Getting started in Seattle area

30 Replies | Seattle, Washington

Hello Bigger Pockets Seattle! I'm a recent college grad who just moved to Seattle to start a new job and I've been doing a lot of reading about real estate investing lately. I'd like to try my hand at it but I'm both new to the idea of investing and new to the area so I'm not sure what the best place to start would be. I've heard that it is difficult to cash flow in Seattle (and tenant laws can be troublesome) but it's more feasible in surrounding areas. I've also read that Seattle is a great place for appreciation but even the cheapest properties I've seen in the city are 400K+ and it makes me nervous to start with that expensive of a purchase since I don't have any experience yet. I suppose I'm essentially looking for advice on what you would do if you were a brand new investor looking to get started in Seattle/surrounding areas. I'd also be happy to network with anybody interested in sharing some of their knowledge -- the more I can learn, the better! Thanks in advance!

Hey Kyle:

I'd love to chat with you! I was in your exact shoes last summer (and also live in Seattle). Three properties later, I'm having a great time and learning a ton along the way!

Best,

Dylan

Hey Kyle, I'm in a similar boat! Just moved to Seattle about a year ago. I've been saving a lot of money and would love to get into real estate outside of the Seattle area. I'm torn between looking back where my parents live (Midwest) and looking in more remote areas in Washington! I'd love to connect with you. 

Dylan: I'd love to hear about your journey so far as well! I'll shoot you both a message. 

Seattle is great, but don’t discount the appreciation and growth happening north up the I-5 corridor. I’ll send you a message and we can chat about areas you might like to look.

hello Kyle , I’m also a newbie looking to get into real estate investment property’s in the greater Seattle area and threwout Washington state. I’m leaning towards wanting to get into multi family properties Would love to network. I’m still learning and planning to make my first deal in the next couple years (need to build some Capital and get into a better credit situation) also looking to network with anyone whom has capital but maybe isn’t looking to do as much on the leg work end to get my foot in the door. 

Hi all, I'm a Real Estate Agent that covers the great Seattle area and I always love talking shop!  If you end up me scheduling a meet-up, I'd love to join.  I've lived in the area for over 35 years, so I can give you perspective on neighborhoods and I usually have a few off-market opportunities up my sleeve.  ;)

@Kyle Anderson welcome! How's your access to capital/credit? We bought our home in Shoreline a year ago and have seen it appreciate 125k without consideration for what we've done on the inside (new floors, kitchen, bathroom, etc...). HELOC just funded a week ago and currently looking at Spokane, Dallas, and parts of FL. Our goal is two properties this year whether SFR or MFR. Not too far ahead of you so would certainly welcome conversation.

@Dylan Hoffman I want to hear about your successes and emulate or enhance!  I'll reach out.

@Robert Freeborn my search has historically stopped anything north of Marysville.  I'd love to hear how you're finding success further north.

@Eva Croasdale Hmmm I'm always looking for more off-market oppties.

Hi folks-- also getting started here in the Seattle area and would love to connect on strategies, any properties/areas folks are considering, and (potentially) join-investment opportunities! 

I have grown up in the area for the past 20 years, so I'm happy to share thoughts on next up-and-coming areas and what I've observed as market driving forces in the areas surrounding the city. Just a thought... we could start a Slack group to share thoughts/strategies. Possibly even share investment opportunities we find? If it's of interest, I'm happy to take point on this.

Hey guys,
I've noticed a number of new multi families coming up for sale as of late. 6 months ago it wasn't easy finding good multis. Does anyone think this is an indication of a changing tide?

Seattle's a competitive market, Brian, your Bremerton suggestion is great in theory, especially with the foot ferry cutting travel time to the city in 30 minutes. But I'm having a hard time foreseeing appreciation, and Bremerton is low SES. What are your thoughts?

Kindly invite me if there's a meet up.

IMHO, Seattle's housing game is the best in the country!

