Rental Inheritance/Investing Advice

[Nicole Brodahl]

Hello everyone, I am new to BP and new to real estate (sort of). My name is Nicole Brodahl (my profile is incorrect - not sure how to fix.)

I have a very long winded statement/question. Looking for any tips, advice, resources that anyone is willing to offer. I have what may or may not be a unique situation.

I am currently 6% partner of an LLC that owns rental properties inherited from family. That partnership is coming to an end where I will be come 100% owner of a new LLC overseeing a triplex and a single family home in the Seattle, Wa area (Snohomish county). - They are old and will probably need a good amount of work however the properties are 100% paid for. However my mom was also a partner and I will essentially be buying her portion of the partnership. (She doesn't care how much the payments are or how much time or if she even gets paid at all.)

My significant other whom I live with has owns his home. I believe he owes 200,000 ish on it and homes in the area are comping around 450-500,000. It was a fixer upper house and still is. Lots of work needs to be done.

We also own a Motorhome that we are in the process of sprucing up.

I would like to get involved in the BRRRR method. Have good credit (740). I work full time for the courts. Out of my personal pocket I don't make a bunch of extra money outside of expenses and just wondering what the ideas are out there on the best approach and which direction to go. I currently have a goal set to own 10 properties over the next five years.

The only connections I currently have are a very good contractor and an insurance agent.

[Michael Haas]

@Nicole Brodahl congratulations on assuming ownership of those properties! You're on the right track - I think House Hacking is the #1 best strategy for beginning real estate investors, and BRRRR is a close #2. If I were in your shoes again as a new investors I'd focus on two things:

1. learn your numbers - you need to know the returns, expenses, financing, etc numbers that make a deal work for you. You can waste a lot of time looking at bad properties if you don't have a good handle on your calculations.

2. find your competitive advantage- Snohomish and King County are full of investors, and to stand out you're going to need to play to your strengths. Do you have cash, great financing or a w-2 that makes lending a breeze? Do you have the temperament and flexibility to do a house hack or a live-in renovation? Are you a great manager and have a phone full of reasonably priced labor and contractors for rehabs? Are you a systems guy ready to tackle property management? Do you love learning zoning and RRIO code and excel at building out extra dwelling units or renting existing units creatively to maximize rents?

Once you have these two things figured out its time to pull the trigger!

We're in Seattle, feel PM me anytime if you'd like to grab a coffee and talk more about investing in this region. Cheers!