Seattle Market Analysis - Multifamily

[Jared Egge]

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!

[Michael Haas]

@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.