All Forum Posts by: Brady Winder

I'd love to find one too. Seems they are either very expensive or very busy these days. 

Interesting project.  I have two fourplexes in Puyallup.  Without looking closely at your numbers I would say both your gross rents and expenses seem low.  Would these be two bedroom units?  Your expenses are well below the 50% rule of thumb.  Do you plan to have the tenants maintain the yards?  This works fine for duplexes, but sometimes you are better off with a lawn service for fourplexes.  You say you are individually metering the utilities - does that include the water?  City of Puyallup water/sewer bills can be quite high.  Your 4% interest rate also seems optimistic,  I would expect closer to 5% for a non-owner occupied investment property.  I met with a land use specialist/broker last week regarding similar projects in Puyallup.  Feel free to PM me if you'd like to chat.

Brady

Hi Tim,

Good luck on the new endeavor and congrats on the new addition to your family. Please add me to your buyers list too. I currently have 9 units in Puyallup and would love to continue to grow.

Regards,

Brady

Washington Federal funds a lot of construction loans in the area. 

I have heard good things about Washington Federal and BECU, although I don't have mortgages with either. I am also interested to hear what others have to say.

Puyallup is known for having a good school district relative to Tacoma, and I don't have any problem finding good tenants for my Puyallup rentals. The "bad" parts of Puyallup aren't as rough as the bad parts of Tacoma. I keep pretty busy with my day job and family life, so I don't chase cash flow into the rougher parts of Tacoma, as I don't want too many tenant headaches. If REI was my primary job it might be another story. Don't get me wrong, there are lots of areas of Tacoma worth investing in too.

Probably in the 8% range

I would be cautious about which areas of Tacoma you buy in.  North Tacoma is good.  Even Hilltop has improved significantly.  East Tacoma - not so much.  South Tacoma can be a mixed bag.  I tend to buy more in Puyallup than Tacoma, but the numbers aren't as good.

Brady

Thanks for the recommendation Randy.  I will give Sterling a call.  It is actually two duplexes on one lot.  It is in downtown Puyallup near the train station.

Wonderful.  Thanks for the contacts gentlemen.  I have a pretty short inspection period and it is a holiday week, so hopefully either Marc or Kibbe will be available early this week.