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All Forum Posts by: Pete M.

Pete M. has started 32 posts and replied 235 times.

Post: Looking for recommended GC in Columbia, SC

Pete M.Posted
  • Financial Advisor
  • Issaquah, WA
  • Posts 241
  • Votes 141

Hi all,

Looking to start investing in the Columbia, SC, area with a local partner.  We're trying to build out a reliable team:

Anyone have recommendations on good general contractors who have worked with investors before?

Thanks in advance.

Post: Handyman in St. Louis

Pete M.Posted
  • Financial Advisor
  • Issaquah, WA
  • Posts 241
  • Votes 141

Quick Google search brings up this guy as the most likely result:  Realtor.com link

Post: A Newbie Investor appeared!

Pete M.Posted
  • Financial Advisor
  • Issaquah, WA
  • Posts 241
  • Votes 141

Welcome to BP, Kenneth!

I'm just starting out myself, and don't have the past experience you can claim.  Are you looking in the Seattle or surrounding areas at all, or sticking to the cheaper parts of the country?  Which local banks did you use?

Thanks.

Post: Interested RE investor living near Seattle, WA

Pete M.Posted
  • Financial Advisor
  • Issaquah, WA
  • Posts 241
  • Votes 141

@Christine Z.  Thanks!  My only connection at this point is the local partner who lives there.  I know he has an agent in the area, but I'm afraid I don't know any names or specifics at this point.  Sorry!

@Lane Kawaoka  Thanks for the response and insight.  Does this vary based on geography, or would you say those numbers are pretty reasonable for any market?  I guess to @Benjamin Singer's point, the reason to be in Ellensburg would be to get into student housing at Central Washington U.  Your fate will rise and fall with the university with no other major supporting factors in the community, though.

@Jason Stutenroth  Thanks for the welcome.  Do you do investing yourself in that market?

Also, anyone doing any vacation rentals in Hawaii, by the way?  My wife and I visited Maui this past September and it piqued my interest into vacation rentals and how viable they are for both personal use and generating cash flow.  I'd assume far less consistent than a normal rental property, but the upside would seem to be quite nice.

Thanks.

Post: Interested RE investor living near Seattle, WA

Pete M.Posted
  • Financial Advisor
  • Issaquah, WA
  • Posts 241
  • Votes 141

Hi all,

Been lurking on the forums for a while, but taking the opportunity to post an intro since I'm enjoying some time off at the end of the year.  Anyway, about me/us:  My wife and I are currently living near Seattle, WA (actually in Issaquah), after moving up to this area in March 2016; prior to that, I spent nine years living and working in St Louis, MO.  The difference in cost of housing was hard to swallow, as you can imagine!  I grew up in southwest Michigan, went to college in Indiana, and spent a year living near Durham, NC.  I work in technology sales and my wife is a nurse practitioner; we're also expecting our first child in February 2018, so staying busy getting ready for that monumental change to our lives.  On the education front, I'm listening to about two of the BP podcasts per day and reading various books.  I've reconnected with the agent who helped us buy our home; he's a real estate investor who has done many flips and buy-and-holds himself.  He invited me to a local session held by Steve Chader (one of the authors of Hold), which was great because it helped my wife come to the realization that RE investing can be a great way to helping us reach our goals.

Our goals (subject to change, as always):  Identify and acquire profitable multifamily properties for cash flow initially.  My current targets are at least $100/door, but the more the better.  My target markets are being identified still; there are opportunities in the surrounding Seattle area, but they're still significantly more expensive than in places like the Midwest.  I'm currently partnered with two guys (one in Lexington, SC, the other in Harrisburg, PA), and their markets are more affordable and the numbers tend to come out better for cash flow.  In the long term, I'd like to establish a portfolio of both SFRs and multifamily properties to generate monthly income and build wealth.  I've been saving for retirement since I was 18 with a target of retiring before 50; I'm on-track for that with my regular job, but earlier is better and I think real estate investing is both interesting and the best way to help reach our financial goals.  Currently we have no properties beyond our primary residence, so just getting started!

Why I'm joining the BP community:  I love that the gurus are nowhere to be found, and we can have frank discussions about even the simplest of topics.  There are no dumb questions, right?  I'm also hoping to start meeting and networking with others to learn from their experience, identify potential markets and partnerships, and build a good team going forward.

Thanks.