House Hacking in King/Pierce County Washington

Corvallis, OR · Member since 2019 · 5 posts · 3 votes

Hello BP Family,

I am on the verge on making my first real estate investment via the strategy of House Hacking in the Greater Seattle Area of Washington State. I am looking in King County and Pierce County, and am curious what specific laws/legalities I need to be aware of prior to purchasing and becoming a landlord. If you could please provide any tips, advice, recommendations, and/or resources, it would be greatly appreciated! Thank you all in advance for assisting me in the beginning stages of my REI career!

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Michael HaasBusiness Member

Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes

We house hacked our first three properties in Seattle, and are now up to 5. Its a killer strategy. As for Seattle - the city regs can be onerous, but there's a ready supply of tenants and rental rates are pretty healthy. If you focus on large properties, rented by the room or split levels rented on separate leases, you can definitely cash flow on the South side of Seattle. Feel free to message me to chat about where to look for cash flow in King County, and good luck on the first property!

For seattle, look up "Seattle RRIO" to get a overview of the city-specific regulations.

[email protected]408-439-7873

HouseHack Seattle | Michael Haas & Team572 Reviews

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Sean Barnebey
Tacoma, WA · Member since 2018 · 8 posts · 5 votes
6y
@Colin Walters
Awesome that you are making your intro into investing! I am currently under contract to close on my first home is tacoma and will be implementing a similar strategy. The biggest thing I have found is just making sure you have contracts with your roommates (they are tenants after all!). I am a big learn as you go guy so I am coming in with paperwork with my tenants and an eagerness to learn as issues come up. In my experience, there is no deal free of issues so cover your *** legally and be ready to adapt!
PS Pierce County cash flows better!
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Megan Shay
Real Estate Broker · Poulsbo, WA · Member since 2018 · 121 posts · 66 votes
6y
@Colin Walters, consider Kitsap too! With the fast ferries, Kingston, Bremerton, and surrounding areas are a viable commute option to Seattle. With the small-town vibes and MUCH lower prices, it's worth a glance. I live in Poulsbo and LOVE it. I commute to Seattle/Eastside a few times/week. Hey, you are guaranteed not to see orcas on I-5. But we totally saw a pod a couple weeks ago on the 8:45 Bainbridge/Seattle boat. :-) PM me for more Kitsap info, and good luck in your venture!
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Colin Walters
OP
Corvallis, OR · Member since 2019 · 5 posts · 3 votes
6y
Originally posted by @Megan Shay:
@Colin Walters, consider Kitsap too! With the fast ferries, Kingston, Bremerton, and surrounding areas are a viable commute option to Seattle. With the small-town vibes and MUCH lower prices, it's worth a glance. I live in Poulsbo and LOVE it. I commute to Seattle/Eastside a few times/week. Hey, you are guaranteed not to see orcas on I-5. But we totally saw a pod a couple weeks ago on the 8:45 Bainbridge/Seattle boat. :-) PM me for more Kitsap info, and good luck in your venture!

Hi Megan - thank you for the reply. I have sent you a PM as I have absolutely considered Kitsap county!
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Colin Walters
OP
Corvallis, OR · Member since 2019 · 5 posts · 3 votes
6y
Originally posted by @Sean Barnebey:
@Colin Walters
Awesome that you are making your intro into investing! I am currently under contract to close on my first home is tacoma and will be implementing a similar strategy. The biggest thing I have found is just making sure you have contracts with your roommates (they are tenants after all!). I am a big learn as you go guy so I am coming in with paperwork with my tenants and an eagerness to learn as issues come up. In my experience, there is no deal free of issues so cover your *** legally and be ready to adapt!
PS Pierce County cash flows better!

Hey Sean - appreciate the response, and congrats on nearing the close of your first home! Where did you get your contract from and what recommendation do you have in formalizing the legal contract? And I love your eagerness to learn as we go - couldn't agree more!

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
6y
We house hacked our first three properties in Seattle, and are now up to 5. Its a killer strategy. As for Seattle - the city regs can be onerous, but there's a ready supply of tenants and rental rates are pretty healthy. If you focus on large properties, rented by the room or split levels rented on separate leases, you can definitely cash flow on the South side of Seattle. Feel free to message me to chat about where to look for cash flow in King County, and good luck on the first property!
For seattle, look up "Seattle RRIO" to get a overview of the city-specific regulations.
[email protected]408-439-7873
HouseHack Seattle | Michael Haas & Team572 Reviews
Website View Page
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Aaron NelsonBusiness Member
Real Estate Agent · Seattle, WA · Member since 2016 · 307 posts · 191 votes
6y
Hi @Colin Walters! Congrats on your first foray into the world of real estate investing! Househacking is a great strategy and is an awesome way to get started. My wife and my first investment was a live in flip in Bellevue that helped us pay off my student loans and jumpstart our real estate investing career.
Hope to see you around the forums!
[email protected]425-880-2580
White Coat Realty536 Reviews
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