All Forum Posts by: Matthew Kimball

I am not an agent, but I am a full time investor in Lake Stevens. I purchase flips locally and shopping for multi-family properties nation-wide. Please feel free to reach out with any questions. I work directly with two investor friendly agents locally.

Hi

 @Alex Dinsmore. Happy to connect with you! I'm in Lake Stevens as well and flipping houses around Snohomish County. Let's try to connect in the next few weeks!

Agree with others... house hacking is a great way to start out and can be a great catalyst to help you start growing. Lots to learn and sort out so it's a great opportunity to live right next to your "education." 

Welcome! 

I love the idea of selling your primary and house hacking a 2-4 unit multi. If you are willing to go through the process of living like that you can make massive steps forward with relative ease and simplicity. Say you do something as simple as house hack just one three-plex for each of the next 5 years... you could buy a primary residence at that point and end up with 15 doors! That puts you well on your way to financial freedom.

I am flipping houses for cash flow to invest into rentals, but I am not in a position to house hack. If you like your W2, just do the house hack method for 5-10 years and you can be free. Flipping is not necessary, but could used to expedite your timeline. I have used my HELOC a ton. It can be a great tool, but just make sure you are using it carefully so you don't get in financial trouble. It is not free money, but a tool to leverage you forward.

I like out of state investing for the prices, but generally would much rather have local properties. I am in Lake Stevens and it's getting pretty pricey up here, yet still much lower than in Seattle.  "Generally" I don't think the market matter too much, it's all about the overall deal. You can buy stuff out of state for much less, but the earnings are generally much less as well so it's a give and take. Personally I would rather have twice the units out of state that have growth potential, but that's because it it much harder to buy into King/Snohomish County.

If you think about your overall goals for you and your family, that can help you decide your path. Flipping is a different path than wholesaling, which is also different than rentals. You CAN do them all, but they are each a different animal. Always the best option is to focus on one until it gets momentum. If you like flipping, go for it. But if it's only a tool for rentals, then skip it and just focus on methods to get rentals.

REMEMBER... this is a marathon not a sprint. Make a little progress every year and you'll be well set in 10+ years.

I am connected to a couple groups. I don't know if it's okay to post them, but here they are anyway.
My bigger mastermind that I am affiliated with is 7 Figure Flipping. https://7figureflipping.com/

My local group has two parts to it... Agents Invest and Addicted to ROI -
https://agentsinvest.com
https://www.facebook.com/group...

Your budget has to be known to really answer the questions. I am in Lake Stevens and it is a great area. Prices are still highly competitive, but obviously much lower then down south. We are seeing "typical" houses easily doing over $500k, with a few new houses just hitting the Million Dollar mark. It's crazy! The commute from here is a killer however. I would HIGHLY suggest doing the commute at the correct time to know what you are getting into. That alone could be the deal breaker. Just going down to Mill Creek or Bothel will cut your drive by a lot! I have heard that Mill Creek is a pretty nice area with a little "buffer" from Seattle. Good Luck.

@Joshua Hinson Have you spent any time getting to know people yet? How much time have you invested in learning about wholesaling? Many people can be a mentor whether they know it or not. A "mentor" is really just someone who is in a place where you want to get to, who you look to for knowledge about how to move yourself forwards. Get yourself immersed into the world of wholesaling and start learning as much as possible. You will meet people along the journey. I am a part of a group called 7 Figure Flipping and they have many "mentors" around the country, many who are highly successful and are my mentors directly and indirectly. Reach out to me if you would like to learn more.  Good luck and happy learning.

You're in a good place @Terrance. There is lots of good stuff here. One of the best things to do is think about what area you want to focus on and start learning about that specific focus. There are lots of directions and it's easy to get pulled all around. Check out some of the free guides on Bigger Pockets for a good jump start. Good Luck!

@Jennifer McElliott I would be interested to hear about that Duplex. I live in Lake Stevens. Tough market to buy in but everything is always worth looking into! :) 

I know this was a few months back, but wanted to comment.  We sold a flip in Granite Falls for $365k not too long ago. Nice, growing area. Mobile home may be a little different story though and the lot size and distance to town will be important.  The specific area will be critical I think. Do you have any experience with mobile homes?

Asking people for a rehab budget is a little open ended for sure. That is definitely something you would want to do some more homework on and then ask for any specifics you are working through.  $100K seems like it could be doable for a mobile, but there are so many factors that you have much homework to do the dial in this number.  Is the septic up to date and has it been checked or cleaned? Cost to remove. Cost to purchase and install. Do you have adequate access for the truck that will deliver or do you need a road access? Are you doing any type of foundation? Ask the city about permitting costs. Is Granite going to allow a new home on the site?  There is a moratorium right now for new services that that could possibly affect you. If you are still considering then good luck. Otherwise let us know what you ended up doing!