Would Appreciate Help Getting Started in Real Estate Investing in Washington State - Vancouver/Battleground area plus! Thanks so much!!

Question

Hi, I'm Jennifer.  I've been in and around real estate for years (held a license in two states in the distant past).  I've done Ron LeGrand's Boot Camp as well as the 3 day Rich Dad Real Estate seminar, and I've read a bunch of great books!! I want to get a start and get some cash flow going, but all that information is still swimming around in my head and my financial resources are not plentiful at this point.  I'm wondering if there is an experienced someone out there who might be willing to be of some assistance to me in getting started.  For starters, I could definitely use some good referrals to an excellent real estate CPA and an excellent real estate attorney in the area.  I'm bright, resourceful and savvy and I'm certain I can make a positive contribution to your investing efforts as well.  Thanks for taking a moment . . .

Marcia Maynard · Answer

@Jennifer Casey Welcome to Bigger Pockets! Not only have I been to Yacolt, I did an inservice with the North Country Emergency Medical Service there, teaching how to communicate with patients who are Deaf and those who use languages other than English. Still drink my morning chai from one of their mugs that they gave me in appreciation. Love this time of year when the apple harvest is made into fresh apple cider!  Must take a drive up your way to get some!  I don't live in the country, but I'm not too far away from you; I'm in the big (little) city of Vancouver.

The Clark County Rental Association is a great resource for local landlords and I recommend going to their monthly dinner meetings once you get going.  Sounds to me though like you are at the acquisition phase, not quite to the holding phase. What are your real estate investing goals? What markets? Are you looking for residential or commercial, looking local or does it matter? That will determine the type of mentors who will be able to provide you with the guidance you seek. Here are a few resources on my list.

Attorney at Law, Real Estate Law - Roy D. Pratt of Landerholm

Attorney at Law, Landlord-Tenant Law - Quinn Posner of Langsdorf, Ferguson, Posner PLLC

CPA - Ron Oliver of Peterson and Associates P.S.

EA - Kelly Fitzgibbon of Bottom Line Tax Services Inc.

Kevin E. · Answer

I get so excited everytime I see a post about this region so I can get a feels for what others right in my backyard are going through.

@Michele Fischer  I have noticed that Vancouver is a tough place to find good cashflow as well.  I have seen some good properties come up on the MLS but they are scooped up within a day or 2 which would be another reason to follow the advice of @Kenneth Hynes and tour homes frequently.

After seeing so many homes you are probably better positioned to jump on a deal before someone else does.  In addition to keyword alerts for BP I also have criteria alerts on Redfin to see when properties are listed that fit my desired criteria, which is still just for research and info as I don't yet have the capital to jump on them.

Kenneth Hynes · Answer

@Jennifer Casey

Welcome Jennifer .

Welcome to BP.  BP is a great resource. Full of great tips and reads. One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market. I really dont think you can look at too many properties, and the more you look, the more knowledge you will gain for that market.   I am relativley new to the WA market myself, so still looking to build my team as well.

Read some of these books ; personal favorites are the McAvoy books

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/

Jennifer Casey · Answer

Thanks so much, Michele.  That information was helpful.  And yes, my 10 acres is backed by Weyerhauser timber land.  I like knowing it is not going to be developed.

Michele Fischer · Answer

Hi Jennifer!

I have actually heard of Yacolt!  I work at Weyerhaeuser and we have timber holdings out that way.

If I were you, I would join the Washington Landlord Association, at walandlord.com.  This will give you access to all the forms, legal for Washington state, and folks to call with questions.  I have a local real estate lawyer identified to reach out to if we ever have to evict, but so far we have not needed to hire a lawyer.

I also do not have a CPA since I am an inactive CPA and we feel comfortable handling it ourselves.  Since CPA's do not need to be local, you may want to look into Steve Hamilton II here on Bigger Pockets.

And Marcia Maynard would be a great contact to find out about a local real estate group in Vancouver and other suggestions.  It's my understanding that it is hard to get cash flowing properties in Vancouver.  That's the bad part about thriving areas, where Longview has cash flow opportunities but no appreciation opportunities (unless or until they figure out how to make it a community more people want to live in).