Buying SFR for rental in Greater Seattle area

[Yuan U.]

I am totally new to BP. Currently looking for my first rental property. I live in Seattle but am looking to buy outside of Seattle, either in the north to Everett or the south, maybe Tacoma? I personally don't know much about the south area. I have been searching in Lynnwood and Everett area, but found that in most cases rent would not be able to cover monthly mortgage. I want to buy and hold for appreciation, but also don't want to pay out cash every month. Do you have good suggestion where I should look? Or should I change my strategy? Thanks!

[Jake Alger]

Hi Yuan,

It is very difficult to cash-flow properties right now in the Seattle and surrounding areas. Homes are being overvalued, particularly multi-family properties. 

That said, deals can be found that make sense. Your best bet is to work with a broker who knows the markets and has an eye on properties as they hit the market. As with everything right now, you have to move extremely fast to acquire properties; especially those that are perceived as deals. 

I know of a few properties that have investment potential but it all comes down to your strategy and level of involvement. 

I’m more than happy to discuss what your needs are and what your strategy is. Feel free to reach out 😀