Hello, Kristen here from Renton, WA. I am determined to become financially independent and know real estate is the ticket. I am about to buy my first home and am interested in doing renovations to increase equity while I live there with my family. I plan to buy and hold rental properties as well in the next couple years. What sort of houses should I be looking for to get my highest ROI?
Thanks for any additional tips and resources.
Key words: Seattle, Belleve, Flipping, buy and hold, first time home buyer
Welcome to Bigger Pockets!
Hi @Kristen Deskin . Multifamilies down south around Lakewood provide some of the highest ROIs in the area. Beware though, these high ROIs on paper come with higher vacancies and tenant management.
Thank you for the tip! Are there other areas you recommend with less risk of vaccines?
Hey @Kristen Deskin . Welcome to the site and here's to a successful career!
If you're looking for the safest, most conventional type of SFR to buy, I would direct you instead to look hard at location rather than trying to find a 3bd./2ba. vs a 5bd./3ba., etc. You want a great school district if you're aiming to get a long-term family renter in there. Proximity to downtown Seattle if you want a young professional. College rentals are fairly self-explanatory...for highest ROI, that's going to be almost impossible for anyone to answer without knowing more specifics, especially how far afield and how experienced you are, what your investment potential is (are we talking SFRs, small-multi, large multi, LARGE multi...?).
I mean, if all you want is straight up cash-on-cash ROI potential, ya gotta head out to the Mid-West, or the Rustbelt, or out East where you can buy a house for under $50,000 and potentially rent for $800+/month. No way in heck you'll find that in Seattle, but then there's long-distance land-lording hurdles and expenses...etc.
Keep asking questions and reading as much as possible, as well as listening to the podcasts.
Kristin, welcome to BP!
I see you using key words, be sure to set up some key word alerts if you haven't already.
There are BP meet-ups in the south sound area regularly, still hoping to get to one. Maybe 2016 will be the year I make it happen!
If you are willing to do renovations, look for a crappy house in a nice neighborhood. School districts are key, think about walkability, and features that gives it more character/desirability. Start surfing Craigslist to see what the competition is and what areas have some but not a ton of rentals available.
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