All Forum Posts by: Phil Wells

Hi Chad, I'm in the process of setting up a REI meet up - watch this space - there you should be able to connect with a ton of local investors.

I sent you a colleague request on BP too.

Have a great day.

Investing in real estate is essentially a business so it's important to understand all the inputs, outputs and everything in-between. I'd major in something that gives you an insight into finance and business. 

I wouldn't major in anything to do with real estate at this stage. If you wanted to dig deeper into your states real estate laws, etc you could study your states real estate agent course for under $1000 during the summer break.

Bryan is absolutely right, the Spokane market is very hot right now. Property prices are up 20% YoY with no signs of letting up. There are a number of large employers coming to Spokane or expanding (Amazon/Fairchild AFB). 

In terms of resources - Take a look at the Spokesman Review for local business news. Check out the Spokane Association of Realtors for housing stats. 

In terms of multi family specifically the market is extremely hot. I have very conservative numbers when I run my numbers and struggle to get good flowing properties from the MLS. The key is to find off market deals or pre-market deals so you can get in before the crowds.

Sent you a colleague request.

Properties values up 20% YoY, strong rental market, a new Amazon fulfillment center, expansion at the AFB, job growth, need I go on? There's a ton of reasons to invest in Spokane, so I'd say you're smart to be considering it.

I'm working with a few investors right now in the Spokane market, some looking at the MFH house hacking approach, some looking at the SFR BRRRR approach. Both are great strategies in this market. MFH are out there but are significantly less common than BRRRR suitable properties.

Finding off market or pre-market deals is the way forward when it comes to MFH house hacking. This allows you to get ahead of the MLS feeding frenzy.

In terms of using your retirement funds to fund a purchase - people do it all the time but I'd consider speaking to a Financial Advisor before you pull the trigger.

Hi Chiante, 

I'd interview a number of brokerages and get a feel for the flexibility, but it was the cultural of the brokerage that was the most important thing for me when I started. 

Every office is different, most are independently owned and operated meaning you can get some phenomenal leaders that provide awesome training and a great environment to hang your license ... other offices can feel highly strung and not so friendly. 

At the end of the day the brand on your business card isn't that important as you can always move around later. When you're getting started it's the people you choose to surround yourself with that can make or break you at the early stages of your career (or career rebrand as in your case).

Good luck!

Hey Steve, good to have you here. I like your long term goal - it's easy to forget we're all working hard now to enjoy life later on. If you need anything don't hesitate to reach out!

Hey, i'm new to the area with an interest in acquiring rental properties. If you'll have me i'd like to come along to this event.