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!