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Updated over 5 years ago on . Most recent reply
Young, dumb, and full of questions
I just finished college in Bellingham, WA and am looking to buy my first home. I feel that since I will reside in Bellingham this year I should start out by looking for local properties. Is this a good idea? Should I be worried about being able to get tenants if I do buy? Is Bellingham a good market to be searching in or should I be looking on the outskirts (or somewhere else completely)? I would like to at least be searching in the PNW. What is the best way for me to start the process of searching for a single family home to buy? How do I finance my buying of a home being a (pretty much) broke post graduate? Am I asking too many questions at once? I am obviously a newbie to bigger pockets and would love to connect with more likeminded folks and learn more about real estate investing. Let me know what you think and thanks for the feedback!
I can't speak about WA, but there are many ways to buy with not much capital. You can purchase a property with as little as 3.5% to 5% down.
I would recommend that you start by reading Brandon Turner's book on investing with low or no money down... Also, the house hacking book that just came out could be a great strategy for you. Both of those are on the bookstore tab.
@Porter Livingston I would probably start by getting a job so that you have an income source. I would also recommend buying property in areas that you know very well. Where you live is a good place to start. Financing is usually done through a local bank. Banks are the cheapest source of money. This is where having a job and preferably some money comes into the equation. Learn what houses sell for and rent for in your area. Look in the parts of town where average people can afford to live, not where you would necessarily want to live yourself. Always be learning. Become a real estate nerd in your market so that when you find a good deal, you will know it.
@Porter Livingston I've lived in Bellingham my whole life. Im a WWU alum too! Whatcom county is an incredible market but expensive. I'm more or less getting started too. We have done some house hacking/live and flip stuff. I am now gearing up to start investing more. I would love to connect, it's great to meet people in the area!
@Porter Livingston I can also connect you with the best real estate team in the area for buying or selling!
@Porter Livingston congrats on graduating and finishing your degree. What was your major and what are your employment prospects and goals?
As for investing and house hacking, there are plenty of ways to get started with little money, but some will be needed if you’re not former military and you intend to personally occupy the home. How’s your credit? Do you have an income/job already or is that search on to? The best financing options (as in lowest rates, fees, terms) go to those who have great credit, 2 years verifiable income, and a low debt to income ratio among other factors.
You have the most important part started though, the willingness and desire to learn the trade, to better understand investments. If you are a reader and really want to start off with the end in mind, grab The Millionaire Real Estate Investor by Gary Keller and Jay Papsan (is interviewed on one of the BP podcasts) and it will lay all the groundwork you need. Plenty of other good books too.
I’d be happy to connect with you, I’ve lived in Everett/Mill Creek area all my life, and I would be happy to connect you with brokers, lenders, investors and perhaps even jobs depending on your skill set and drive.
Thanks all, I just began Jordan’s book on rental properties and am excited to finish it and read his Low income RE investing book. Also excited to read the house hacking book. As for your questions Gabriel, I have a bachelors in Business and Sustainability and am currently looking for jobs in Bellingham. I am finishing up my summer working for a land surveying firm in Alaska and will be back later this month. I’d love to connect with more people in the area, sending requests! Thanks again to all of you for your insights.
For a first rental property- would you allow Section 8/Hap and how do you allow tenants to secure your properties for rental under section 8?