All Forum Posts by: Corey Smith

I was actually just looking through the groups on Meetup a couple days ago, and you're right ... there are a bunch of them out there. I "joined" the one your referenced in your post the other day as a matter of fact, and it's one that I was looking at attending. The Kirkland meetup isn't in the cards for me tonight. But I had my eye on the South end one (which the next one doesn't have a date yet), as I live in the South Auburn/Lake Tapps area. The Seattle on Tuesday is a possibility, too.

It'd be nice to get out and to meetings that don't require an annual membership in order to attend the meetups for free. I'm not against paying to join a club, but I'd like to know what exactly I'm getting into first.

I live in WA with a rental I have in GA (thanks to the bubble bursting shortly after we bought it) that I haven't seen in person in over 7 years. And I'll echo what a couple others have said ... it's definitely possible to hold properties that are however far away, as long as you have a strong team you can trust and depend on. We have a PM, but I also have built relationships with other professionals (landscaper, flooring guy, HVAC guy, painter, handman, etc.) in the area because I'm more comfortable with the vendors and contractors that I have had complete work on the house before.

If doing everything yourself, I'd imagine that "how far is too far" is really only a function of your own tolerances. 

Thanks for the input, @Brian Hosier. Passive income is definitely the reason my mentality has shifted towards becoming a buy & hold investor, like yourself.

I probably should have added a note next to my line about having fun flipping houses. There was a time where I was naive enough to think it was all fun and not all that difficult, but I now understand the effort and risks that come along with it as well, now. I do want to try my hand at it though once I find the right situation to do so. 

As for wholesaling, I agree with you. And it is something that I have thought about as a way to get myself entrenched in the business. Not so much for the financial piece of it, but so that I can figure out how to find deals. If I can get a good command on that skill, the rest will come. And at that point I can start focus on how to funnel those deals the direction I want them to.

To the gentleman that responded who's account appears to have been closed since ... thanks for that input, as well. After listening to some of the podcasts and reading Brandon's book, I definitely agree that financing using OPM is an advanced strategy. Hopefully through networking at area meetings I will be able to surround myself with people much more knowledgeable that me so that I can learn some of the required skills to start investing that way.

I am brand new into the Real Estate investing arena, and was hoping that a Pro could take a look at my situation and explain what they might do if they were me.

Prior to a couple weeks ago my interest in Real Estate investing, from afar, was in flipping houses. I wanted to do the fun stuff you see on TV all over the place. I'd still like to learn how to rehab & flip properties, but ever since taking a serious approach to getting into REI and started reading books, blogs, and listening to podcasts around here ... the buy & hold piece is where I think I really want to build my business. With using rehab & flipping as a way to build up capital to invest in the holds.

I'm ready to make moves, and not afraid to take the first step by buying my first investment property.

What I can't quite figure out, though, is how to attack this at the beginning. Try to find a way to creatively finance a hold or two? Or figure out a way to creatively finance flips and use the proceeds from the flips to acquire holds?

A little about me ... I work full-time in the IT field with a strong salary, and my credit is excellent. I do not have enough cash on hand to put 20-25% down on the prices around here in order to get a conventional loan. And I also own a rental property in GA (not on purpose, more due to circumstance), as well as our primary residence here in WA. 

Prior to me looking into REI, I had put together a plan for my wife and I to pay off all of our Student Loans, Cars, and Credit cars in the next 1.5-2 years. I would like to keep on that timeline, but if the investments I make with the money that would have gone to debt will payoff in the long run, I don't mind delaying that process.

I feel like the best way for me to proceed is to rehab & flip a couple houses, rolling the proceeds to the next one each time. Meanwhile, continuing to pay down our personal debt. And once I have some capital built up (and hopefully debt paid off), I can move toward acquiring some holds.

Is my thought process at least right?

Thanks!

Lots of great info and input here. These are exactly the kinds of things I was hoping to find out. Thanks!

Yes, the 9th. 

However, I just realized there is another REIA, called REAPS. It also has a meeting Monday, but down south in Fife.

@Naomi Pinger I was not aware of that, in regard to the restrictions on being an investor while holding an RE license. Is there somewhere that you'd recommend that I could read up on that?

The piece about working under a broker is news to me, too. 

Awesome input, though! Much appreciated.

@David Stone Definitely. This is the sheet with the statistics I was referring to.

http://www.dol.wa.gov/business/realestate/docs/2015-Dec-2016-March-school-statistics.pdf

Being that this will be my first time attending an REIA meeting, I am hoping to connect with some of you that will be attending the Main Meeting in Bellevue on Monday evening.

Feel free to respond here or PM me, if you'd like!

@Ryan Beasley I tend to agree with you there. I definitely have had my share of classroom experiences.

I think that if the classes were closer to my location, it'd be more feasible. But this particular school would be a 45min drive each way. So, yeah, that makes the Online route much more appealing.