All Forum Posts by: Mike Sumsky

@Ryan K.,  The rental market in Bremerton is hot hot hot right now. The shipyard is continuing to add new jobs and Navy provides a steady stream of tenants. There are still deals to be had, although prices are rising. 

Hi Ryan, welcome to BP.  I'm over in Bremerton, if you ever need any advice or information about investing on this side of the water, be sure to let me know.   If you haven't done so already, I recommend going to some local meetups/investor meetings. I highly recommend REAPS,  I've been a member for 13 years and it was probably the best decision I ever made.  

I own quite a few rentals in Bremerton, it's a great rental market and the Shipyard/Navy provides a lot of new tenants on a regular basis. If you have questions, feel free to message me. 

REAPS Kitsap Investor Meeting TONIGHT 5/5/2016 - 30-Day Implementation Challenge!

You can attend all the trainings and seminars, listen to all the CD programs created, and write out the best business plan, but if you fail to implement what you learn, it’s all for nothing.

The unfortunate truth is that most investors fail because they simply don’t DO what they KNOW they’re supposed to do. They fall into the education trap; a dangerous place of false comfort, where spirits are lifted by the promise and hope of riches, only to be extinguished on Monday morning when the euphoria fizzles out and fear of taking action emerges. In order to regain that euphoric feeling, most rely on paying for another seminar experience, instead of taking action and earning a real check from flipping houses. Thus begins a vicious cycle.

In the month of May, the REAPS Kitsap investor group and the other REAPS satellite groups are going to help you put an end to the procrastination by starting the 30-Day Implementation Challenge!
The purpose of the Challenge is to identify the areas in your real estate business that need a kick in the butt, then help you make a commitment and take MASSIVE action during the next 30 days. It will be a sprint, and it will be fun. We will provide support and accountability along the way with weekly conference calls and some other proven implementation tools. You will have breakthroughs and successes. This will be a life-changing event.

This meeting is for both brand new investors looking to do their first deal, as well as seasoned pros who are looking to take their business to the next level.

Networking starts at 6pm, and meeting kicks off at 6:30pm at the Kitsap Conference Center in downtown Bremerton next to the ferry terminal.  If you're coming from Seattle, you can simply walk on the 4:20pm or 5:35pm ferry!  

Go to http://www.memberize.com/ClubPortal/EventDisplayNe... to pre-register.  If you're attending our meeting for the first time, you can use coupon code "guest" to get in for free.  Dinner is optional but we designed these meetings so you can come hungry and network with a smaller group of members who live in your community!

Be sure to pre-register to reserve your spot. We anticipate a full room at each meeting and can’t wait to get started.

Excellent @Bill Karwacki, I look forward to seeing you and Ramona

@Rachel Luoto and @Casey Rolland, sorry the link isn't working. Go to http://www.reapsweb.com and click on Kitsap Meals N Deals Bremerton link on the right side of the page under the "Coming Up" heading. Hope to see you there tonight!

We are having our next REAPS Kitsap investor meeting TONIGHT (4/7/2016) in Bremerton, WA.  It will be a great chance to meet other local investors and get some real estate education as well. Members and first-time guests get in free. This month we're talking about buying and owning cash flow rental property. Check out details below and preregister here:  http://www.memberize.com/ClubPortal/EventDisplayNew.cfm?clubID=173&eventID=228103

Becoming Wealthy Through Buy and Hold Investing

Kitsap Conference Center - Thursday 4/7/2016 - Doors open at 6pm - Members and First-Time Guests Free with Pre-Registration

While flipping properties is often considered the sexy side of investing, true wealth and freedom comes from holding long-term, cash flowing rental properties that pay you each and every month.

At this month's REAPS Kitsap meeting, we will show you the ins and outs of buy and hold investing. We've invited special guest Chrysztyna Rowek Perry, owner of Lighthouse Cove Property Management to give you the inside scoop on how to make the most out of your existing rental portfolio, or set you up for success if you're new to the rental game.

Chrysztyna will give you a Kitsap County rental market update (hint: it's BLAZING HOT right now), show you some best practices and also common mistakes that landlords make, and much more!

Doors open at 6pm for networking, meeting begins at 6:30pm. Attendees coming from Seattle can walk on the 4:20pm or 5:35pm Seattle-Bremerton ferry. Passenger fare is $8.10 heading to Bremerton and FREE coming back to Seattle! Go to http://www.memberize.com/ClubPortal/EventDisplayNew.cfm?clubID=173&eventID=228103 to reserve your spot. If you've never attended a REAPS meeting before, you can get in FREE by using coupon code "guest" at signup. (Optional buffet dinner is $15 extra)

@Samuel Nichols I live in Bremerton and own quite a few rentals here. The rental market is fantastic, I'd be happy to help out, feel free to message me. 

Hi Jacob, I have quite a few rentals in Bremerton and continue to buy more. Good rental deals are getting harder to find on the MLS, but you can still find them, especially if you're willing to buy something that needs work. Almost all of the deals I get are off-market though, you'll have a better chance of getting solid 1%+ that way.

The rental market in Bremerton continues to be hot.  Vacancy rates under 3%, and rents are rising.  The best way I've found to price my rentals when they become available is to look at sites like Zillow/Craigslist as you've mentioned.  Good luck and let me know if you have any other questions.

@Joseph Ziemba,  The obvious answer is to not overpay for houses. I don't see a reason to wait, just make sure you buy right so that it doesn't matter what the market does in the short term.  If you buy with good equity, and the house puts off a reasonable positive cash flow after all of your expenses, that should be a good investment that can weather storms. The advice you got about driving for dollars, direct mail, Craigslist etc to find off market properties are good, so start there.  You might also consider other wholesalers as ways to get inventory.  Good luck!