Hello from Seattle! Looking to build cash flow from long-term rentals
Hi All,
I'm a 27 year old Software Engineer living in Seattle, and am looking to begin my real estate investment journey after listening to the Bigger Pockets podcast!
My goal is to gain cash flow that can eventually be used to increase the freedom and financial independence in my life.
My local area is pretty unaffordable investors just starting out, but I don't want to sit on the sidelines so I'm learning about buying and renting properties out of state! I currently own my primary residence near University of Washington and plan to rent that out when I eventually move. If anyone has similar stories, I'd love to hear about how you got started and navigated all the uncertainties with buying properties out of state.
Outside of investing, I love playing classical piano, driving (I frequently volunteer at Porsche Club of America events here), and dancing, so feel free to connect with me about those things as well :)
Have a prosperous New Year,
-Julio
Most Popular Reply
I live and invest in Seattle. I've found that there are still ways to make the 1% rule work.
> 12-unit in Eastlake I bought for $2.5m last year... pulling in $26k of rent/month
> Individual DADU builds cost ~$325-350k to build, and I'm renting them for $3,200 - 3,550
However, I'm also investing in Wenatchee which is much more cash flow friendly:
> 30-unit apartment bought for $4.2m and renting for $38k/month
> 33-unit townhome community closing this April for $6.3m and will rent for $70k/month
Investing in RE is a legacy and the ability to show my kids what we are doing holds just as much weight as the rent checks we net.
Happy to discuss how we're investing locally.