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!
Real Estate Broker 路 Bellevue, WA 路 Member since 2017 路 172 posts 路 107 votes
8y
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鈥檓 more than happy to discuss what your needs are and what your strategy is. Feel free to reach out 馃榾
Spanaway, WA 路 Member since 2018 路 17 posts 路 5 votes
8y
Not to shill for anyone (I鈥檝e never been and I still don鈥檛 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鈥檚 the only way I鈥檓 going to get in the long term game. If you鈥檙e like me in terms of in-person vs. online interaction it might be worth a few hours of your time.
Real Estate Broker 路 Bellevue, WA 路 Member since 2017 路 172 posts 路 107 votes
8y
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鈥檓 more than happy to discuss what your needs are and what your strategy is. Feel free to reach out 馃榾
Ann Arbor, MI 路 Member since 2014 路 1k+ posts 路 997 votes
8y
@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.
Rental Property Investor 路 Everett, WA 路 Member since 2013 路 389 posts 路 222 votes
8y
@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 @Account Closed:
@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.