Looking for any and all advice on getting into real estate in the greater Seattle area I'm brand new at this and have a long way to go till I purchase my first investment however my first I plan on being a duplex or larger multiplex to reside in one of the units while I work towards more property's. I'm leaning more towards buying and hominid route vs flipping however I am curious if flipping would be a good way to build up capital for my first property to buy and hold again any and all advice is greatly appreciated
Thank you in advance
Hominid? Autocorrect ?
Ohhh sorry about that buy and hold is what I meant
Hi Wesley! I live in Seattle and have decided to invest elsewhere because the barrier to entry is soooo high here. Duplexes get extremely expensive and you will be fighting many buyers to get one. That said, the Seattle area is booming and has a great economy so, if you are able to find a place where the numbers work, go for it!!! Best of luck :)
@heater R I am seeing that issue definitely I've been looking and keeping an eye on duplexes and I've seen a few that seem like they would be a good buy However I'm still very new to this and not fully confident nor completely understand how to properly evaluate a property yet.
@heather R excuse the miss spelling I seem to be on a roll with the Autocorrect today
My suggestion is for you to think hard if you can handle a flip. Think how much you know about remodeling so far, whether you have tools, a truck, and how deep you can go (anyone can paint or clean but sheetrock, trims, windows, sewer line... electrical and plumbing often require permit). Anyone can learn but do you really enjoy getting your hands dirty?
Find a mentor if at all possible. Flipping without experience is risky as you can easily overlook tricky issues and end up with large unexpected expenses (asbestos removal, foundation issues, mold...)
That said, if I was to start today, I would look at reasonably priced duplex or SFRs with MIL potential. I would look for location obviously and enough square footage so that you don't have to get into permits to expand. I would look for rough cosmetic fixer with interior walls you can remove to open up the kitchen/living room space (breaking is easier than building). When I walk through a place, I don't see how it looks but what it could look like based on the type of work I am capable of.
I personally like homes from the 50s (good thick hardwood often hidden under a bad carpet) but avoid late 60s and 70s (popcorn ceiling = asbestos) and often cheaper construction grade.
Overall, I found that flipping is a good way to turn your free time into equity/money and a great learning experience but it is hard work and definitely not for everyone.
@Wesley Robirds - There are definitely still some good small multi-family (2-4 unit) deals left in the Greater Seattle area. It just depends on where you are looking and what returns you are trying to achieve.
One piece of advice I give a lot of new investors: Network and build a strong team around you! Having knowledgeable people helping you will vastly increase your chances of success.
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