Newbie looking to collaborate

[Frank Oliver]

Hello everyone. I’m located in the South Seattle area. I’m a newbie to real estate. I’m currently renovating my house and turning it into my first rental.

I’m looking to collaborate with others like myself who are starting out and needing help, whether it is actual physical help with a renovation or moral support. I’m business minded and pretty decent with tools. I’m open to all kinds of ventures and working together within WA or out of state.

[Yanina Panfilenka]

Hi Frank!
Welcome to the community! You are definitely in the right place to boost your journey!

I own and manage a short-term and just finished with long-term in Seattle (Belltown & N Beacon Hill) and also a real estate agent.

People with skills are always in need, for sure. Let me know what type of jobs you do and I'm curious about the rental you are working on. Let's chat to check you have everything ready for a successful start of your landlord's journey!

[Frank Oliver]

Thanks for responding.

I’m comfortable with residential electrical, plumbing and framing. My primary residence that I’m turning into a rental is an old 1930s house (1300 sq ft) with a dormer and an unfinished basement. My goal is get the place tenant-ready by the end of the year. My preference is to rent it to a trusty family member or close friend so I can ease into being a landlord and continue making improvements without it being a big issue. I’ll probably live in an apartment for a bit while I re-qualify as a first time home buyer and hopefully find another distressed property to renovate either in WA or Midwest .

[Nathan Gesner]

Have you looked for a local investors group? Go to BUILD YOUR TEAM at the top of your screen, and you can search for other MEMBERS or LOCAL MEETUPS. You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.

[Samuel Diouf]

Welcome to Bigger Pockets, Frank!

I’m an investor based out of Columbus, OH. I’d be happy to connect and chat anytime!

These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

[Yanina Panfilenka]

Quote from @Frank Oliver:

Thanks for responding.

I’m comfortable with residential electrical, plumbing and framing. My primary residence that I’m turning into a rental is an old 1930s house (1300 sq ft) with a dormer and an unfinished basement. My goal is get the place tenant-ready by the end of the year. My preference is to rent it to a trusty family member or close friend so I can ease into being a landlord and continue making improvements without it being a big issue. I’ll probably live in an apartment for a bit while I re-qualify as a first time home buyer and hopefully find another distressed property to renovate either in WA or Midwest .

 Sure!
Did you get a contractor license? 
Are you finishing the basement and renting it the whole thing? You can still save on rent doing house hack if the basement is high enough to bring another unit. Same thing with DADU (small dwelling unit located on the same parcel). If you have enough room on the parcel you might think about it too as a way to get the income. 
As for the rental, generally, we'll need to register with the city and they might come with inspection (happened twice to us) so make sure that the conversion is up to code and the list of the requirements are met. 
Having a trusted person or family member generally sounds good for starters buy because of that relationship you might get into the issue of late payments. Unfortunately, that happens, so  run the reports for even close circle ppl to be sure the rent is paid.
Why do you want to re-qualify as a first time buyer? Is it for the downpayment assistance? Some loans work the same as for the first and other time buyers.
Midwest looks cheaper to start for sure but there's always a trade off.

[Jimmy Lieu]

Quote from @Frank Oliver:

Hello everyone. I’m located in the South Seattle area. I’m a newbie to real estate. I’m currently renovating my house and turning it into my first rental.

I’m looking to collaborate with others like myself who are starting out and needing help, whether it is actual physical help with a renovation or moral support. I’m business minded and pretty decent with tools. I’m open to all kinds of ventures and working together within WA or out of state.

Hi Frank, welcome to the BiggerPockets community! This is the best place to network. If you need help, I'm happy to connect and answer any questions you have!

[Alecia Loveless]

@Frank Oliver Most investors strongly recommend you NEVER rent your units to close friends or family. When they don’t pay it destroys relationships.

I’ve done this with my first rental 25 years ago and they destroyed the house causing me to give up real estate for 20 years which was the biggest mistake ever and the only thing in my life I truly regret.

Just screen some tenants and get someone you don’t know. Trust me on this.