All Forum Posts by: Kenneth Abbott

@Guillermo Silva thank you for the info I'll check that location out.

@ Eboni Allen thanks for the feed back. Tacoma looks like it would be a growing area in certain spots where values could go up. If nothing else maybe it can be my first house hack area to create some equity. This would give me time to further research and learn while saving money by simply paying my rent. This part sounds awesome. Then maybe I could simply move into a second house and rent the first one out. If not Tacoma what other near by areas do you think would be good? In the same price range that is.

Tacoma has a lot of listings around 100 k. Its only 45 mins away from me and looks kind of promising. Thanks @Sandy Suschana

So it looks like 30 miles out side of Bellevue - Starting at Renton WA to Auburn WA the house prices start to go down so there is hope after all. Would only take 30 - 45 mins to get to also. The cool thing these are areas that are starting to become popular and upgraded so the values would go up in the next few years I'm asuming. 

@Aaron Miley Thanks for the reply. I'm brand new to this. Just starting researching this month. I've read a few good books and watched all sorts of videos but just didn't take this part into consideration. I guess my question is will a private lender still give you the money if its a good deal even though its 4-500 k? @Sandy Suschana my initial intent was to flip houses and build up some cash flow then get into apartment units.

So I've read a few books and watched a lot of bp videos. I search the local market in Bellevue Washington only to see people want 600k for a house I wouldn't spend more than 200 k on. I guess my lack of knowledge here just surprised me.  In a lot of the examples they use 100 k as the examples so I was thinking maybe here in Bellevue they were around 200 k no biggy... lol these guys want like a million dollars a square foot like its California or something.  I guess I should be selecting a better location with in an hour or two from where I live? Do 100 k houses exist in Washington? I will need to start investing small as I have nothing saved up. 

Good Advice. Thanks @Pete Perez

Thanks Ryan. Its just that whole what if I mess up the deal part - what are my back up options etc. I think I want to start with some basic flips so that would be my main focus. I figured having a basic understanding of the entire process would boost my confidence. On the other hand I don't want to get so absorbed with information that no action is taken for sure. I should at least get a mentor maybe?

So here is how I've mapped out my learning and home work so far. Anything else you guys see missing that should be investigated? 

The Real Estate Investment Map Out :

*Generating Leads :

Direct Mail, cold calling, online advertisement,
Driving for Dollars, For sale by owner, distressed houses / vacant.
Foreclosure Searches, Preforeclosure searches, liens on real estate,
out of state home owners, inherited houses.

*Creating a Network / Team -
Network with real estate agents, other investors, contractors.
Potential whole sales listing, partnerships.

*Determine Type of Investment :

Flip, House Rental / Apartment Units, Whole Sale, House Hack.

*Comps :

Computing rehab coasts ( Consult with General Contractor ),
Determine AMV ( After Market Value ), second opinions,
inspections, appraiser, insurance, attorneys, escrow, other.
Understanding the market and economy. Banking on the future,
safety net, minimizing risk.

*Types of Lending :

Hard Money Lender, Private Lender, Bank Loan,
Crowd Funding, Owner Financed, Other. Are you prequalified?

*Making The Offer :
Owner Financing options, 3 5 10 15 30 year fixed rate? ,
section 2 / lease to buy option, down payments, earnest money.
Buying pitch.

*Closing The Deal :
Escrow, Attorneys, Potential Liens, CC&R's Covenants Conditions & Restrictions,
Zoning, Closing coasts, Transferring Utilities, Current Tenants / Eviction Notices,
Title Agents.

Thanks man. I've been watching all these youtube videos of bigger pockets and was trying to map everything out from start to finish. So much information... I was wondering if I should try to connect with some one local and work with them to get on my feet.