Introduction from Seattle

Introduction from Seattle

Rental Property Investor · Everett, WA · Member since 2020 · 32 posts · 12 votes

Hello Shain Cannon here, new member, just found bigger pockets a few weeks ago and have been plowing through the podcasts.

Love the network and possibilities. I am a mechanic who has had great success over the year’s buying and selling cars and never taking a loss. (Not always to flip them, just usually I get bored and want something else haha). So naturally the next pathway is to move onto bigger and better things. The housing market generally has an extra zero or 2 at the end compared to the automotive market. Although I don’t believe flipping houses is what I’m interested in. I have a very open mind however. More so monthly revenue.

I live north of Seattle in a city called Everett. We have a Boeing plant here, in fact 5 minutes from my house, so the market is usually pretty strong.

I own my own house. And I will be making a post in another section looking to talk about the numbers. I have a 2-5 year plan to be able to quit my city job as a mechanic and live solely off investment/rental properties. Ambitious I know, but why not shoot for the moon.

I have learned that I already house hack and have since I bought the place. Always renting out 1-2 rooms to friends. I didn't realize house hacking was a thing, I just knew if they were willing to pay for space I wasn't using them why wouldn't I offer the opportunity. I also have somewhat followed the BRRRR method, although without the renting part (The most important) as I just don't think the numbers work. I bought relatively low. Cash out refi after a couple years, rehab, and then refied back into an affordable Loan with about $170k In equity in today's current market. However I still need a roommate to be comfortable financially so here I am! Look forward to discussing the ins and outs of real estate investment.

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
5y

Hey @Shain Cannon - welcome to BP! We were in a similar boat when we bought our first house in 2013 - we househacked for years before realizing that's what people called it. Back then we just called it being cheap :D.

Best of luck with the journey man and reach out anytime if I can help with anything - 

“Shoot for the moon. Even if you miss, you'll land among the stars.”

HouseHack Seattle | Michael Haas & Team572 Reviews
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  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    5y

    Shain,

    Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

    I recommend that you check out the following resources:

    1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

    2. Check out other online guides available here: https://www.biggerpockets.com/guides

    3. Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

    4. If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

    5. You can meet local investors by registering to attend real estate events in your area: https://www.biggerpockets.com/forums/521-events-and-happenings

    6. BP has various tools to help you analyze your deals (rentals, flips, wholesale, etc). : https://www.biggerpockets.com/investment-calculators

    7. If you can't find what you're looking for, try the Bigger Pockets Fileplace. It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 

    8.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Good luck investing.

    Hampton Tax and Financial Services LLC4.7106 Reviews
  • Rental Property Investor · Everett, WA · Member since 2020 · 32 posts · 12 votes
    5y

    @Bill Hampton

    Thank you for the resources!

  • Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    5y

    @Shain Cannon, I think you are already on track with house-hack, and BRRR. These two strategies are amazing especially in a hot market like the greater Seattle area.

    I like your plan of quitting your job in 2-5 years. As an investor, and investor-friendly agent, I can help you achieve this goal using different strategies like BRRR, ADU, Mother-in-law, rent by room, ......

    I live a few minutes away from you. Let's plan a call or coffee to discuss your plans furthermore.

    Thanks!

  • Aaron NelsonBusiness Member
    Real Estate Agent · Seattle, WA · Member since 2016 · 307 posts · 191 votes
    5y

    Hi @Shain Cannon! Welcome to BP. Look forward to connecting here on the forums. The Greater Seattle area continues to grow and house hacking is a great strategy to set yourself up for financial success! 

  • Rental Property Investor · Everett, WA · Member since 2015 · 458 posts · 386 votes
    5y

    @Shain Cannon Everett is a great market to invest in and the area directly East of Boeing has a number of multifamily properties which can tend to work well for a house hacking if you wanted to look at doing another owner occupied type of situation. 

    I would caution you about quitting your W2 job.  Lenders love stable (2 years) W2 income and it makes getting approved for a loan much simpler and less expensive.  While this is not a deal breaker most of the time, getting access to low cost financing does make your first investments easier.

    Best of luck,

    John

  • Rental Property Investor · Everett, WA · Member since 2020 · 32 posts · 12 votes
    5y

    @John Barrett you are 100% correct about the W2 job and getting loans/mortgages. I don’t plan on quitting until I have 4-6k a month cash flow on the books through an llc. Again ambitious yes, but if I learn from everyone here and other resources we know it’s possible.

    I am not doing this solely to get rich, I’m in it for lifestyle. I have a wife and 2 kids and with the W2 I work nights, and a side job after I get off leaving me no time for family or hardly relaxation. Not going to live This way for 40 year to collect a measly retirement.

  • Michael HaasBusiness Member
    Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
    5y

    Hey @Shain Cannon - welcome to BP! We were in a similar boat when we bought our first house in 2013 - we househacked for years before realizing that's what people called it. Back then we just called it being cheap :D.

    Best of luck with the journey man and reach out anytime if I can help with anything - 

    “Shoot for the moon. Even if you miss, you'll land among the stars.”

    HouseHack Seattle | Michael Haas & Team572 Reviews
  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y

    Welcome to the BP family @Shain Cannon , you came to the right place to learn all about real estate investing!

    Good luck on your journey!

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