Seeking an awesome Seattle area Real Estate agent!

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Seeking an awesome Seattle area Real Estate agent!

Megan Cassidy
Seattle, WA · Member since 2019 · 10 posts · 4 votes

Hello BP,

Newer investor looking to meet with local Seattle, WA agents who are familiar with areas outside the city limits (Bremerton, Poulsbo, Whidbey, Mt. Vernon, Everett, Bothell, etc.). Seeking duplex or multi family properties that I intend to live in, improve the property (not a flip) and increase equity, and rent out other portion.

No more than $200,000 offer price with loan or hard cash down.

Would use FHA, conventional loan, or possible hard cash/other creative methods of finance

I am familiar with prices around here, so want to hear possibilities.

Criteria for agent:

1) Knowledgeable about small, multifamily properties in Seattle and outside city limits

2) Experience working with first time home buyers

3) Quick to respond to questions or inquiries 

4) Enthusiastic about creating the best win-win situations possible

5) Direct, realistic, and creative

If interested in speaking with me, drop me a PM or post your information here.

Thank you for your time,

Megan Cassidy

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Most Popular Reply

Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
6y

@Dave Skow's point is a good one- Since 2014 new FHA loans at 90% loan-to-value or less (more than 10% down), have the monthly mortgage insurance premium payable for at least 11 years.

For new loans at more than 90% loan-to-value (less than 10% down), the monthly mortgage insurance will be payable for the life of the loan.

    Way back before 2013 FHA allowed the mortgage insurance to be cancelled when the mortgage insurance has been paid for 5 years and the loan balance reached 78% of the original purchase price or value of the home.

      [email protected]408-439-7873
      HouseHack Seattle | Michael Haas & Team572 Reviews
      WebsiteView Page
      5Reply
      See this reply in the discussion

      12 Replies

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      • Dave Skow
        Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
        6y

        Megan - thanks ... you might want to get several agents working in tandem for you as the areas you outlined are varied / widespread .... maybe a " team " of agents will be best approach 

        If using a loan to purchase - get pre approved ( if you haven't already done so ).... thanks 

        0Reply
      • Eamon M.
        Rental Property Investor · Edmonds, WA · Member since 2018 · 7 posts · 4 votes
        6y

        If you are planning to live in one side you may want to readjust your thoughts on purchase price. As an Everett investor I can tell you I did the same thing and I would not want to live in a duplex and/or neighborhood that was only 200k. That may be different if I was renting both sides out. Best of luck to you and welcome to the BP!

        0Reply
      • Megan Shay
        Real Estate Broker · Poulsbo, WA · Member since 2018 · 121 posts · 66 votes
        6y

        @Megan Cassidy, I live in Poulsbo and work in North Kitsap/Bremerton. (I still work in the Seattle area as well). I can tell you right now you're going to be hard-pressed (and that's optimistic) to find anything other than a rotting double-wide for $200k, even in Bremerton. Definitely not multi-family. The cheapest I've seen at that price are a couple of duplexes in the $250-300 range, and those wouldn't be something you'd want to live in. PM me if you'd like more info about Kitsap though! It really is a great area. :-) 

        0Reply
      • Megan Cassidy
        OP
        Seattle, WA · Member since 2019 · 10 posts · 4 votes
        6y
        Originally posted by @Dave Skow:

        Megan - thanks ... you might want to get several agents working in tandem for you as the areas you outlined are varied / widespread .... maybe a " team " of agents will be best approach 

        If using a loan to purchase - get pre approved ( if you haven't already done so ).... thanks 

        Hi Dave, thanks for your comments. I am currently working on this tactic at the moment. Also, loan pre-approval in process. 

        1Reply
      • Megan Cassidy
        OP
        Seattle, WA · Member since 2019 · 10 posts · 4 votes
        6y
        Originally posted by @Eamon M.:

        If you are planning to live in one side you may want to readjust your thoughts on purchase price. As an Everett investor I can tell you I did the same thing and I would not want to live in a duplex and/or neighborhood that was only 200k. That may be different if I was renting both sides out. Best of luck to you and welcome to the BP!


        Hi Eamon, I was just advised this from friend, who is also a realtor and
        lives in Everett. I was hoping I could swing that number, but I will be
        re-adjusting my plan of action.

