New Member Introduction

[Dallas Thomson]

I am new to real estate investing and have recently discovered BP. I live in the Puget Sound area in WA state. I'm looking to invest in the Bremerton, Port Orchard, Tacoma, or Olympia area. Ideally, I'd like to find a duplex, but they are not as common as I thought. But they are out there. I'm going to use the BRRR method to keep my investments rolling forward. I am currently working full-time and working to save up a down payment; I'm about half way there and should be ready to invest in about three more months.

While waiting for the savings to build I am digesting all information I can come across, finding members for my team, and setting up systems for my future self. Thankfully other local BP members have already invited to me to a local REI group, so I will soon get to connect with other REI in my area.

I have been practicing my analysis to sharpen my skills so I am ready to pounce once I have enough saved. But I am having difficulty learning how to do accurate comps. I understand the concept, but I'm having a hard time "tweaking" listings to make them truly comparable. If they are very close it's easy, but when I have to account for differences I don't know how much to adjust, I feel like I'm just guessing. I would sincerely appreciate any recommendations on educational sources, tips, or tricks. 

I'd also love to hear from any real estate agents in this area that are focused on working with REI!

[Tim Herman]

@Dallas Thomson welcome to the forums. small multi families are priced similar to house of the same square footage. REIkit.com has a free ARV tool. Play around with it. I don't want to be negative but a cash flowing multifamily will be hard to BRRR. ARV*75%- fixup cost= Purchase price. If i was starting over I would buy a small multifamily with under market rents and house hack with 5% down. Live in one and rent the other, Move every year for 10 years. Will have 20-40 doors in year 10.