Hi Kyle, capital appreciation in Seattle has been pretty amazing over the last few years. Unfortunately, it's hard to find something that will cash flow in the city. I suggest that you look around Washington state. Even towns east of the mountains are doing well with low vacancy rates these days. 

Hi Kyle,

I also just recently graduated from college and moved out to Seattle to start a new job - I have been studying the real estate market in the area and have found myself asking many similar questions as a young professional looking to get into real estate investing.  Would be more than willing to set something up to bounce ideas/experiences off one another as two young investors in a new city - let me know if you'd be interested!

Best,

jack Pruett

Sounds like there are several folks here interested in a Seattle meetup. There's actually a lot of RE meetups around here; check out the BP Events page. Also, if you go on Meetup.com and search for "Real Estate" in Seattle, you'll see an average of 3 meetups a night. There are also a few REI clubs with hundreds or thousands of members, and they track member attendance outside of Meetup and BP.

I also host a couple of lunch meetups in the White Center and Bellevue area each month, and you'll find that from my profile, BP Events, or Meetup.  Plenty of opportunities to meet and network!

Hey Kyle I have been investing north of Seattle for years with a lot of success. The market is challenging for finding deals do to the crazy appreciation that has been happening but they are still out there. Feel free to reach out and connect. I am looking to expand between Bellingham, and Seattle so we both may be looking in the same areas. 

Revisiting this post and going to float a meetup out there if anyone is interested!

Like @Nghi Le mentioned, it looks like there are a lot of existing meetups already happening. However, as a new investor myself, I was thinking it could be worthwhile to set up a lunch or happy hour sometime in the next week or two for newer investors (like the folks on this thread) and see what happens?

If there is enough interest, I'm happy to set it up myself and invite everyone on this thread as a start (of course, folks can invite whoever they want).

Just a thought!

-Dylan

@Dylan Hoffman

You'd be surprised... at most REI meetups, the majority of folks are people who are new and have never done a deal. This is especially true at the big real estate clubs and associations (vs meetups). This seems to be a universal theme across the entire country, not just our market.

Hope to see you and everyone here around soon!  We have a big lunch meetup in a couple of weeks at the rooftop of one of the Bellevue towers, if you guys wanted to join.

Originally posted by @Dylan Hoffman :

@Nghi Le nice! Can you give us some more specifics on your next meet-up?

I couldn't find anything meaningful in the BP Events page :)

My last post got deleted because I sent a direct link to the Meetup :-)

I just created a couple of BP Events to mirror them:

Kyle - I've solved the problem by looking out of the area, but everyone posting here has me wanting to hear more about what they're doing.  I'd love to connect with any and all of you!

I would love to hear more about everyone's experiences here in Seattle. I'm a newbie trying to figure out how to land his first deal in this competitive market. I've been considering Tacoma. I was born and raised in Seattle's Central District, lived in New York for 10 years and am now returning to a place that is really unaffordable. I would like to keep renting a place in the CD due to its close proximity to my work while purchasing a single or multi to rent out in the surrounding areas. I have a great job and great credit but I'd like something in the $350 range for my first deal. I'll go higher as I build my portfolio. I would love to connect with anyone in the area. 

@Lane Kawaoka would be great person to offer some advice on that market


Alex
Originally posted by @Tonye Wokoma :

I would love to hear more about everyone's experiences here in Seattle. I'm a newbie trying to figure out how to land his first deal in this competitive market. I've been considering Tacoma. I was born and raised in Seattle's Central District, lived in New York for 10 years and am now returning to a place that is really unaffordable. I would like to keep renting a place in the CD due to its close proximity to my work while purchasing a single or multi to rent out in the surrounding areas. I have a great job and great credit but I'd like something in the $350 range for my first deal. I'll go higher as I build my portfolio. I would love to connect with anyone in the area. 

Hi @Tonye Wokoma I've been working in King, Pierce, Snohomish, and Thurston Counties for over 10 years.  It would be great to connect with you and I can give you some insights on the area and the current market situation, future forecast, etc.