33: Building a real estate portfolio of over 80 units since 1989 in Pullman, Washington
01/03/24 • 45 min
Thanks to our sponsor Inspectify.com
Summary
John Chapman shares his real estate investing journey, starting in 1989 in the Pullman area. He began investing in rental properties to secure his family's financial future and has since grown his portfolio to over 85 units. John emphasizes the importance of property management and customer service, as well as staying current with technology to streamline operations. He also discusses the learning curve involved in building rental properties, including zoning and financing considerations. John's key advice for new investors is to start with a duplex and live in one unit while renting out the other (house hacking). He also highlights the benefits of networking and finding off-market deals. Looking ahead, John plans to continue managing his properties and eventually pass them on to his children.
Takeaways
- Start with a duplex and live in one unit while renting out the other (House Hacking)
- Build relationships with contractors and other property owners in your community
- Stay current with technology to streamline property management
- Consider the learning curve involved in building rental properties, including zoning and financing
- Persistence is key in real estate investing
- Explore opportunities in smaller markets outside of major cities
- Have a long-term vision and exit strategy for your real estate portfolio
Chapters
00:00 Introduction and Background 03:09 Property Management and Scaling 08:00 Importance of Customer Service and Technology 12:26 Learning Curve in Building Rental Properties 21:20 Lessons for New Real Estate Investors 27:42 Future Plans and Exit Strategy
Thanks to our sponsor Inspectify.com
Summary
John Chapman shares his real estate investing journey, starting in 1989 in the Pullman area. He began investing in rental properties to secure his family's financial future and has since grown his portfolio to over 85 units. John emphasizes the importance of property management and customer service, as well as staying current with technology to streamline operations. He also discusses the learning curve involved in building rental properties, including zoning and financing considerations. John's key advice for new investors is to start with a duplex and live in one unit while renting out the other (house hacking). He also highlights the benefits of networking and finding off-market deals. Looking ahead, John plans to continue managing his properties and eventually pass them on to his children.
Takeaways
- Start with a duplex and live in one unit while renting out the other (House Hacking)
- Build relationships with contractors and other property owners in your community
- Stay current with technology to streamline property management
- Consider the learning curve involved in building rental properties, including zoning and financing
- Persistence is key in real estate investing
- Explore opportunities in smaller markets outside of major cities
- Have a long-term vision and exit strategy for your real estate portfolio
Chapters
00:00 Introduction and Background 03:09 Property Management and Scaling 08:00 Importance of Customer Service and Technology 12:26 Learning Curve in Building Rental Properties 21:20 Lessons for New Real Estate Investors 27:42 Future Plans and Exit Strategy
Previous Episode
32: Emerging Real Estate Investment Opportunities in Skagit County, Washington
Thank you to inspectify.com for sponsoring this weeks episode!
This week on WSREIP we have a conversation with April Patterson, a realtor in the Skagit County area of Washington state, about real estate investing in the region. She highlights the unique aspects of Skagit County, it being a highly potential investment area due to its geographical location, situated about an hour drive north of Seattle and its proximity to military bases. Due to numerous military bases around, the region has a significant military and veteran population, creating consistent housing demand. April also elaborates on the importance of understanding the larger picture of a property's potential by learning to look past initial problems since it puts investors in a good position moving forward.
April Patterson
April is a Realtor an a veterans advocate. She is a veteran of the United States Navy. She has been volunteering with veterans services since 2015. She earned her real estate license in 2021. She has had the opportunity to work with everyone from residential first time homebuyers (we call them "first time investors") to seasoned investors and developers. She do first time homebuyer classes through the Washington State Housing Finance Commission to help empower folks to take that first step into home ownership. She has extensive experience and knowledge of VA loans and veterans services/benefits allows her to educate veterans on how to start investing using the VA loan program.
00:01 Introduction to Real Estate Investing 00:34 Update on Latest Property 01:53 Understanding Property Potential 03:53 Sponsor Shoutout: Inspectify.com 04:48 Interview with April Patterson: Realtor and Veteran 05:37 Understanding Skagit County Real Estate 07:46 Investing in Multi-Unit Properties 17:37 Emerging Trends in Skagit County Real Estate 19:33 Conclusion and Contact Information
Next Episode
34: Rental Rundown: Kenmore's Insights on Tri-Cities Growth
Thank you to our sponsor inspectify.com for their continued support of the WSREIPodcast!
Summary
Kenmore Property Management, based in the Tri-Cities area, discusses current trends, industries, and growth in the region. They differentiate themselves through their team environment and specialized professionals. The company primarily manages third-party rental properties, but also has plans to expand their own portfolio. They utilize technology, such as AppFolio, to streamline the leasing process. Kenmore Team Property Management focuses on supporting homeowners and ensuring their properties are well taken care of. They provide insights into investment opportunities in the Tri-Cities and highlight the importance of updates like stainless steel appliances and hard surface flooring. The company has plans for future growth and aims to provide excellent service to their clients.
Takeaways
The Tri-Cities area is experiencing growth in industries such as agriculture, wine, medical, and technology. Investors looking to expand their portfolio in the Tri-Cities should consider areas like West Pasco, South Richland, West Richland, and West Kennewick. Upgrading appliances to stainless steel and installing hard surface flooring can attract tenants and increase rental value. Kenmore Property Management differentiates itself through its team environment, specialized professionals, and use of technology. The company aims to provide excellent service to homeowners and plans to expand its own rental property portfolio.
Chapters
00:00 Introduction to Kenmore Property Management 01:15 Current Trends in the Tri-Cities Area 03:15 Industries and Growth in the Tri-Cities 07:37 Differentiation of Kenmore Property Management 08:24 Ownership of Rental Properties 09:07 Role of Technology in Property Management 10:21 Supporting Homeowners and Property Care 11:14 Investment Opportunities in the Tri-Cities 16:27 Working with Out-of-State Investors 17:37 Tenant Trends and Property Updates 20:40 Future Growth of Kenmore Property Management 21:20 Contacting Kenmore Team Property Management
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