Newbie investor in Eastern Washington

Newbie investor in Eastern Washington

pharmacist · Spokane , WA · Member since 2015 · 10 posts · 1 vote

Hello everyone, I am a relatively new investor in Spokane Washington.  A few years I became obsessively interested in the real estate market while searching for a new primary residence.  Rather than selling our house, we decided to invest in vacation property at a local ski resort, Schweitzer Mountain.  Our primary motivation for the ski condo was to create long lasting family memories.  On the side, I decided to list the property on VRBO for when we were unable to utilize the property.  Our condo was a huge success and we have a vacation property for nearly free only renting a few times a month.  Since then I've kept an eye on our real estate market and I have finally decided to jump in.  I currently have a 40hr a week 100k+/yr job, however it is something I really am not passionate about.  My long term goals are to eventually leave the 40hr job for my own business ventures.   I am currently in the research phase of this new venture, particularly in flipping houses for immediate cash and then diversify the investments (rentals, vacation rentals).   I have listened to numerous podcasts and read a few books so I have a general idea how to proceed.  My immediate short term goal is to avoid 'analysis paralysis' and get to my first deal.

Discovering BP has played an integral role in providing me with valuable resources to make decisions and creating a business model. I will be attending a local REI group meeting in a few weeks and look forward to networking with other local investors. Additionally, I look forward to meeting people on the forum and learning from other successful investors.

Thanks for reading my lengthy intro!

G.F. 

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  • Wholesaler, Investor · Portland, OR · Member since 2015 · 117 posts · 38 votes
    11y

    Welcome to the forum Garth! We just had a lead call us from Spokane yesterday, small world!

  • Real Estate Investor · Spokane, WA · Member since 2015 · 6 posts · 1 vote
    11y

    Welcome Garth, hope to see you at the next local REI meeting. (would that be 'Nextgen REI'?)

  • Specialist · fremont, NE · Member since 2014 · 161 posts · 42 votes
    11y

    Welcome to BP.

    The very first thing I want to do is congratulate you on all the success that you have had, and wish you luck in future ventures.

    Something I will warn you about is that even at REI clubs and such, be careful of anyone promoting "education," as well as "joint ventures." Anything that has to do with "education," is someone trying to scam you for money...maybe 90% of it. For example, if you look on Craigslist, you'll see a lot of posts for "earn while you learn," or similar. These are "gurus," who will try to get you on the hook for hundreds or thousands of dollars on their "education." Your best education is forums, like BP, and others.

    Are you thinking of getting your real estate agent's license, as well? This isn't needed, and there are many arguments for and not to get it.

    Have you decided where you'll go for houses, eg, FSBOs or REOs? Just curious.

  • pharmacist · Spokane , WA · Member since 2015 · 10 posts · 1 vote
    11y

    Indeed a small world. Do you have a lot going on in this area? My brother is in commercial real estate in Portland,  is that your where abouts? 

  • Broker · Spokane, WA · Member since 2015 · 6 posts · 1 vote
    11y

    Welcome Garth!  @Seth F. is also new to this market and working on his first flip.  Might be a good contact for you to bounce some ideas off of and get some insight into the challenges and successes he's having. 

  • pharmacist · Spokane , WA · Member since 2015 · 10 posts · 1 vote
    11y

    Seth, yes that is the REI club on the 8th. See you there?

    Eddie, thanks for the tip! I am pretty skeptical when it comes to those ads. I am more into self educating and introducing myself to veterans than attending boot camp or other programs.  Funny you mention real estate license,  I just started researching that process for a WA license last night. So, yes I do plan on that but more for access to information rather than showing homes to clients. 

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Garth Fritel

    Welcome to Bigger Pockets. Make sure to check out all the informative podcasts.

  • Investor · Fall City, WA · Member since 2013 · 200 posts · 63 votes
    11y

    Welcome @Garth Fritel, we actually have our eye on the Spokane market as well for the price point and economy.  I lived there for a short time while going to the WSU campus there.

    Are you looking to do flips in Spokane?  Would be interested to see what you come up with for numbers.  I haven't run any numbers there yet, rentals seem to be a good market there, but as always, you have to buy and the right price.

    Look forward to hearing more about your success.

  • Flipper/Rehabber · Spokane, WA · Member since 2011 · 123 posts · 71 votes
    11y

    @Brian Fouts I've been a house flipper in Spokane since 2007. We flip and wholesale a lot of property here. 

    Let me know if you'd like to chat about the local market here or take a look at our next wholesale opportunity! 

  • Rental Property Investor · Seattle, WA · Member since 2014 · 215 posts · 77 votes
    11y
    Originally posted by @Eddie Starr:

    Welcome to BP.

    The very first thing I want to do is congratulate you on all the success that you have had, and wish you luck in future ventures.

    Something I will warn you about is that even at REI clubs and such, be careful of anyone promoting "education," as well as "joint ventures." Anything that has to do with "education," is someone trying to scam you for money...maybe 90% of it. For example, if you look on Craigslist, you'll see a lot of posts for "earn while you learn," or similar. These are "gurus," who will try to get you on the hook for hundreds or thousands of dollars on their "education." Your best education is forums, like BP, and others.

    Are you thinking of getting your real estate agent's license, as well? This isn't needed, and there are many arguments for and not to get it.

    Have you decided where you'll go for houses, eg, FSBOs or REOs? Just curious.

     I just want to chime in, while there is a lot of truth to this post, and some "Gurus" are scammers, the statement "the best education you will get is forums..." is complete non sense. There is some great info on these forums, books, etc. However I have 2 paid "Guru" mentorships and they both have rocketed my achievements and growth in real estate. Not everyone is trying to scam you, and you can never plan for ALL the unknowns or learn a business through forums and books alone. 

  • Rental Property Investor · Seattle, WA · Member since 2014 · 215 posts · 77 votes
    11y

    @Garth Fritel, I echo the groups welcome. I am based in Seattle, own 10+ units in 4 states, and will replace my income with rents and note payments by the end of the 1st quarter of 2016. If you want to chat about investing in high cash flow markets, finding a local flip, etc. let me know. Kevin @ RootEnergyHomes.com. I am happy to help, and have been wanting a rental in Eastern WA for a while. Maybe we could do business. 

  • pharmacist · Spokane , WA · Member since 2015 · 10 posts · 1 vote
    11y

    @kevin moen, it sounds like  you have a positive experience with a 'guru' in the past.  Was this a formal program or more of a 1 on 1 mentorship where you partnered with a seasoned investor to learn the ropes?

  • pharmacist · Spokane , WA · Member since 2015 · 10 posts · 1 vote
    11y

    @seth

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    @Garth Fritel

    Welcome to BP community! You came to the right place to learn all about real estate investing! Here are some recommendations for you: 

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best! 

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