All Forum Posts by: Brandon Vukelich

@Ryan Rupe some good feedback from the group here. I suppose it depends on what your metric is for "healthy" cashflow. Yes, greater Seattle is super tight. S. King, Tacoma and Pierce Co will have more options. As James mentioned, also depends on whether you plan to owner occupy. $35k will get you into a duplex or maybe triplex with owner occupy financing. I'm happy to send you a link to our local MLS app if you'd like to watch inventory and search at your convenience. I have MF experience in the Seattle-Tacoma market. Happy to help you analyze deals if you need it. Keep in mind there is more to reviewing properties than just the financials. Best wishes on your plan!

Hi Kyle, fellow eXp'er here. I would love the opportunity to review info on your investment opportunity. Send me a PM and I will send email address. Thanks!

@Danielle Yellam well it definitely does depend on your pre-approval and preferred location. I didn't see any figured mentioned in the thread. I just meant, with resi financing, you should go for max 4 units if it is feasible. It's better to have 3 tenants paying your mortgage vs 2 or only one. Also, I've just never been a fan of single family rentals. I know they can cash flow well and are more liquid but there are many reasons I'm not for it. Unfortunately, wherever you search in King County right now, inventory remains thin. A lot of people want MF. You could consider something like Brian mentioned and hack a SFR. Best wishes on your plan!

What Chris Ranch said above is good food for thought.  If I could do it all over (pre-family), I would have bought a fourplex (1st choice), then triplex, then duplex.  No reason to have a single family or condo when you can build wealth early by investing in multifamily and using residential financing as well, assuming you'd be owner occupied status.  Don't try to self-manage.  I've owned rentals in Seattle and had my own property management firm, managing properties from Seattle-Tacoma.  Just budget for management 6-8% or so.  Trust me, even if you live in the building, it's best to have a barrier (headaches, liability, etc.) between you and your tenants.  Others may disagree here on BP but I'm speaking from years of experience.  I know the West Seattle to Tacoma market very well.  Happy to answer any questions you have at any time.  I love looking at deals.  Keep in mind, there is always more to look at than just the financials when considering multifamily properties.  Best wishes on your path to real estate wealth!

Not sure exactly where you need the service but these two are good.

Roger Bliss Roofing

Three Tree Roofing

I love both of these mortgage brokers.  Mkristo "MK" Bruce at Guild Mortgage or Cheryl Taylor at Fairway Mortgage.  You'll have to send me a PM for their contact info.  Can't post phone or emails in forum chat here or you may Google them.

If you insist on a bank or CU, I've have several clients also use BECU or US Bank.

@Taylor - are you looking for residential or commercial financing?

I know a good PM in Tacoma and one in Seattle as well.  Let me know if you ever want references.  If you want to get into PM yourself, I HIGHLY suggest you join the Rental Housing Association of Puget Sound.  They have the best lease docs, classes, etc.  Best resource by far that helped when I had my own PM business.

Hey Matta,

I prefer MF any day over condos but it depends on your short or long term investment goals.  I had a property management business for four years and sold it.  We still hold rentals but I will ALWAYS hire a PM to manage my properties, even if they are right next door to me.  Here's something to consider.  It is easy to collect rent and fix a toilet but paying 6-10% in management fees is always worth it in the end, assuming you've found a solid PM partner.  Why do you want to deal with potential tenant headaches, especially when on vacation or something. :)  It is definitely recommended to have a professional PM if you are planning to own properties within the city of Seattle.  Do you know about the Just Cause Ordinance or the Tenants Union of WA state?  Look them up, scary stuff.  It's best to put distance between you and your tenants using a PM that should also be more familiar with local laws and uses best practices.  I feel it is always best to be the anonymous landlord.  Solid properties should be able to absorb management fees.  Happy to talk offline anytime if you'd like to chat further.  Best wishes on your investment goals!

Ditto to Jake's comments.  I've had my own, been with KW and now eXp for over a year.  It really depends on your needs, goals and how you like to run your business.  eXp is just the right fit for me at this stage of my business.  PS - I loved KW and didn't plan to leave but couldn't pass up the stock & revenue share at eXp...Plus I save about $7k a year in fees but I just consider that bonus.