All Forum Posts by: Clayton Swansen

Hi everyone! I am extremely new to the REI game, though I have considered breaking into it for years. I just never had such an amazing REI educational resource like Bigger Pockets. It has really motivated me to learn more, and get out and start making things happen. I am a carpenter in the Bellingham, WA area, and very interested in buying a home to renovate while I live in it, with the goal of flipping after a year, or just renting it. The idea per BP's advice is to have more than one exit strategy. Homes are relatively expensive here. From what I've seen, 150k is a great deal in Bham. I would love to but here, but I feel that for my first foray into REI, I should start low, and slow, and learn the game before I jump into more expensive markets... Finally, my question(s): I am curious as to what people in northwest Washington are seeing and feeling in the Blaine/Birch Bay Area as far as the future of real estate, and also what is the rental market like... As in, IS there much of a rental market there? Thank you everyone!

A disclaimer... I am not a professional and am new to REI, but I have been interested in the REI world for years, and as such have always kept an eye on prices and inventory in my local neighborhoods, and watched them closely for any changes. Another disclaimer... I am not in the Sacramento area, but as you asked for observations in other areas, I am offering those up to you. I live in Northwest Washington- Bellingham to be exact, which is a little less than 90 minutes north of Seattle on the I-5 corridor. What I have seen for the last few years has been nothing short of astonishing. My little hamlet was once a little on the dingy side, with seemingly more homes in disrepair than not. There have been more homes bought, sold... and foreclosed on... than BEFORE the Great Recession it seems like! Now as I drive through all of the neighborhoods I notice that nearly every old home (mostly 40s, 50s craftsmen and later) has been renovated. It's beautiful! BUT... Finding that diamond in the rough is increasingly difficult, and while I claim no expertise here, I cannot see such a sellers market, combined with the current political/economic climate continuing for more than another 24 months, and possibly much shorter with the coming elections, without an eventual leveling out at the very least. Homes are on the market for days, and sometimes hours, not weeks or months, and prices are seemingly so inflated that I am very wary of making my first deal in such a bull market. And this is the mindset that I am going into as a person who is finally putting some skin into that game. I know a hand full of other small investors who are going about it the same, however I have spoken to others that believe the market will merely level off or continue upward for sometime. I'm not so optimistic. In my amateur analysis of this new era after the GR, I feel that we are going to start seeing more frequent swings in RE as well as stock markets. It goes along with the new psychology of social media, and goldfish-like attention span of our culture. People lose their minds at the drop of a hat, and then quickly forget they were ever mad. I think we shall see that same phenomenon begin to play out similarly and increasingly in the markets. But I digress. Just as the stock market must equalize, so shall everything else, and the bust comes much quicker when things are booming, friends. And it is indeed booming.

Thank you everyone for the information. I love this site!! It's incredible how much I learn every time I log onto BP. So I will begin to look more at the commercial RE side of things. I do plan on house hacking my first MFR, and living in/updating for at least a year. From there I hope to do the BRRRR strategy with it.

Hi everyone! I am brand new to the world of REI, but I am devouring BP podcasts, and reading everything I can get my hands on to get started. I am currently working with an agent to find a duplex, or other small multi-family up in Bellingham, WA. The issue is that the listed MF's are way overpriced, and as such there is no way I can rent at even a modest profit. These are the only ones my agent has brought me. Is it better to start canvassing neighborhoods on my own, and direct mailing, and forget about the agent? My original thought was that it would be best to go through this process with a knowledgable agent by my side for my first deal. However, everything she has shown me has been so out-priced that I can't even consider... not due to a high price, but the fact there is no profit to be found in those numbers. Any advice for the new guy?? Thank you in advance!

Hi all! Just here to introduce myself to the community. I have an interest in learning all I can about purchasing rental properties, as well as a first home. I have a number of questions about real estate and acquiring a home loan for the first time. My end goal is to eventually start a small business acquiring rental properties using the BRRRR strategy. So if anyone has any information they would be willing to share on the following questions, I would be very grateful!

First and most importantly, I am starting with very little capital in my corner... like none. Is it possible to break into the real estate game without any money? If it is, is it just a terrible idea?

Second question... I have a VA loan available to me. I am wondering about the positive aspects of using this product, but most importantly I want to know all the negatives as well. The research I have done on the web has mostly turned up generic articles that just tend to repeat themselves a lot... but I would like to connect with someone who has dealt with VA loans, and can help me really understand the ups and downs, as well as how best to utilize the product.

I'm sure that I am not using the forum properly, so I do apologize in advance. I shall learn and improve! Thanks everyone!