Another Seattle Investor

[Chris Themelis]

Sup everyone! Just here for an intro and to say hello. My name's Chris, and I'm a long time Seattle native that recently turned my first property into a rental unit. I'm excited to have started my venture in real estate investing, and look forward to connecting with other like minded peeps through the BP forums. 

Hope ya'll are having an awesome week.

-Chris

[Michael Haas]

We used to have the same problem @Kevin McGuire, unable to find deals working with "investment minded Realtors" in Seattle. We'd consider investing where we grew up if that was any better, but we grew up just outside of San Francisco :). 

You have to get pretty creative in Seattle to get 6-8% CAP rates and great cash flow, and it seems like most Realtors either don't know how to put together a great deal or aren't willing to put the time in to do it.

We've been getting 6+% CAP by getting our rehab costs extremely low, focusing on large SFH's (6+ bedrooms, ideally with a finished basement unit or other ADU/DADU, often rented by the room), setting up systems and self managing, and waiving a lot of contingencies to get lower offers accepted.

Its been hard, but if you can figure that out its pretty great to have a portfolio cash flowing $1,000 / property AND appreciating at crazy Seattle rates most years!