Spokane, WA · Member since 2018 · 4 posts · 0 votes
Hi everyone!
I am very new to BP and investing. I have many years of experience in residential construction remodeling and general repairs. I currently live in Spokane, WA and have a wife and two kids. I am blessed to be able to choose my next career as my wife has been able to retire me from having to do handyman work to pay the bills. We have an online business and am looking to start our investing careers. I am open to investing in the Phoenix, Spokane, and Boise areas. I am in search of ideas and ways to invest without using my own money at first so any ideas or information is welcome.
Lender · Everett, WA · Member since 2017 · 104 posts · 59 votes
8y
@Jeffrey Briscoe Welcome! You should network with local investors, I'm sure you can find someone who has money, but no time. Ideally you would want to structure a deal where they receive the majority of the profit (since they will have all of the capital invested in the project). Then from there you can start negotiating, or even rolling your profits back into the next deal to share some of the risk (and receive a higher profit split). Once you've built trust, and some profits, you'll be good to go.
Finding a good GC is difficult, and there are plenty of people who want to invest but don't have the time/skills/knowledge to perform (or manage) the work necessary to rehab a flip or repair a rental.
If you ever make it to this side of the mountains I'm sure you could meet plenty of investors who would be interested in investing in the Spokane area.
Real Estate Agent · Rock Hill, SC · Member since 2015 · 189 posts · 53 votes
8y
Welcome to BP!! I am sure that you are doing alot research into different ideas worth investing in and some of the perks with in real estate are there some strategies that you can do that are low money down options. Seller financing is at the top in my opinion. Or being the deal maker and building the deal and finding the money to bring to the table for the deal eliminates the risk of your having to bring all or some of the money to the table. Being able to find the spot that works well for you and your goals is part of the journey! Let me know if I can help you further!
Investor · Spokane, WA · Member since 2014 · 7 posts · 4 votes
8y
Hey man, welcome to the community, BP is a great place to start! I’d specifically recommend the webinars, podcasts and forums. However just be prepared, there is a lot of content, info and stratigies here, but there’s no better place to start! There’s a local meet up tomorrow at 6 as well, check out “the spokane rei group” I honk it’s in BP’s meet up section. If not PM me.
Good luck and for best results( in my opinion) do some research and then ask forum questions to hone in on details- it’s a great sound board with a lot of knowledge
Lender · Everett, WA · Member since 2017 · 104 posts · 59 votes
8y
@Jeffrey Briscoe Welcome! You should network with local investors, I'm sure you can find someone who has money, but no time. Ideally you would want to structure a deal where they receive the majority of the profit (since they will have all of the capital invested in the project). Then from there you can start negotiating, or even rolling your profits back into the next deal to share some of the risk (and receive a higher profit split). Once you've built trust, and some profits, you'll be good to go.
Finding a good GC is difficult, and there are plenty of people who want to invest but don't have the time/skills/knowledge to perform (or manage) the work necessary to rehab a flip or repair a rental.
If you ever make it to this side of the mountains I'm sure you could meet plenty of investors who would be interested in investing in the Spokane area.
Spokane, WA · Member since 2015 · 23 posts · 6 votes
8y
@Jeffrey Briscoe Do you own your own home? If so, you might be able to refinance or get a HELOC and use that money as down for your next property. Julian's idea is really good too. Hope you post to keep us updated on what you did and how it works out! Welcome to investing.
Spokane, WA · Member since 2018 · 4 posts · 0 votes
8y
@Julian Sibley Yes! I have access to some financing through some family members in the area who I met with last week and are willing to help me out to get started. My plan is pretty much what you said roll over profits and give a bit of profit to family for willing to invest with and in me. As far as a GC I am licensed and can do a majority of the work myself until I build up some funds to become strictly an investor so I can be finding the next deal while I have a project under way.
@Melody Dodderer we currently rent our home in Spokane so I am liking Julians advice as well!
Thank you all for the advice!! Look forward to meeting with some of you as well.