Seattle, Burien, Billtown discussed on BiggerPockets
You know basically all my contract. Writes I was able to start picking out the one that I want it. That's cool. I never I've never heard that before from a company but I really love that as well that gives it gives the person who's working for you something to look forward to. Hey when I do ten deals that we also it's not like I mean like I've worried in the past about hiring wholesalers or people to work with me like what if they just go steal the first dealer second deal do they have a way to prevent that and then you know like after the tenth deal that you get to pick any deal or were there. Certainly it was just number. Ten is after our ten deal. I gotta take any deal that found after that in the company their fee fee which you know that's part of the job and <hes> you know I think with them. I mean a lot of the guys actually so it was kind of weird. I was like this twenty. The three year old guy in all the other sales guys were like thirty five forty years old inside the young guy in the group was also guy work in most other like sixty hours a week in I was doing by after year in doing two to three times more ordeals and everybody else who's young kid in but you know none of the older guys they were focused more on the paycheck than they were about buying real estate so you know besides my business partner we were the only two guys in the company actually taking the employee option which was kinda crazy to us. You know because you know me real estate's about building wealth not just making income in you know you can do both but at the same time if you just rely on checks you're gonNA run out of Jackson at some point. Is You know my goal goal was not to get involved in a bunch of taxi. Was I wanNA build wealth than in the Earth's goal is to buy my own property which happened about eleven months into the <unk> about a year end due to work in there so let's talk about that first ars property what was that it was in Burien Washington. which is a sub market a seattle? It's about a you know it's about ten miles Sarah five-mile five ten miles south of Seattle the Chorea and it actually the reason I picked it. It was a two thousand in one BILLTOWN townhall. It was a town home style really good condition in the carpet paint in that twenty three. I just knew I really didn't know how to renovate a property in that was not my skill set. My skillset was finding the deal so I wanted to find something low maintenance. It wasn't going to distract me from daily duties of working in so I found this newer building it was a paid one seventy six or at the time it was worth to forty five so it had that equity position that I needed you know because also when I was looking for with something with at least a twenty percent equity position or discount because I wanted to you know at twenty three and a half a whole lot of money either so I had to do is lineup financing for first and a second with somebody so I can refinance them out of the deal and so I was looking for something and didn't need a lot of work that I can refinance quickly. They had a twenty percent acquisition and <hes> you know for me. I you know I'm a firm believer once your new if you're newer investor don't don't bite off more Nikkei two so it was a really good property for me to start with a cashflow me about two hundred fifty dollars.