All Forum Posts by: Christopher Bowen

Hey @Timothy Allman

Welcome to BP! You came to the right place. I suggest you check out the articles and podcasts that others have mentioned. The info is very helpful. Also, don't hesitate to search for Tacoma investors and offer to buy them a cup of coffee to pick their brain. I am new to REI as well and I have met with numerous folks that I met right here on BP. Reading and listening to podcasts helps, but it really starts coming together when you bring your topics and questions to the people who have done exactly what you want to do in the same market.

Good luck!

@Cameron Benz

Welcome Cameron! Fellow Washingtonian here from Lake Stevens.

Check out the articles and podcasts... very helpful!

Chris

@Michael DeRoss

Hi Michael,

There's a meet-up at the Lynnwood Library on 4/3 at 6:30pm. I know that's not exactly your neck of the woods, but thought I would let you know about it.

Chris

@Jay Hinrichs @Zach Schwarzmiller

In WA the MM business is in jeopardy. Now that I-502 has passed (legalization of recreation marijuana), the state is pushing to close the MM dispensaries and make everyone (patients and recreational users) purchase from the I-502 retailers (there can only be 331 retailers in WA according to the law). The reason being that, the WA MM laws are not well written, containing a lot of grey area, and because of this, there is a lack of regulation. The state wants to look buttoned-up to the Feds so WA is seen as compliant with their concerns and regulations and viewed as a "role model" for the states that legalize in the future. Even if the MM dispensaries somehow pull through, you can expect the growing laws to get much stiffer. On the recreational side, in order to grow marijuana, one must hold a producer license, which had to be applied for no later than the end of Dec 2013. The regulations are extremely tight in this process and many get turned down for problematic applications. The state has not indicated when new applications will be accepted, but I would image at least a year from now, as they are up to their necks with applications for producers, processors, retailers.

Now how does this apply to real estate investment you ask? Well, if you wanted to purchase a commercial property using a bank loan and rent it to either a MM dispensary or I-502 retailer, you would be putting yourself in a sticky situation. The reason being that banks won't lend if the property being purchased will be used for marijuana sales (because it's still federally illegal). They also won't refinance for the same reason. Right now, the marijuana business is 100% all cash (no banks) and that brings other problems as well.

@Gerald K.

Likewise, Gerald! See you 4/3 at 6:30.

Hi Alex,

Welcome to BP! By far the best REI tool on the web.

I am from the Seattle area (work downtown, live in Lake Stevens) and am always looking to network. In fact, there's a meet-up in Lynnwood on 4/3 at 6:30. Here's the link to learn more: http://www.meetup.com/SnoCo-Connected-Real-Estate-Investors/events/167666732/

To get started I suggest that you checkout the Learn tab above and read the great articles this website provides. Also the podcasts are a goldmine. Tons of great info.

You mentioned the Seattle area as your primary focus. Are you sticking within city limits are venturing north or south? Seattle is a very competitive market and finding properties that cashflow can be difficult unless you are buying very large multis. It's definitely not impossible, but much more difficult than other locations.

Hope that helps!

Chris

@Brian Hibbs

I am in the same boat as you. I own and live in a SFH in Lake Stevens that I plan to turn into a rental once I buy my first multi. My plan would be to move in one of those units. This could change depending on the property, but in doing so I would save some serious cash each month.

I myself am going down the buy-and-hold route. Flipping, at this point in time, does not appeal to me. I do work full-time at a day job and flipping is something that I think is best suited for the full-time investor (although some are able to do both).

I would get a mentor now and continue to suck up as much info as you can off this handy site. That way when you get back you're ready and can already have a mentor that has had you in mind while you were away.

I don't dabble much in the south end of the Puget Sound, but Grant is right, look to other locations like Tacoma.

Best,

Chris

Hi Brian,

Welcome to the site!

I am a fellow Washingtonian living in Lake Stevens and working in the advertising industry in Downtown Seattle.

You came to the right place to get informed. BP has so much information from investors and industry professionals. I would encourage you to read the articles and listen to the podcasts.

Are you interested in a specific direction in terms of flipping, buy-and-hold, etc.?

Good luck while you're away and don't hesitate to reach out for info or if you would like to network in the future.

Chris

Hi Rane,

I know @Brandon Turner wrote an article about a purchase he made (also in WA state) that was listed as a 4-plex, but actually was a 5-plex. You might be able to get some information from his article or him directly. You can read the article here.

Hope this helps! Good luck with the deal!

Chris

@Zach Schwarzmiller Thanks for insight, Zach. Seeing that we are so close to one another, would you be interested in grabbing a cup of coffee or something to chat more about local markets and such? It's on me :)