All Forum Posts by: Account Closed

I live in Seattle, have a few properties in Everett and am interested in the Tacoma market. Does Tacoma have any advantages over other local markets, say Bremerton or Everett?

First, the question then a little background.

-Do you sit down with existing tenants after acquiring a property or just send them a letter introducing yourself? If you send a letter how do you perform a mutually signed conditions report of the apartment?

Last month I acquired my first rental property, a duplex in the suburbs of Seattle, WA. I sat down with the tenant (only one unit was occupied) to introduce myself, fill out a conditions report and sign a new rental agreement. It went very well.

This month I am closing on another duplex in the same neighborhood. This time however, I have to raise the rent on one tenant by about 15% and it would be much easier to just send a letter rather than sit down with the person and explain why I have to increase the rent.

Your thoughts and opinions are appreciated.

I started in Seattle and have since moved my target area to Everett where CAP rates are much better. I recently closed on a pair of duplexes and plan on continuing to invest in multipleplexes in Snohomish and King County.

Is anyone out there buy and hold investing in the Greater Seattle Area? I have been searching for over a year with moderate success and would interested to hear other's experiences.

Thanks in advance for your replies.

Grant

Will Spruill- I am over in West Seattle looking to close on my first rental as well. Congrats to you on your purchase. What neighborhood is your condo in?

Gatewood or Fauntleroy are the nicest "affordable" neighborhoods in West Seattle. Here is a nice house I did a walkthrough on last week. www.redfin.com/WA/Seattle/3906-SW-Portland-St-98136/home/468659

West Seattle is the spot! You have to define "affordable" but you can't beat West Seattle/Burien for cost to commute ratio.

You may want to do a conventional loan because in this crazy competitive market, having an FHA loan may put you at a disadvantage. The Greater Seattle area market is very much a sellers market right now. Just a thought.