Buying condos as rentals in Seattle?

Question

Adrian Chu · Answer

Thanks @Ruth Bayang

Hi Ben,

I started buying condos in 2012.  At this present moment, condos near Downtown seem to be quite hard to cash flow after mortgage + HOA + insurance + property taxes.

Areas outside of downtown and suburban neighborhoods seem to be good for cash flow and appreciation.

What I found most remarkable is the percentage appreciation of the lower price condos.  Have seen them double and even triple in value over a few years.

Ruth Bayang · Answer

I think this is @Adrian Chu 's niche

Mallory Larson · Answer

I'm interested in hearing more about this as well. I've been looking for my first primary residence in Seattle/Shoreline, but at my $350-400k price point, the SFR pickings are slim. The idea of getting a condo in a more central location has crossed my mind, as it may be easier to rent out in a few years once we've moved on to our next place.

Ben Lukes · Answer

Thank you @Adrian Chu (and @Ruth Bayang).  I was looking at older condos around Ballard, Magnolia, and Queen Anne....not too concerned about great cashflow as long as it's positive given that I feel very comfortable with these locations and am confident they will appreciate over the long term (as long as the building and HOA stay in good shape...).  Is this the type of area you were talking about?

I'm curious if you have a preferred complex size by number of units.  I would think smaller complexes may be at higher risk of running into financial trouble with their HOA.

Buying condos as rentals in Seattle?

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