New to investing in Tacoma WA

New to investing in Tacoma WA

Real Estate Investor · Tacoma, WA · Member since 2014 · 5 posts · 5 votes

In July of 2008 my wife and I returned from over three years of living and teaching in Bangkok Thailand. Using the $30k that we had saved during that time I got certified with CrossFit and opened the first affiliate in Tacoma, CrossFit Tacoma. As one member/friend described it, I was able to build a business with little more than a smile and an empty room. I don't know that it was quite that simple, but in essence it's true.

I had no budget apart from what was in my bank account, no experience either as a trainer or business owner, getting started in luxury industry (a relatively obscure one at the time) at the cusp of the Great Recession. If I had paid attention to the odds, I would have never slept.

Now, over five years on, we've got 350+ members, are one of the largest CrossFit gyms in the state, and every day I get to be around some of the greatest people in my community. I've also developed a set of organizational and business skills that give me the confidence to move beyond running a gym.

So it's time to start pursuing what has been another goal of mine: property ownership.

I intend to start with small single and multi-family buy-and-hold while I build equity, experience, confidence, and contacts. After that, I would like to get into apartments and commercial properties. Apartments because the same logic for small multi-family properties applies in even greater force: more sources of income per property. And I think that there are fewer competitors in the apartments market. Commercial properties for the same reasons. As a business owner I've negotiated several commercial leases, and I want to get on the other side of that equation.

I dream of owning property in Mexico too, but that's too far off right now for me to contemplate seriously. :)

And that's that for my introduction. Thanks for taking the time to read through a bit of my story. I hope to meet and develop business relationships here in BP. I welcome any and all feedback.

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  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    @Morgan Blackmore welcome to BP. There is a wealth of information here. I was in real estate for over 20 years before I found this site and I cannot believe how much I have learned from it. Be sure to read through the learn section above, it has loads of information for new and experienced investors. Be sure to set key word alerts for areas or topics of interest like "Tacoma" . Be sure to hook up with folks near you, they can help you out in a pinch, and might land you the lead for the deal you are looking for.

  • Real Estate Investor · Kirkland, WA · Member since 2012 · 480 posts · 116 votes
    12y

    @Morgan Blackmore

    Welcome to BP. We're up in Kirkland. Sounds like things are working out pretty well for you. I think you'll find this is a great place to learn and connect with others. There's quite a few of us from Seattle / Tacoma / Everett areas. Check out the Podcasts under the "Learn" tab up top. Lots of great info. See you around the forums.

  • Real Estate Investor · Tacoma, WA · Member since 2014 · 5 posts · 5 votes
    12y

    @Jerry W.

    Thanks for the tip. Tacoma has now become a key word alert for me.

    @Gerald K.

    I'm working my way through the podcasts now. Hey do you ever go to local/regional investor meetups?

  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    Welcome Morgan . There are a lot of super helpful people and great advice on this site! I'm a "fix and hold" investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..

    You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the "vote" button if you like someone's post or is helpful, and there are "awards" to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!

  • Investor · Snohomish, WA · Member since 2013 · 629 posts · 84 votes
    12y

    Welcome Morgan!

    After I graduated from college (2009) I moved to Thailand as well to teach English. I really disliked it (I have much more respect for teachers now!) and stopped after my trial period and used Bangkok as a hub to travel for a year and half which I did love.

    I am in the process of opening a float center in Carlsbad which has a good connection to the local crossfit gyms in the area as my business partners are tied into them. I live up north in Snohomish County where I own some multi-family but find myself down in Tacoma more frequently these days as investors are becoming more interested in this area.

    Welcome to BP! Hope to meet you at some point!

