Beginner from north of Seattle...but living international

Beginner from north of Seattle...but living international

Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes

Hello BiggerPockets! I've been learning from you for 6 months: blogs, books, podcasts, and forums. Thanks for the great content! I'm new to systematic and purposeful real estate investing, so I'm open-minded and am eager to learn.

My name is Wes Stange. My wife and I own two single-family rentals up in Whidbey Island, Washington (near Island and Skagit counties), near the Navy base. We had another from 2007 that was a doozy of an education, but we sold it last year (I'll post about that adventure sometime). Now, we're interested in building our network in the area north of Seattle and exploring single-family and small multifamily properties.

But here's the twist:  We don't live in the U.S. I work internationally most of the time, and the rest of the time I'm in the other Washington (D.C.) when we happen to be in the country. It seems like the barriers to real estate investing from 6,000 miles away are mostly in my head and not that different from cross-country investors -- but I'd love to hear your suggestions on how to get over that geographic jump!

So what do I bring to the table? Well, if you're interested in Western Washington State investing, I do know some about the area, especially near the many military bases (where I worked for about 6 years). I really like spreadsheets -- learning a new formula is kinda my jam, so I'd be happy to brainstorm on efficient analysis. And on the personal side, I'm a dad, an amateur brewer, and can give you some ideas on your next vacation.

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Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
8y

Hi Wes! Welcome! 

The market here is, as i'm sure you know, tricky! With high prices, you have to go through tons of deals to find the right one. But it's possible, and the NAS on Oak Harbor is a great place to start, especially with the force realignment there!

I've been looking at multi families in the greater area (from Oak Harbor to whatcom county) but most are way overpriced. Anything you find where the numbers work is almost guaranteed to be a BARRRR. 

It sounds like what you are really looking for are boots on the ground.

Hopefully I've said enough keywords to get other local investors involved, lol. Anyway, welcome to the site. Send me a message if you'd like to connect privately; I'm always happy to talk to fellow investors, especially fellow/former service members. 

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  • Real Estate Agent · Bellingham, WA · Member since 2017 · 427 posts · 182 votes
    8y

    Hi Wes! Welcome! 

    The market here is, as i'm sure you know, tricky! With high prices, you have to go through tons of deals to find the right one. But it's possible, and the NAS on Oak Harbor is a great place to start, especially with the force realignment there!

    I've been looking at multi families in the greater area (from Oak Harbor to whatcom county) but most are way overpriced. Anything you find where the numbers work is almost guaranteed to be a BARRRR. 

    It sounds like what you are really looking for are boots on the ground.

    Hopefully I've said enough keywords to get other local investors involved, lol. Anyway, welcome to the site. Send me a message if you'd like to connect privately; I'm always happy to talk to fellow investors, especially fellow/former service members. 

  • Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes
    8y

    @Robert Freeborn That's what I'm beginning to realize -- those multifamily properties are crazy expensive. Like you said, someone living in the area to find those great deals is what I'm missing right now.

    And yes, Oak Harbor's future seems pretty bright! It certainly gave us peace of mind to invest there.

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y
    Wes Stange I used to live in seattle and invested in the mid west because there is no cashflow for a hands off investor.
  • Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes
    8y

    @Lane Kawaoka Sounds like a lot of people advocate for the mid-west -- follow the cash flow! So were you in Seattle proper or in one of the nearby regions. The prices in the city are...intimidating! So I haven't looked within about ten miles of there in a while.

  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    8y

    @Wes S. I'm noticing that all areas in western washington are getting too expensive. I came up to Skagit from Seattle looking for deals, but now I can't find anything either. So if you are already out of the country, maybe the mid-west is the best place to invest. Even though it's great that you already have some investments in Oak Harbor, this area is getting expensive - I'm in Anacortes.

    There are still deals to be had. I'm waiting for someone to bother the owners of the run-down apartments next door and bring them back to life, or just paint them!

  • Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    8y

    Welcome aboard @Wes S. sounds awesome! Hope you get over the barriers!

  • Rental Property Investor · Kent, WA · Member since 2014 · 83 posts · 27 votes
    8y

    Hi Wes,

    Welcome home!

    We are here to help!

    What are you looking for?

  • Investor · Waxahachie, TX · Member since 2016 · 25 posts · 11 votes
    8y

    Hey there! If you're interested in homes on/around Whidbey Island and find yourself needing a Realtor, my wife Joelle is available! She works out of the Keller Williams in Oak Harbor and I can give you her number if anyone would like!

  • Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes
    8y

    @Julie Marquez thanks, I'll certainly reach out about our Whidbey area in a new discussion.

    @Matt Motil @Lori Valene @Brandon Potter Thanks for the great welcome! I just bought a single family home that is now rented and stable. I'm waiting until next year to start actively searching again.

  • Rental Property Investor · Coupeville, WA · Member since 2011 · 135 posts · 52 votes
    8y

    Welcome, Wes, after stepping out on the forum. I own multi-family, SFR, and office buildings in Oak Harbor plus other Whidbey Island towns, other off-island Washington markets, and a bit out of state too. Perhaps we can catch up next time you are in town.

    Scott

  • Investor · Seattle, WA · Member since 2015 · 90 posts · 13 votes
    8y
    @Wes Stange not only are the prices in Seattle proper intimidating, but so is the regulatory environment. With talk of rent control it certainly could get even worse. Of course these are hurdles that can be overcome, but why bother if you are just investing in small properties.
  • Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes
    8y

    @Scott Price it might be awhile until I'm back! In the meantime I'll send you a message.

    @Ben Lukes great insight, thanks! I'm definitely staying north of the city for now, like you said I'm focused on small properties.

  • Rental Property Investor · Everett, WA · Member since 2013 · 389 posts · 222 votes
    8y

    @Wes S. Everett multi-families are my jam! Kind of like you and new spreadsheet formulas. My wife and I own 35 units  across 10 buildings in the down core (north Everett). That is were I would recommend placing your hard earned $$$. There are lots of great things happening in Everett now with developer funds flowing in, a four-year Washington State University campus opening and the steady flow of folks moving out of Seattle looking for a more affordable spot. The future looks bright and you can even find some cashflowing properties still.

  • Investor · Oak Harbor, WA · Member since 2017 · 86 posts · 60 votes
    8y

    @Account Closed I'll PM you for more -- thanks Grant!

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