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All Forum Posts by: Annalisa Brown

Annalisa Brown has started 7 posts and replied 20 times.

Post: Breaking out of Analysis Paralysis

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

Thank you all, I'm re-reading your replies.

This post acheived what I'd hoped: exposing gaps in my knowledge and logic. 

My takeaway is that I don't need to have my entire business model planned out in order to just buy a house. I'm already taking the first couple of steps in finding off-market deals all of the time; I'm using list generating websites, driving/walking different routes of my neighborhood and skip tracing addresses, talking to people at the market, the dog park, volunteers at my job about investing and looking for houses.... I just need to run the numbers and make offers. I'm letting the fear of 'what if they accept' hold me back, and I feel like I need to solve the problem of housing BEFORE I buy. (which I need to do more research about. I found some podcast channels to listen to, bought some books and added local counsel meetings to my calendar).

My first thought about vacation rentals is place like Hawaii. Locals, people whose families have been there for generations, can no longer afford to live there even if they found a place to rent. Sure they can just move to the midwest on the mainland where there are plenty of affordable rentals.. but does that mean there isn't a problem? The flipside to that is that things just change, and no matter how positive the change is, someone will be negatively affected. 

Post: Calling all Clallam and Jefferson County folks!

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

@Mike Sumsky

It's on my calendar!

Good to know, I haven't seen any posts about it when I look for events. Where can I find more information about it?

Thank you!

Post: Calling all Clallam and Jefferson County folks!

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

@Abbie Little

Hi Abbie! đź‘‹

Covid definitely put a damper on quite a bit.

Let's get a ball rolling and connect :)

I didn't know there was one in Bremerton.

Would if be overkill to plan one closer as well?

A virtual or in-person presentation would be awesome! Looking forward to an update on that.

Post: Calling all Clallam and Jefferson County folks!

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

Good morning everyone,

I live in Port Angeles, WA. As I'm starting to look for meetups to attend, I'm planning on driving a total of 5 hours minimum each time I go to one. 

It won't stop me! But I KNOW there has to be at least a good handful of investors, agents, lenders, contractors and newbies here in Clallam, Jefferson and maybe even as far as Kitsap counties that would benefit from a meetup in, say, Port Townsend or Silverdale perhaps. 

  Let's see if we can get a group going! 

  What county are you in? What do you do? Would you like to have a local group to meet with regularly? 

Post: Kitsap Investment Networking Group - Premier

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

Wish I could have attended! When is the next one? :) 

Post: Breaking out of Analysis Paralysis

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

@Bruce Woodruff I agree, I am getting in my own way. Totally stuck, can't think past finishing this house. And I've matched my mindset to the dragging on of this project.

In regards to vacation rentals being socially irresponsible, I just think there are way too many of them. People are having a hard time finding a place to LIVE because everyone wants to rent to short term tenants instead.

Post: Breaking out of Analysis Paralysis

Annalisa BrownPosted
  • Virtual Assistant
  • Port Angeles, WA
  • Posts 24
  • Votes 11

Quick update: Bought a house in Port Angeles, WA in January of 2020 to BRRRR. Still working on it. Been waiting on plumbers and electricians for 9 months. Learning a lot about finding and managing contractors. Doing all the other work on our own (drywall, flooring, siding, landscape, cabinets, finish work, etc.) Been working as Construction Crew Lead for Habitat for Humanity of Clallam County through Americorps, the position comes to an end in September and I have been offered the position part time, 2 days a week to continue to help with the builds. Could turn into full time at 4 days a week if they need it and if I want to do it.

  I don't know if I want to continue with them quite yet. Of course I will continue to volunteer but as far as employment, I feel ready to just dive into real estate entrepreneurship. I feel comfortable with this because I know I can always fall back on serving if I need to (there are a few restaurants around here that are always hiring, and that's the work I've done for years that allowed me to save up for this house).

This is an intentionally vague, opaque post. I am calling myself out for not having my vision clear and my goals outlined. I visited the 'goals' page in my Pro account to set a 90 day goal, and I could not think of one. This was my wake-up call. I have not been focused. We are on forbearance for our home until the end of my Americorps position (I applied to the 10 month Americorps program when the restaurant I was working for shut down for COVID, I earn a small stipend now....) so I don't know if 'buying our second property' should be my goal.

Here is what I know: I want to focus on value-add buy-and-hold investments for the primary focus of providing affordable housing. 

                                I am not interested in vacation rentals, the money does not entice me. It feels socially irresponsible.

                                I DO want financial freedom. I also want to help others achieve financial freedom.                      

Current habits: Reading daily. Listening to podcasts. Analyzing deals. Driving around, looking up properties in county websites. Scanning MLS.

Action plan:          Post an update in BP forums (this is it).

                            Take a proficiency course for Quickbooks.  

                           Rough-draft a Vivid Vision. I don't feel ready, but I need to stop this self-limiting pattern.

                               Attend my first meet-up. 

    Finish this house and cash-out refi or HELOC! Make a plan for the capital. (we do have a detailed and specific punch-list)

    I have been thinking that it would be wonderful to find an investor to work for, but everything I imagine doing for an investor I can just do for myself and actually get a deal and move forward. This may be backwards thinking. I need to put myself out there and get networking, fast track my growth!

