I recently moved to the Seattle metro area and I would like to invest in the real estate market.
Does anyone have any suggestions about what I can do (wholesaling, land investing, mobile homes, flipping, and etc.)? I have some money saved up, but not nearly enough to purchase a house for $700K which is the average cost of a home in the area.
@Alex Ray Looks like you did things backwards. ;-) You should have priced properties before making the move. Can't say I blame you though, the Seattle area is beautiful, when it isn't grey.
Seattle is a tough market to get anything to pencil out in. Margins are very slim. I see many investors heading further and further south, to tacoma and beyond.
I did a BRRRR this last spring in Renton which I had to leave approx $31k of my capital in the deal because my all in after rehab costs came out to around 84% of the ARV. (final refi was 75% of the appraised $347k ARV and my all in costs until that point were abbout $290k) This was planned from the start, but from my experience is about as good as it gets. Even with many creative strategies you need cash.
Being a general contractor / project manager these days is very lucrative.
What are your goals Alex? If it's cashflow you might look at getting in contact with some of your Texas friends and get some investment properties there. Otherwise the Tacoma and Everett areas are probably going to be more affordable than the Seattle Metro area. Depends on your situation as always. Take a look at some of the Meetups in the area as well. I personally am a fan of Fixated on Real Estate and the Cascadia Investors Alliance which both have meetings monthly.
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