All Forum Posts by: Bret Emry

@Stephanie Dobbs

Stephanie, I may have missed it, but are you looking to flip or refinance?

This reminds me of a DFMEA in the engineering world. It is a document that is created during the design process to define and address any foreseeable issues. It usually doesn't mean much after the design is completed, it is just a formal tool used to help think through the whole design in detail. These can be used as door stops once they're finished, but can be a very helpful tool to guide the engineer through the details initially.

I think a business plan can be very helpful insofar as is it used as a tool to help you think through your business, not necessarily as a set of rules that dictates the decisions you make.

@Aubree Webb

Welcome to BP Aubree! There is tons of good information on here as I'm sure you have been finding out. Plenty of very wise people willing to help and share experiences.

A good place to start is to listen to the BP podcasts. Also, make sure to set up keyword alerts so you can be notified if people are discussing Seattle, for example.

I know you said Washington is out, but you may like Spokane. We don't get the rain here like they do on the west side of the state. There are lots of opportunities for outdoor recreation here with many lakes in the area for fishing. The city motto is "Near nature, near perfect." :)

Cost of living is low and the market is good (pretty hot right now) for either flipping or buy and hold. Economy is steady and people are moving here, not away from here.

Food for thought...

Also if you're ever in the area, I'd love to chat about RE over coffee or lunch.

@Joshua White

Hi Josh, welcome to BP! The good news is that there are SO many ways to get started in your investing career.

Are you interested in fix and flips? Buy and hold rentals? Finding and securing deals for other investors (wholesaling)? Passive, hands-off investing (notes)? Private lending?

I think a good place to start would be to listen to the BP podcasts. A couple books that would be great to help you get started: Rich Dad Poor Dad and Millionaire Real Estate Investor are gold in my mind. Also, since you mentioned you want to use very little of your own money, see Brandon Turner's book: The Book on Investing in Real Estate with No (and Low) Money Down.

You're in good company on BP so ask lots of questions :)

Good luck!

This is exactly what I have done with my HELOC. I haven't run across any issues regarding the lender because (the way I understand it), yes, it's borrowed money, but it's already secured against your property so it's your money to do as you please. I have talked about this with the lender and I don't think they really care what you do with the money, as long as you make your payments. You could take the money out and go buy anything you want, of course one would be silly to finance bad debt with your primary residence, although people do all the time :( ... On the private lending side, I have had several loans originated with an attorney so I have a deed of trust and promissory note for each property I invest in. I am funding rehab costs for two fix and flips at a time and on average they are taking 3-4 months to complete. Once they are done, the investment money goes right back into the LOC. I have done 4 already within the past 9 months and I plan to do another here shortly.

I, personally, am looking to purchase income properties for cash in my area (Spokane, WA) that I can rehab, refi, and continue to manage. I would not invest in a property in Seattle because I don't know the market and I don't have a trusted network over there. I would like to be able to at least drive by my rentals. I also have a full time job which prohibits me from being able to spend lots of time searching out those great deals. Hopefully one day I will have enough supplemental income to replace my 9-5, but for right now I hope to lean on a wholesaler or two that work in my area to find me great deals. 

Are you still wholesaling in Spokane? I have been looking for someone like yourself. I am interested in good buy, rehab, and hold deals. I don't know if I can send a private message from my phone but if you want to contact me that would be great.

@Ryan Kee Hi Ryan, always good to meet other local investors here on BP. Have you made any progress on any offers, or developed an investing plan/strategy?

I'd be down for meeting up for coffee sometime if you are interested.

@Casey Stuebs Welcome Casey! Spokane seems to be a great area to invest compared to others here in the PNW. Hope you find some great deals. Read any good RE investing books yet?