    Thanks everyone if you read this at all. I just need something to look back on in 3 months to wince at. 

    Post: “Live where you rent. Rent what you own.”

    Annalisa BrownPosted
    • Virtual Assistant
    • Port Angeles, WA
    • Posts 24
    • Votes 11

    @Juan V Lopez

    Have you heard the story of the Mexican Fisherman?

    This is a long answer. But I promise it will provide clarity.

    "This is the story that started the “be more with less” movement for me. While I knew all work and no play wasn’t the way, I thought I would forever be stuck in the cycle of working to live. I thought I would always have a car payment, credit card debt and not enough month at the end of the money. I thought I had to work harder to make more, buy more and have more. At one time, I really thought that would make me better somehow.

    This story is my inspiration to slow down, reassess, and get real about how I want to live life.

    An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.  Inside the small boat were several large yellowfin tuna.  The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

    The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

    The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos.  I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

    The Mexican fisherman asked, “But, how long will this all take?”

    To which the American replied, “15 – 20 years.”

    “But what then?” Asked the Mexican.

    The American laughed and said, “That’s the best part.  When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

    “Millions – then what?”

    The American said, “Then you would retire.  Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos."

    The way I find out my correct path is this.. what is my big why? Why do I want to invest? To have financial freedom. Why do I want financial freedom? To be able to work/volunteer anywhere I want without worrying about the pay, to be able to travel wherever I want without worrying about the cost or time away from a job, to be able to help others and the planet, and to be able to have a home base that is MINE.

    Do you want to invest so that you can one day have a house that is all yours? THEN DO IT NOW. You will succeed and have a plenty fruitful investing business with only consistency and systematic processes, not by denying yourself a house to play, dream, create, make love, and cultivate ritualistic health and safety. Live the life you want now and still strive for growth and change.

    Post: Update on my SLOW journey.

    Annalisa BrownPosted
    • Virtual Assistant
    • Port Angeles, WA
    • Posts 24
    • Votes 11

    Hell, all!

    Obviously, not many people follow my timeline because I'm not as active on BP as I should be.

    My last post was about a year ago when we closed on our first house.... before covid!

     Sight unseen from 2 states away, occupied, 800 square feet, needs a lot of work.

     We've gotten the foundation lifted, kitchen and laundry room are gutted, changed the floor plans a little bit to open the space up, been waiting on an electrician about 5 months! They're very busy here and all booked out SO FAR. That's okay. We hoped to have our second or third property by the end of 2020 but, being new at this, we don't have systems in place or enough reserves so we're barely scraping through to afford this. We've been on forbearance for 12 months. We aren't freaking out! We're still going to finish this house and try to cash out refi if the market is in good enough condition to do so and still get enough out for a down payment on the next one. I am not hopeful about that working out.

     The backup plan is to just place a tenant in it and find something else to house hack in the area with creative financing.  We can leave the capital in this home until the market comes back, even if it's years from now. We will NOT let the tumultuous year of 2020 get us down forever. We've slowed our roll but we will build something great! 

    I've also found a job here in Port Angeles, Washington with Habitat for Humanity! I am the Americorps construction crew lead. I've realized that I want to help provide affordable housing. I am not afraid of section 8 tenants, in fact I am up for the challenge. I love office work and bookeeping and I plan to put in place everything I have learned from the podcasts, forums, books and articles about tenant screening and building systems. My Americorps 10 month contract is over in September and I think it may be a great idea to find a local investor that needs someone to help with their books, making phone calls, driving/walking for dollars, direct mail, etc. I'd do it now but I'm working 2 jobs and do not have the time to be helpful to someone. 

    If you read this much, thank you! It is mostly for me to start getting active on here again and have an update post to look back on and laugh at in a few years. 

    Post: Closed on our first house! Live-in BRRRR in Port Angeles, WA

    Annalisa BrownPosted
    • Virtual Assistant
    • Port Angeles, WA
    • Posts 24
    • Votes 11

    As a newbie, I just want to post an update on my progress.

    My husband and I closed on our first home in Port Angeles, Washington, SIGHT UNSEEN!

    Purchase price $170,000, 10% down as a second home loan (no one would finance us as primary because we weren't employed in the area yet)

    2 bed/2 bath 790 square feet. 

    Built in 1930 on a post and beam foundation that has since settled and it is a LITTLE slanted. Unsure if we will level it yet, will decide upon moving in this May.

    Being conservative with nearby comps, ARV estimated to be $230,000. Going to shoot for $250,000 and plan for $230,000.

    These numbers are accounting for an additional bedroom being built. Of course I just NOW started The Book on Estimating Rehab Costs, hahaha! We MAY put up to $20k into it. I know, I know....

    My father in law has some pretty heavy construction background and wants to do most of the work. Keep in mind that this is OUR FIRST HOME and that I know to account for what the costs would have been if we hired everything out. I know that I may not find a contractor for my "core four" during this deal, but it was time for us to move anyways. We were living in an 11' by 11' cabin in Sequoia National Park. This will be a mansion for us and I don't plan on making any money. I ran numbers on properties and comps every day for months and feel confident about this decision, especially because I am going to learn so much, so fast. My goal is to own the second unit by years end, and my 3 year vision is 10 doors! I will do this!

    In 3 years I will be laughing at this post!