All Forum Posts by: Brian Fouts

Of our 40 or so rental properties, I think one of my partners has seen 2 in person.  For us, having a rental portfolio means NOT having to go see them and be a landlord.  10% doesn't really have big enough of an impact on our revenue, but we do own most of them outright and have small mortgages on the rest.

Spokane is a better place to rent that the greater Seattle area.  

Could consider Oly, Centralia, Mt Vernon, Chehalis, etc.  Closer, better price points, good rental markets...

For me, if I wanted to play landlord, it would be 2 hours max.  If I was going to buy multiples, I would buy in Spokane.  I have friends there that I would pay a few bucks to go visit a property one or twice a year. 

Welcome @Garth Fritel, we actually have our eye on the Spokane market as well for the price point and economy.  I lived there for a short time while going to the WSU campus there.

Are you looking to do flips in Spokane?  Would be interested to see what you come up with for numbers.  I haven't run any numbers there yet, rentals seem to be a good market there, but as always, you have to buy and the right price.

Look forward to hearing more about your success.

Welcome @Jarrett Ferris

My brother and business partner lives in Oly, which is where I am originally from as well, lot of family there.  We went to NTHS as well.  

Definitely check out the local meet ups and try to make it to one and meet others.

See you around.

Brian

I would be interested in the details as well.

Welcome to the group.  Do some research, learn, read some articles, and keep gaining knowledge to help you identify what area of real estate you may want to focus on.  Look for the local meetings in Seattle (meetup.com) and get out there and meet others.

Look forward to seeing you at an event.

You could check out http://seattleinvestorsclub.com/ A very good group and active.

REAPS is also a good one, a little more salesman like though.  

I would definitely recommend getting in touch with a different financier, lender, or mortgage broker.  Find one you can meet in person and comes with recommendations (like the ones referred to above).  I also have one I would recommend.  We tend to not accept offers from buyers that are preapproved through certain lenders.  Big big banks and "online" lenders being a couple.  

Get a good plan together to acquire your first property, stay very focused on that goal and try not to get distracted, it can be all too easy in real estate investing to get distracted.  Duplex is a great idea, live in half, rent half, save money, leverage that duplex for the next property, etc.  

Have a written plan and goals.  Be specific about what you are trying to accomplish and WHY.  Review this daily and make it a reality.  

Sounds like you are on a good path, get out there and meet other investors would be a next step. Seattleinvestorsclub.com, meetup.com, etc. Look for the group get togethers and attend those. REAPS, REIA, all meet monthly if not more often. Of course, BP is a great place to learn.

And certainly have a written plan with measurable goals and action items is a must.  Revisit this plan often, track your results, measure, adjust, repeat.  

Good luck and look forward to seeing  you at an event.  

Sounds like a Mercer Island home!

For me, I usually stay away from the high priced rentals and projects.  I would venture a guess that a slight cooling of the market or change in real estate (natural market cycle) would effect the higher priced homes first.  There is probably a smaller pool of tenants at that rate and vacancy would be rough.  

But it depends on your risk tolerance as well.  Sounds like you may have already done something similar, so it wouldn't be like you are stepping into unknown waters.

I prefer to take that kind of buying power and get 2-3 rentals in Tacoma over 1 rental in Seattle or Bellevue.  If the 25 or so properties our Fund has in this area, I don't think even one of them is in Seattle or Bellevue.  My best cash flowing  and cash on cash return property was 1 bed, 1 bath, owner financed in Tacoma.  $90k.  Wish I could find more of those!

Just my $.02, but if I were to do it again, and I say this coming from my experience of living in the Bay Area for 3 years and moving to Seattle, I would look for a duplex outside of Seattle.  Can live in half, rent the other half.  If you rent both sides and lose one tenant, not out rental income 100%.  You can also get condos outside of Seattle for half your budget, so if you rent it, the rental cash flow goes a lot further.  

I can't talk to the loan part of your question, but I do have a client, friend, and trusted adviser that I could put you in touch with that could help you out in the mortgage arena.  PM me if you are interested in talking with him.  

I gotta hand it to ya, at your age, having a plan in place or knowing that you need to have a plan in place, and taking action on implementing it, puts you miles ahead of your generation.  Stay focused, complete your profile here on Bigger Pockets, ask questions along the way, you'll do fine.