Getting the ball rolling in Snohomish, WA (NE of Seattle)

[Jason R.]

Hello BP community!

I'm Jason. I'm in my late 30's, married with a baby. We live in a home with a detached mother-in-law rental. I've enjoyed being a micro-landlord and the rental income has allowed us to live nearly mortgage-free. This positive experience has turned me onto real estate and other related opportunities. Other background includes holding a real estate license and working as a Associate Agent for Redfin, both for a short period.

I have a solid day job. I've been an RN for 11 yrs and would consider myself half-burnt-out on the profession. I would like to go part-time as and RN or move on from it all together someday. I have a strong desire to earn money in an entrepreneurial fashion and utilize my skills in new ways. I am motivated to learn, hustle, increase my income, and abundantly provide for my family.

Goals:

-Educate myself. Planning to use BiggerPockets, a recommended reading list, and meet with an older longtime investor friend and explore a mentor relationship down the road. Open to other suggestions!

-Obtain a second property. Would like a multi-family property. My wife and I would be willing to live in it for a year if advantageous in the big picture. We have great credit, no debt and a small amount (25K) saved for a down payment. Saving more all the time.

-Expand properties to buy and hold. Create moderate cash flow and build equity for retirement. 

Challenges:  

-I live 35 miles NE of Seattle and the market continues to boom. Low supply, high demand, competition, and expensive property. How can I get my foot in the door on a decent deal in this market? And is it a bad time to get in with home values through the roof? 

Thank you for any feedback. Happy to find BiggerPockets and join the community!

[Bettina F.]

I am going to blow your mind. Sell your Snohomish property, move to Spokane area and start investing. RN salaries are surprisingly comparable, cost of living much lower. We sold our house in Tacoma and we were able to buy an apartment building. I just retired as an RN from Readiness. There are lots of nursing jobs available.