REI Neophyte - Hello from Spokane, WA

[Deanna Joy]

Hi all,

My name is Deanna, I currently reside in Spokane. I have recently started working at a credit union and have grown leaps and bounds in my understanding of finance, credit and investments. At the beginning of this year, I started work as a Loan Servicing Specialist in the Business Lending Department. I think this job uniquely positions me to learn a great deal about REI, and so I intend to leverage the opportunity to achieve my goals.

My own finances are well in order and I keep careful track of them. But looking at the numbers of my budget every month has made me realize that I can't multiply my money by willing it to happen. I want financial freedom to pursue goals in other areas of my life, including travel, school, dance, and volunteering my time as a music teacher. I teach private voice lessons in my home. It makes for great supplemental income, but I have found it too unreliable to rely on as my primary source of income. I would prefer to be able to simply enjoy teaching without letting finance complicate things.

With REI, I am most interested in buying to hold and lease, to establish passive income streams with a long time horizon. I won't stubbornly hold a property if a good opportunity to sell comes along, but I'd prefer to keep it and let the returns roll in over time.

Though I don't have much capital to start out with, I do have several connections with people who have confidence in my ability to learn well and execute a successful investment. They are willing to partner with me and provide funds for down payment and start up to the tune of 10-40k. (Discussed thus far is 10-15k from one, 20-25k from another, which I could accept separately, jointly or not at all).

That being said, I wonder just how sticky navigating a partnership may be. Where can I look for resources on business arrangements? On accounting? Should I seek less complex financing? Wait a few years until I can save the funds myself? Can't say I like that last option much, but I can be as patient as I need to be in order to be wise.

While I consider these things, I want to research and learn as much as possible, and form connections with investors, both experienced and prospective. Where shall I start to look for groups or meet up events in the Eastern Washington/Northern Idaho area? What avenues can I pursue to become better acquainted with the RE market in this area? I am especially interested in resources that will benefit me on the job as well as personally. I'm all about double dipping!

I realize this has gotten extremely long, but I am afraid of not giving enough information! I will wrap it up here.

If you made it through, thanks for reading!

[David Clinton III]

hi @Deanna Joy,

I'd be happy to sit down over coffee and discuss some of these things with you. I've learned a lot in my 4 years as a full time investor that could probably be of some help. If you're interested, send me a private message and we can set up a time.