My name is Steven and I am a new investor looking for my next property in the Seattle area. I currently live in and own a condo in Capitol Hill and am searching for a small multi to house hack or value add single family to fix up using a renovation loan (HomeStyle or other). Ideal locations are neighborhoods near downtown (Central District/Cap Hill, North Beacon Hill, West Seattle, North Seattle, etc.)
My work background is in the project management side of the construction industry. I graduated from the University of Washington with a degree in construction management and am currently a consultant working on large transportation projects for WSDOT.
I am also currently enrolled in the Commercial Real Estate certificate program through UW to learn more about financing, development, etc. of commercial real estate.
Overall, my plan is to acquire long term buy and hold residential and/or commercial properties in core areas or emerging corridors.
I am excited to get more involved in the real estate community. Please let me know if you have any advice/have used the HomeStyle or other renovation loans, contractors who have done this type of work, or anything else!
Welcome to BP Steven!
If you ever have any questions, feel free to ask.
Welcome to bigger pockets.
Great to hear that you're so focused and know exactly what you want to do. I would have a conversation or two with a couple of mortgage bankers or mortgage brokers and get some of the details about the Homestyle loan program. Unfortunately, that particular program usually turns off a lot of investors for one reason or another. It is a great program, but only for a very specific and small portion of the investing population.
The biggest issues I have seen with the program have to do with the draws and contingency funds. Although the loan will allow for 10% contingency that is very easily blown out of the water by a single unforeseen issue and it's a nightmare trying to get through it.
Let me know if you'd like a couple of names of people who have experience with the program.
@Matt Gragg Thanks for the welcome!
@Patrick Britton Thank you for the insight. I also have heard that the draw down procedure can be difficult. For this reason, I want to make sure to have a contractor on board who understands it. This would hopefully mitigate some of the hassle. I'm not dead set on using the Homestyle loan but it is an option that I'd like to have ready. It all depends on if I can find the right type of property. I have begun talking with one broker who has done many Homestyle loans, but I would like to talk with others, so if you have recommendations please send their contact info. Much appreciated and thank you!
Go Huskies! My husband and I met at UW, and now we are paying our daughters way through it. Needless to say, our real estate expansion plans are on hold for a few years. Our first apartment was on Eastlake, we spent a lot of time on capitol hill.
You seem to have great experience to draw from and know what you want next, that is half the battle.
Be sure to check out the podcasts and set up some key word alerts.
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