All Forum Posts by: Ricardo Lunk

@Tony Houts - Thanks Tony! I'd love to chat over coffee one of these days. Sending you a message.

~Ricardo

@Caleb Heimsoth - Thanks for the explanation, it does make sense financially; however, I think I'm on the same boat. My fiance and I would likely not want to move frequently. 

@Jennifer Preddy Egbert - I've only worked with one so far for my primary residence and we've built a pretty good rapport in just a few months of working together. It makes sense to try to keep working with the same lender especially since if better rates are offered.

@Mateusz Prawdzik - Thanks for the advice. Glad to see like-minded young individuals on the same page!

@Lane Kawaoka - Thanks, and I have been planning on focusing primarily on Cashflow. Never really been a handyman either.

@Jennifer Preddy Egbert - I agree with the acquisition of SFH properties per year; however, I'm not sure I fully understand why I'll need to purchase them as a primary residence to get optimal LTV. Could you help elaborate that further? Thank you.

@Julian Sibley - Thanks for taking the time to write out a very solid and informative response! I do appreciate it.

In regards to the long term strategy, you are correct. I am looking for cashflow for supplementary income that'll hopefully snowball overtime ( If I have the right tactics in place). In terms of the specific focus of housing types, I am open to most of the homes you listed out. I plan on starting with SFR's and will most likely jump into Multi-units once I get more comfortable with the system. Commercials will be something that I will consider in the future.

I do plan on attending the regular meetups that are in place here in WA. Looking to attend the next one in Kirkland. The main reason why I'm looking at the Midwest as a start is due to the Price to Rent ratio. It just seems more probable to find deals like that in the Midwest in comparison to even our more affordable areas here in the Greater Seattle Area like Everett and Tacoma.

In terms of the House Hacking, I don't think that'll be a possibility for us for the same reason as yours :) I think the closest we could get to house hacking is building a Detached Accessory Unit/Mother-In-Law Suite in our backyard, which we could rent out for about $1000 to $1200 (Our neighbor has one and he's renting it out for that much).

Lastly, I do agree that a partnership would be the best route and I'm very open to that idea. It just seems that majority, if not all of the highly successful individuals in the RE game, ended up partnering up with folks to scale up their business. I'm hoping that this post would help me jump-start my investments since I've been observing/researching on the sidelines these past few months. Baby steps :)

@Christopher Salazar - Thanks! I was actually specifically targeting the Midwest to kick-start my investments. Looking forward to chat about that in our 1:1 call! 

Hi There!

Thanks for stopping by. I caught the real estate bug just a few months ago and am now very eager to get started with my first investment deal and looking to hear your opinions on how I should lay out my strategy moving forward

I could write several paragraphs laying out my situation but I decided that it'll probably be easier to read it in a bullet/list form. With that, listed below are, what I think, significant details of my current situation and end goals. Please let me know if you guys need additional information or have any questions.

Current State:

• I'm 23 and live with my fiance in Bothell, WA (Snohomish County).
• I work in IT full time and make a little bit over $100,000. Currently looking to save over AT LEAST 25% of my annual salary. Have about $20,000 saved up so far.
• Also a full time undergrad student (Using the GI Bill, this allows me to pocket an extra $2600 per/mo for Monthly Housing Allowance while I'm in school)
• I financed my first primary residence in Oct 2016, using the VA Loan with $0 down for $470,000. 
• Current estimated value is over $500,000 (Possible $30,000 of Home Equity Line of credit for capital?)

Current Strategy/Goal:

• Cash flow through rental properties *Likely out of state due to the expensive area that I live in. OR cash flow where I'm currently at if I partner up with other investors
• Turn-key rentals (I'm anticipating to have my bandwidth to be stretched thin due to full time work and school, although this doesn't negate the fact that I will make the necessary adjustments if needed)
• Buy and Hold
• Open to the idea of flipping as well but I have zero experience in anything construction related.

I hope that this is enough information to get the discussion rolling. As you may have noticed I don't have an immediate specific plan to get started just yet, which is why I'm looking to hear what you all have to recommend or suggest. Thanks again for your time.

Hi @Antoine Martel,

I'm all ears! I sent you a request. thanks.

Thanks @Dmitriy Fomichenko!

Thanks everyone!

Hey There!

Thanks for stopping by. My name is Ricardo and I live in Bothell, WA. A little bit more about myself, I'm originally from the San Francisco bay area, graduated high school in 2011, enlisted in the U.S. Marine Corps in 2012 (Oorah! and Semper Fidelis to all my brothers and sisters of the veteran community here in BP), exited active duty service in 2016, got a job as a Program Mananger for a Software Company here in the PNW and I've been here ever since.

I discovered my passion for real estate when my wife and I started looking for homes a year ago and went to multiple open houses. Long story short, we found the house for our primary residence and bought our first home in Nov 2016. At the time, we weren't really thinking investing so that was that.

I don't exactly remember what got me hooked on Real Estate specifically but I remember seeing BiggerPockets everywhere I looked when I did look for real estate specific investments. 

I haven't truly defined my specific goals just yet as I don't think I'm equipped with the knowledge of what goals are considered realistic just yet. I would say that generating cash-flow and building wealth over time would be a good start for our current goals. I will most likely post my next step on the 'Starting Out' Category so feel free to catch me there shortly!

To piggy back on the title of this post, I'm well aware that there is a lot to learn in order to be successful in this endeavor. I'm hungry and very eager to learn from the best and that's you guys! :) Please feel free to reach out to me if you'd like to chat, and if any of you are local, I'd be happy to have coffee as well. 

Thanks for taking the time to read this. I'm very excited to be here. 

Best regards,

Ricardo