New Investor in WA - Buy and Hold Multi-Family Unit Properties

[Cory Nicol]

Hello,

I'm Cory. This is my first post. I am a tech professional in the Seattle area. I am interested in getting into real estate investing. 

I have read a couple BP books and listen to their podcasts. I am a newbie but somewhat familiar with the process. I have capital that I would like to invest.

I am most interested in buy and hold multi-family (between 2-4 units) properties in Washington, Oregon, Idaho and Montana. I could be interested in a house hack in the Seattle area for the right situation.

I am looking to connect with realtors and wholesalers to start investigating what is available out there. 

Not sure if this post was the best way to make it happen, but giving it a shot. Let's connect if this is something you may be interested in. 

Thanks!
 

[Michael Haas]

Welcome @Cory Nicol! We're here in Seattle and mostly invest locally- the Multifamily market is definitely competitive, and without factoring in value-adds cash flow will be slim on most properties if you use a non-owner occupied (aka rental property) loan. 

I'm a HUGE fan of house hacking as a way to get started - we did it on our first 3 properties in Seattle and have 6 rentals now - it really works. Even in Seattle, taking advantage of the lower down-payments on an owner occupied loan will require significantly less cash per door than buying a local rental property.

Multi's are great for house hacks too, but you'll get a better return and a lower purchase price with a larger SFH with a MIL/ADU or two here in Seattle. With all the changes to local regulations (dropped the owner occupancy requirement, as well as other "poison pill" requirements) these units look nearly as good as a true multifamily to me, and often cost significantly less.

Lets grab coffee if you want to talk more about House Hacking. Its a great and low cost way to get started, my wife and I wouldn't have been able to quit our jobs and reach financial independence so quickly any other way.