Hey BP friends,
How are you finding your deals in this market? I'm a new real estate agent and have access to the mls but everything that comes up are not deals. I'm looking for a house hacking deal on a duplex, tri-plex, or 4-plex.
I bought in Burien in 2013 so I was lucky in that aspect. The same property would never cashflow now. I don't think having access to the MLS is going to help you much in this market unfortunately. Especially in Seattle.
I believe the people getting deals today are networking with wholesalers and/or doing their own marketing campaigns to find value add deals off market. People that need out of their mortgages, houses that need work etc. I've been looking for properties out of state in the Midwest, and even though the cashflow situation is better there I've come to the conclusion that I need to focus on networking more than scouting the internet for properties.
If there's anywhere in the Puget Sound where there is still some margin for profit it may be Tacoma, and the rest of Pierce County. Still cheap houses on the South/East sides
It depends a little bit on what you consider a deal. Some people aim to break even monthly and hope that appreciation keeps them afloat. But if you're looking for cashflow then I agree with @Jonathan Hulen in that you probably won't find it in King county. You can cash flow in Tacoma, but even that is getting hard to find.
I think that's why you even see keywords on BP for Seattle and Tacoma pop up 90% less than markets out in the Midwest. BP is full of investors, and Seattle isn't a good investment in many ways! There is a lot of speculation going on, and plenty of flipping. But flipping is (subjectively) different than investing.
It comes down to relationships. Good flippers are buying them off market from good wholesalers. Most of the MLS "deals" are to competitive as you have people buying property for speculation now. Look farther out of Seattle than a couple of hours and you will start to see more cashflow, but less appreciation. Key is to network and meet people who are involved.
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