  • Kenneth HynesPro Member
    Rental Property Investor · Easton, PA · Member since 2013 · 357 posts · 92 votes
    12y

    Welcome Morgan

    I am relatively new to the WA real estate market as well, but been in the buy and hold SFR business a while while I serve in the military. Like the others have said , this site has a wealth of info and guides. One of the best tips I have seen is to really get to know your target market, whether it be SFR or condos, and try and see and look at as many properties as possible, even if you not ready to buy yet. That way you can get a feel for what price points are in your area, and what kind of "finishes" (eg tile vs linoleum , hrardwood vs carpet) are in your target market

    Ken

  • Residential Real Estate Broker · Kingman, AZ · Member since 2014 · 131 posts · 18 votes
    12y

    Welcome to this wonderful site. I am a newbie looking forward to being a wholesaler. You can find all kinds of answers for your questions on here. Good luck to you...

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Morgan Blackmore

    Welcome. Time to build the foundation.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Good luck

    Paul

    @Kenneth Hynes

    Thanks for your service.

  • Real Estate Investor · Tacoma, WA · Member since 2014 · 5 posts · 5 votes
    12y

    @J. Martin

    I figured out the @ thing. Everyone else did it so I tried it myself. What's the point of awards? Except to incentivize us to be active on the forums, that is. :)

    @Zach Schwarzmiller

    I totally understand disliking the classroom. Becoming a teacher wasn't my first choice either, I sort of fell into it. But being abroad allowed for some life changing experiences and a chance to visit parts of the world I had only dreamed about.

    @Kenneth Hynes

    Good tip about drilling down on the market. I'm looking to invest in the neighborhood I live in so I count myself relatively familiar with the geography, but not so much the market. And this gives me an excuse to do more exploring and learning. :)

    @Laura Moore

    Newbie too? Judging by your number of posts you've got a fair bit more experience than I do so far. Where are you at in the process of getting started? Why wholesale?

    @Paul Timmins

    Read beginner guide. Check.

    Listen to podcasts. Check

    Read books. Do you recommend those books even though they're not focused on my particular strategy?

    Attend REIA meetings. I've started asking around about these. There are none in my county, do you think it's still worthwhile to go even if it's in a totally different market?

    Is there a special source for finding HUD homes?

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @Morgan Blackmore

    If you are going to do buy and hold they are excellent estimating your repairs and conducting inspections.

    A google search turned up clubs in and near Tacoma. There is also a "meetup" in the area.

    HUD.gov

  • Investor · Glacier, WA · Member since 2010 · 30 posts · 14 votes
    12y

    Welcome to BP Morgan!!

    First of all, congratulations on already building a successful business in this area! I too enjoy Crossfit and will stop by after ski season.

    I live in the Jovita Heights area of Auburn and love Tacoma for Buy & Hold investing. Depending on your goals, Tacoma has it all and at a fraction of the cost of investing in Seattle.

    Good luck and I look forward to meeting up sometime soon.

    Jon

  • Residential Real Estate Broker · Kingman, AZ · Member since 2014 · 131 posts · 18 votes
    12y

    I have only been on here since the 28th of last month and to my numbers being up there for a newbie is because I try welcoming newbies on here and ask questions on some of my keyword lookups. I plan on starting next week. Going to go talk to some friends of ours that have a real estate business this weekend to make sure all my paperwork is in order and to see if they can give me ideas for this area... I am getting so excited about it all..

  • Residential Real Estate Broker · Kingman, AZ · Member since 2014 · 131 posts · 18 votes
    12y

    Oh and wholesale because I know I can do great in it in the area I live in....Bullhead City, Laughlin Nv, and Lake Havasu City are just some of the choices..

  • Real Estate Investor · Tacoma, WA · Member since 2014 · 5 posts · 5 votes
    12y

    @Jon Russell

    Sweet. Drop in any time. Careful on the slopes. I lose more athletes to ski injuries than anything else.

    @Laura Moore

    Good luck this week. Do you have a blog where you'll update your progress?

  • Residential Real Estate Broker · Kingman, AZ · Member since 2014 · 131 posts · 18 votes
    12y

    No I don't have a blog.. But that is a good idea thanks.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Morgan Blackmore Thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

    Seeya around!

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