Seattle Market Analysis - Multifamily

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Seattle Market Analysis - Multifamily

Jared Egge
Member since 2020 · 1 post · 2 votes

Hi - I am new to BP referred here by a friend. I live in Seattle and am interested in thoughts on the market, specifically as it relates to multifamily.  I am interested in adding some multifamily to my portfolio in 2021 if the right deal is found.  It seems like most of the general advise is 'look elsewhere' when it comes to Seattle, and that the numbers just don't add up / laws are unfriendly to landlords.

I am interested in hearing both investors' thoughts as well as agents that specialize or have significant experience in multifamily in Seattle.

Thanks in advance!

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
5y

@Jared Boundy our experience in Seattle has been that Househacking almost always pencils out, BRRRR's often pencil out, and straight rentals sometimes pencil out. We invest here actively and help many clients do the same, but its definitely easiest to do successfully with either a low down payment househack or a value-add BRRRR.

There's a LOT of lazy money in Seattle buying turnkey rentals at high 4 CAPs. You can kick lazy money's A$$ if you're willing to put a little work in or make the right agent/lender/contractor/investor connections.


Cheers, and feel free to hit me up for coffee or a COVID friendly phonecall anytime if you'd like to chat more. 

[email protected]408-439-7873
HouseHack Seattle | Michael Haas & Team572 Reviews
WebsiteView Page
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  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    5y

    Seattle is awesome because of land use flexibility :)  And the City of Seattle will appreciate the most because people inevitably want to live here post-covid.  

    2Reply
  • Brie Groves
    Realtor · Seattle, WA · Member since 2020 · 36 posts · 19 votes
    5y

    I have some multi-family investor clients that love Seattle and I was helping them look for another property to purchase when Covid hit, but with all of the restrictions on landlords right now, they have decided to hold off on buying until things settle. That being said, there isn't as much competition for those types of properties right now, so if you're looking to hold onto it for awhile then you could probably get into something for a good price right now depending on what neighborhoods your targeting.

    1Reply
  • Sherief Elbassuoni
    Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
    5y

    @Jared Egge, what type of multi-family. Are you talking about small 2-4 doors, or 4-20 doors, or something else?

    Small multi-family are a little pricy, but we still have deals in here

    3Reply
  • Jared Boundy
    Real Estate Broker · Seattle, WA · Member since 2017 · 139 posts · 82 votes
    5y

    It really depends on your goals.  Yes, there are some deals around. Some because landlords want to sell and be done with Seattle.  Despite the challenges, there is such solid employment and growth in the area, that it would take several major setbacks (or several employers moving away) to stop the appreciation. If you're more interested in cashflow, you may want to look a bit further outside the city. The pandemic has made commutes largely irrelevant for many.

    0Reply
  • Michael HaasBusiness Member
    Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
    5y

    @Jared Boundy our experience in Seattle has been that Househacking almost always pencils out, BRRRR's often pencil out, and straight rentals sometimes pencil out. We invest here actively and help many clients do the same, but its definitely easiest to do successfully with either a low down payment househack or a value-add BRRRR.

    There's a LOT of lazy money in Seattle buying turnkey rentals at high 4 CAPs. You can kick lazy money's A$$ if you're willing to put a little work in or make the right agent/lender/contractor/investor connections.


    Cheers, and feel free to hit me up for coffee or a COVID friendly phonecall anytime if you'd like to chat more. 

    [email protected]408-439-7873
    HouseHack Seattle | Michael Haas & Team572 Reviews
    WebsiteView Page
    7Reply
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