Buying SFR for rental in Greater Seattle area

9 Replies | Seattle, Washington

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!

Not to shill for anyone (I’ve never been and I still don’t know if I can make it) but there is a Tacoma REIA meeting on the 11th in Redmond and they plan to discuss out-of-state investing opportunities. That’s the only way I’m going to get in the long term game. If you’re like me in terms of in-person vs. online interaction it might be worth a few hours of your time.

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 😀

I’d suggest south - Tacoma still has deals if you can out some work into the place up front. Let me know if you need an agent suggestion. Good luck!

@Yuan U.   I clearly have a biased opinion but what about Bellingham?  Prices are half what they are in Seattle and most properties should cashflow after a mortgage payment.  

@Yuan U. plenty of places in N. Everett will cover your mortgage if you are just looking for appreciation. And my belief is there is still plenty of that left to be had in the area. I go for multifamilies myself but there are much fewer of those in Everett.

Thanks Grant! It would be interesting for me to learn more about Everett area from your perspective.
Originally posted by @Grant Fosheim :

@Yuan U. plenty of places in N. Everett will cover your mortgage if you are just looking for appreciation. And my belief is there is still plenty of that left to be had in the area. I go for multifamilies myself but there are much fewer of those in Everett.

Thanks Christen! I'd appreciate if you could send me the agent suggestion for Tacoma.

Originally posted by @Christen G. :

I’d suggest south - Tacoma still has deals if you can out some work into the place up front. Let me know if you need an agent suggestion. Good luck!