New(ish) Member Intro / Kitsap, Washington / Long-Distance BRRRR

New(ish) Member Intro / Kitsap, Washington / Long-Distance BRRRR

Poulsbo, WA · Member since 2017 · 5 posts · 1 vote

G'Mornin, BP! New member and new investor here. My wife and I currently reside in Poulsbo, Washington (by way of Seattle) and we're hoping to branch out to other investors not just locally, but remotely in other markets throughout the country. Rich Dad Poor Dad, The ABC's of Real Estate Investing, The Book on Rental Property Investing, and Long-Distance Real Estate Investing are a few of the books that led us to here (among many others). If you have any others you'd recommend, we're always looking to grow our library! 


We're open to flips, but I think long-term, multifamily BRRRR investing is the way to go for us- especially mixed use buildings! Sure, accumulating enough passive income to exceed expenses is great, but the ultimate goal is for us to bring some genuine value to the neighborhoods we invest in. If its true that "we get paid in direct proportion to the complexity of problems we solve", I want our real estate ventures to help communities solve as many problems as we can.

Having worked at Amazon the past two years, I'm particularly excited about where they'll announce their HQ2 location. Seeing firsthand how Seattle has evolved since the company setup shop in South Lake Union, I think the next city to host Amazon is in for a real treat. Can't wait to hear who it's going to be! 

If you're local to us, we know several good coffee spots we'd love to meetup sometime. If you're remote, we're still open to chat! A good deal is a good deal no matter where we live, so we won't shy away from what else is going on outside Western Washington. 

Looking forward to connecting with as many forward-thinking folks as we can. Cheers!

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  • Developer · Seattle, WA · Member since 2018 · 90 posts · 47 votes
    8y

    @Brandon Wilson Greetings from Shoreline, Brandon!  I love the sound of your strategy as it mimics ours almost identically! We're struggling to see how deals can be made in our area (though all properties have a homerun price, right?) when properties go for 25%+ over asking price. 

    My wife and I grew up in South Florida and spent a few years in Dallas, TX both of which are significantly cheaper to purchase but figuring out the rent to own ratio as well as rent pricing is where I'm getting hung up.  As you stated, I'll take a good deal where I can find one.

    How often are you in/around the city? 

  • Poulsbo, WA · Member since 2017 · 5 posts · 1 vote
    8y

    Hey @Karl Krauskopf!

    Thanks for reaching out. We absolutely understand your struggle with finding deals in the Western Washington area. Seattle was the hottest market in the nation last year, so life's tough right now for buyers like you and I. Although we're still seeing occasional leads pop up locally, we can't help but wonder if its penny-wise and dollar-foolish to be searching solely where we live. Reading "Long Distance Real Estate Investing" really opened our eyes to the actual possibility of investing remotely, and it feels less risky than ever thanks to tools we now have on the Internet.  As far as rent to own pricing goes, our strategy has been looking for properties that could rent for 1% of the mortgage we'd pay (which again is tricky in Western Washington).

    We've been hitting the Seattle side about once or twice a month, but I'm in between jobs currently so that frequency might be changing soon. We're heading to a class on new construction loans in Renton this Saturday afternoon - let me know if you might be interested in attending and I can send you more info directly.

  • Investor / Lender · Seattle, WA · Member since 2014 · 1k+ posts · 730 votes
    8y

    @Brandon Wilson @Karl Krauskopf

    I wanted to welcome you both to BP!  I'm doing some out-of-state investments right now (flips and BRRRRs).  Finding deals is tough, financing them is tough, and managing them is tough.  I spent a lot of time learning about the financing portion and actually became a lender myself for out-of-state investments.

    If you're both in the Seattle area sometime, maybe we can meet and chat?

    Brandon, you mentioned being at Amazon.  Where are you going to now?  I'm an IT guy myself, mainly in the Data & Analytics space (I love AWS and Redshift)!

  • Developer · Seattle, WA · Member since 2018 · 90 posts · 47 votes
    8y

    @Nghi Le absolutely man, would love to.  I live up in Shoreline so not far from downtown.  PM me and let's connect!

  • Poulsbo, WA · Member since 2017 · 5 posts · 1 vote
    8y

    Hey @Nghi Le !

    Nice! I might actually be changing teams to AWS pretty soon. I've been mostly working from home, but I may soon be working more frequently in South Lake Union.

    I've been fascinated recently with how creative an investor can be with financing. We went to a Seattle Investors Club yesterday, and they had a commercial lender come talk about different ways people can affordably finance a new construction development. So interesting! Let me know if you're interested and I'd be happy to meet for coffee next time I'm back in the city.

    @Karl Krauskopf let's definitely connect sometime as well! I should be heading to the city more frequently in May, so I can PM you when I expect to be nearby your area next month.

  • Investor / Lender · Seattle, WA · Member since 2014 · 1k+ posts · 730 votes
    8y

    @Brandon Wilson  

    You're at Amazon and you get to mostly WFH?  That's pretty incredible!  Let me know when you're in the Seattle area as well.  I wanted to make it to the SIC meeting on Saturday but we had my daughter's 1st birthday celebration that day.  I love to talk about financing and definitely want to hear what you got from the meeting.

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