Getting Started in Olympia, WA

8 Replies

Hi all! I recently moved to the Olympia / Tumwater / Lacey Washington area and am ready to jump into my first real estate investment. I’ve been listening to the Bp podcasts for a while and I feel ready to jump in and start investing in real estate. Specifically, I am looking for a duplex or triplex to live in and rent out the other unit(s) and begin to “house hack.” The good news is that I quality for a great first time home buyer conventional loan to buy a multi-family property with 5% down. Now I just need to find a great deal so that the numbers will make sense and cash flow in this hot market (easier said than done)! I am preparing to begin a campaign knocking on doors and sending yellow letters to buy a multi-family home and would welcome any advice and/or encouragement you all have to offer. Thanks! Skyler

Welcome @Skyler Chaney to the BiggerPockets Olympia area family! I am very happy to hear your decision to take action, it will be the defining moment of your journey. I am here to help you in any way I can, feel free to make use of me. 

Please join your fellow BPers on Tuesday Sept 18th at 6pm at Ramblin' Jacks downtown Olympia for our monthly local investors group meetup! I look forward to meeting you there.

@Skyler Chaney Welcome to BP! its a great source of information, other posts, books, blogs, podcasts and the Opportunity is endless! If your interested in chatting with a Local GC hit me up. Have a great weekend!

@Skyler Chaney Welcome to BP nation and all it has to offer. I highly recommend attending the meeting at Ramblin Jacks restaurant tomorrow night as @Andrew Hodgson mentioned. There are many people that are in different phases of their investing careers there that would happily answer any questions you might have?

I look forward to meeting you there.

@Skyler Chaney ,  Hello Skyler, I've been looking at plans for an unbuilt tri-plex which when completed is expected to offer cash flow of several thousand per month, instant equity of near 20%, and a Cash on Cash Return on investment of over 50% the first year.  It is a million dollar project that requires 10% down.  However, to achieve those returns requires renting individual rooms month to month as well as for Short Term Rentals (AirBnB style) rather than renting each tri-plex as an separate living unit.  Renting rooms will the project management intensive.  Only 10% of income is budgeted for management, as I intend to manage it myself.

The project that I'm looking at pays well, but it is certainly not for everyone. It amounts to a small Hotel. It is a full basement stacked tri-plex is a design with 5 bedrooms on each level plus a Mother-in-law style suite on two levels next to the attached garage and with a 2 bed/2bath ADU over a detached garage. (21 rooms, 25 bathrooms). The big advantage to the design is a relatively small foot print (3740sq ft) and a fit in anywhere elevation (appearance).

This is a building can be built virtually anywhere (almost any residential zoning, and in a number of non-residential zones).  That is because the building is built and permitted as a Tri-plex.   The design is a modified version of one of the "Generations" homes which are built by Adair Construction.   Adair is a longstanding Pacific North West custom home builder with a reputation for speed and efficiency.  They typically build homes for an all in cost well under market value.   The homes Adair built last year (2017) provided an average of 20% instant equity for their owners.  That is because the owners typically contribute thousands of dollars worth a "sweat equity" -mostly site prep and painting.

There is a shockingly high demand for short and intermediate term single rooms with bath.  If well located and well managed  this building will be easy to keep full and it will be very profitable.  If any of that interests you,  I'd be happy to talk to you about.  I live in Lacey.Link to BP "Rental Property Report" for this project

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you