All Forum Posts by: Wes S.

@Steven Denio I second the book by Chris Voss, former FBI hostage negotiator. If you'd like a free preview, check out BiggerPockets podcast episode #260.

@Rob MacSwan if you're that close to paying it off, your equity is amazing. So you're probably looking at $400K you could use for an investment. Or more correctly, multiple investments or a multifamily. 

Here's what you could do with $400K instead. Buy a place for cash from a wholesaler/auction for a bargain price then get a mortgage to pull most of it out. You could probably do that at least twice depending on the market. You could potentially have the cash flow you want in a year or two spread out over multiple properties.  Because what you need to consider is vacancy -- what happens of your current current home goes two months without a tenant?

@Greg Becker check out the book "Long Distance Real Estate Investing," it's a new one published by Bigger Pockets. It's full of that kind of stuff.

Generally, network through BP to find people -- and consider doing a partnership or JV with an established investor in the area first.

@Rob MacSwan I think you should sell. EVERY house cash flows great once the mortgage is paid off. In the meantime, you're eating a few hundred a month before you calculate the big capital expenses (roof, AC, etc).

So, you've got probably above $200K in equity, and you've been living there since 2009. Which means if you sell, the increase in value is completely tax free (up to $250K, the change in price). So then you have that $200K+ plus to use on an investment property that ACTUALLY cash flows today.

Welcome @Kevin Moore! I have a couple rentals in Whidbey Island. Look for the local Skagit County and Anacortes group here in BP, as I understand they meet regularly. 

Your background in property management is incredibly useful -- the experience you're gaining is as important as the capital you're raising. Try attending some of the meet up events to see what other people are doing and how you could help (and learn the investor side). I think Snohomish County and beyond are excellent areas for long-term growth, without the same high prices of Seattle.

@Buck Morgan if you have her contact information, I'd suggest a phone call first. Also, write out what you want to say, because it helps you stay on track when that conversation goes...sideways.

@Shahaf Benita I also invest from outside the U.S. and it can be done. However I recommend that you first find a location you want to invest, and then build up a network there. It would likely be best to spend a couple of weeks there, if possible, setting up some meetings with property managers, realtors, and contractors.

And I strongly suggest you get a property manager at first. I've found it immensely helpful, especially when you consider the difficulty of a tenant contacting you outside the U.S., the ease for a property manager to do a visual inspection, their knowledge of local contacts, etc. 

@Daniel White to add to suggestions of others, start networking in-person and ask to shadow others while offering to help in some way. Experience with handyman work, or painting, offer to do it.

Also, put that $500 in an account that is not to be touched except for real estate. 

@Jonathan Phillips you need to meet with an experienced real estate accountant and lawyer about that. If you own a property through an LLC, you won't be able to receive any tax benefits for owning a primary residence (mortgage interest rate). If you LLC simply owns the property, it's not clear how that would affect your state and federal taxes since the property is being used by you for personal use. So, you should talk to a lawyer and an accountant.

@Jeffrey Boman try asking in the local forum for that area. You will get more attention by local investors and professionals.