtor
  • Bellevue, WA
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Sherief Elbassuoni
  • Realtor
  • Bellevue, WA
Replied Oct 7 2022, 07:07

@Brit Bear, great questions

I am local to the Tacoma/Greater Seattle area and happy to chat and answer any of your questions

I am an investor, and also an investor-friendly agent. Sure, I can connect you with a great property manager

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Oct 7 2022, 16:48

@Brit Bear- if you havent  already  done so -  get pre approved  for a  hypothetical   sceanrio ......fyi -  using  " boarder income "   isnt  possible to help  qualify ....

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Brit Bear
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Brit Bear
Replied Oct 9 2022, 05:13

Thank you all again for the follow ups! I look forward to connecting with you.

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Oct 10 2022, 12:37

@Brit Bear- if you havent  already done  so -  get the  formal loan pre approval  in place   using whatever  hypotehtical  scenario  you want to use ?  if you need  to use  financing - getting the pre approval  is  crucial as  without the loan pre approval - the next steps  likely  cant   occur ...

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Michael Haas
  • Realtor
  • Seattle Investor: 66 Successful HouseHacks & Counting! I Own: 🏘 6 LTRs 🏕 6 STRs
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Michael Haas
  • Realtor
  • Seattle Investor: 66 Successful HouseHacks & Counting! I Own: 🏘 6 LTRs 🏕 6 STRs
Replied Oct 18 2022, 23:36

@Brit Bear Thank you for your service! I think @Daniel Nobile would be a great agent to connect with - he's a HouseHacker & STR / Airbnb investor & Coast Guard Veteran, and is doing a lot of what it sounds like you're hoping to do!

As for property managers, I just shot you a DM and can send you ours if you're interested!