        1Reply
      • Megan Cassidy
        OP
        Seattle, WA · Member since 2019 · 10 posts · 4 votes
        6y
        Originally posted by @Megan Shay:

        @Megan Cassidy, I live in Poulsbo and work in North Kitsap/Bremerton. (I still work in the Seattle area as well). I can tell you right now you're going to be hard-pressed (and that's optimistic) to find anything other than a rotting double-wide for $200k, even in Bremerton. Definitely not multi-family. The cheapest I've seen at that price are a couple of duplexes in the $250-300 range, and those wouldn't be something you'd want to live in. PM me if you'd like more info about Kitsap though! It really is a great area. :-) 

        Hi Megan, thanks for the information! As I can see from all the helpful comments, I need likely need a new plan of action, and will totally re-evaluate. I would like more info on Kitsap, however, so I will PM you. Much appreciated.

        1Reply
      • Dave Skow
        Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
        6y

        Megan - great ... make sure you go o er all options for the various pre approval options as guidelines will vary between 2 plex to 4 plex... also try avoiding fha due to permanent mortgage insurance .... 

        1Reply
      • Michael HaasBusiness Member
        Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
        6y

        @Dave Skow's point is a good one- Since 2014 new FHA loans at 90% loan-to-value or less (more than 10% down), have the monthly mortgage insurance premium payable for at least 11 years.

        For new loans at more than 90% loan-to-value (less than 10% down), the monthly mortgage insurance will be payable for the life of the loan.

          Way back before 2013 FHA allowed the mortgage insurance to be cancelled when the mortgage insurance has been paid for 5 years and the loan balance reached 78% of the original purchase price or value of the home.

            [email protected]408-439-7873
            HouseHack Seattle | Michael Haas & Team572 Reviews
            WebsiteView Page
            5Reply
          • Julie MarquezPro Member
            Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
            6y

            @Megan Cassidy Welcome to Bigger Pockets and the new world of real estate investing. My family and I do creative real estate investing in Skagit County, and really try to know the zoning of Anacortes and Mount Vernon, that has really helped us with our endeavors. Skagit is a tough market now, but there are ways to be creative!

            0Reply
          • Gabriel GraumannPro Member
            Real Estate Broker · Phoenix, AZ · Member since 2019 · 165 posts · 100 votes
            6y

            @Megan Cassidy It looks like you're getting plenty of assistance to your question. What I haven't seen referenced yet is pursuing deals off market. It would be a challenge for most brokers to do this for you at your price point as off-market sellers have plenty of research available with a few clicks of the mouse to determine what values are, and brokers have an obligation to inform sellers as to the market and value and present them with options. Are you in a position to pursue sellers directly? Start a marketing campaign, door knock, drive by properties and work with a title company, or any other strategy that you can do yourself may yield better results.

            1Reply
          • Megan Cassidy
            OP
            Seattle, WA · Member since 2019 · 10 posts · 4 votes
            6y
            Originally posted by @Julie Marquez:

            @Megan Cassidy Welcome to Bigger Pockets and the new world of real estate investing. My family and I do creative real estate investing in Skagit County, and really try to know the zoning of Anacortes and Mount Vernon, that has really helped us with our endeavors. Skagit is a tough market now, but there are ways to be creative!

             Thank you, Julie. Yes, I have been PM'd quite a bit regarding being creative and seeking other markets. I like your comment about understanding the zoning in various locations. I'll drop you a PM this week, as I am curious about the details in your situation.

            Best, Megan

            1Reply
          • Megan Cassidy
            OP
            Seattle, WA · Member since 2019 · 10 posts · 4 votes
            6y
            Originally posted by @Gabriel Graumann:

            @Megan Cassidy It looks like you're getting plenty of assistance to your question. What I haven't seen referenced yet is pursuing deals off market. It would be a challenge for most brokers to do this for you at your price point as off-market sellers have plenty of research available with a few clicks of the mouse to determine what values are, and brokers have an obligation to inform sellers as to the market and value and present them with options. Are you in a position to pursue sellers directly? Start a marketing campaign, door knock, drive by properties and work with a title company, or any other strategy that you can do yourself may yield better results.

            Hi Gabriel, yes I am definitely in a position to approach sellers directly. I actually have run into a few co-workers who want to discuss some properties. I have some interviews with brokers this week, alongside some lenders, and will be definitely discussing this. Thanks for your comment!

            Best, Megan 

            0Reply
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