Seattle: Where to find properties?

Question

Hey All-

We are wrapping up a few of our flip projects (out of state) over the 30-60 days and I’m interested in investing more locally. I’ve lived in Seattle for the last 10ish years and my wife grew up here... so very familiar with the neighborhoods of Seattle.

My question for the BP community is: where should we turn to find deals? In the past we have had success purchasing off the MLS, but it feels like Seattle is a different beast. Can anyone recommend a good investment realtor, full service brokerage firm, or even some wholesalers?

Any recommendations would be appreciated as we would love to have our next project under contract here in Q1.

Jonathan

Michael Haas · Answer

Congrats on the success out-of-state Jonathan! In Seattle we primarily buy distressed properties off the MLS (often estate sales), but also reach out to owners of vacant properties in the neighborhoods where we already have rentals. We just bought a hoarder house off the MLS in West Seattle that you couldn't even walk through - I think it went with 8 days on market and 6 offers.

We haven't had much luck closing off market deals in the neighborhoods we're active in (Class A / B+ neighborhoods for the most part), and when you can get that kind of MLS action on absolutely wrecked properties I'm sure other investors are having as much trouble scoring deals off market as we are.

I'm an investor/agent and work primarily investors, let me know if you'd like to grab a coffee and chat. Cheers!

Michael Haas · Answer

PS: Most of the Seattle wholesale deals I get sent are barely deals, but I'm sure there are better wholesalers out there than the ones I'm in contact with :).

Andrew Tabalbag · Answer

Many wholesalers I've interacted with all have the same problem: Quantity over quality. Too many of them are out there doing mediocre due diligence in the interest of sheer volume. In other words, if they want to put out 50 "deals" to their cash buyers by Friday, they'll sacrifice time spent on analysis to get there. As a wholesaler myself, I disagree with this approach.

I'll admit to having a smaller cash buyers list than most, but I'd argue that I spend far more time vetting the needs of each member.

Let me know if you want to discuss what goals you have for a Q1 project and I may be able to put something together for you!

Eva Croasdale · Answer

Speaking to the good investment realtor question, that's my specialty. I'm an investor myself and offer discounted rates to other investors because they're my favorite people to work with!

Perhaps most importantly, my agency has a 0% hard money loan for qualifying rehab work. I'd love to see if it fits your investment strategy. We have a ton of VC funding and the program is a differentiator for us. Hopefully that helps you stretch your dollar further.

Feel free to reach out if you would like to chat more.

Seattle: Where to find properties?

Most Popular Reply