All Forum Posts by: Marcela Hoag

Whether or not to invest depends on your short term / long term goals. Do you need the cashflow? Or are you looking for a quality property that will appreciate long term?

I noticed the vacancy rate was set to 0%, not sure how realistic that is given the area and your strategy. 

My husband and I have had a lot of success in this market regarding buy-and-holds by focusing on off-market deals. You can be more aggressive in your offers because of the work that needs to be put into the property. We've also been able to cashflow consistently by being opportunistic with our rental strategy. Our units are set up so we can target short-term and medium term rentals. The medium term rentals can turn into long-term rentals through lease renewals of 30 - 90 days, which of course offers you higher rates. You just have to make sure your property management is top notch so you can motivate people to renew.  

Hi Matt,

This sounds super exciting! I suggest identifying people within your existing network of friends/family who invest in multi-family, or to ask your friends if they know anyone who does to pick their brain. Best case, they invest in the area. Best best case -- they can partner with you on the deal and help guide you through the whole process so you can do it on your own next time. 

Lenders, title companies, agents, wholesalers.

Building relationships with lenders will get you better terms in the short-term and long-term, especially if you're active and doing multiple deals a year. 

Title companies will give you investor discounts if you ask, and they can also give you leads.

Agents are always looking for deals. Make sure to find an investor-friendly agent who knows what to look for in properties. Investment properties are very different than retail purchases. 

Wholesalers will give you a steady flow of deals to look at and can refer you to other investors!

Obviously, I don't have all the info of your financial situation. Are you living by yourself, have family etc?

You may be able to get higher rent if you rent out by room so you can try to breakeven. Not sure how feasible that is for your location though. You will be on the hook for covering some expenses though to attract renters, e.g. furniture, internet, tv, etc.

Nice work Brock! 

Yes, it's smart to be conservative with your numbers. We typically add 30% over whatever quote we get for labor + materials, and time to make sure we have multiple exit strategies here in WA. 

Where are you planning on investing next? 

Hi Mandy! Welcome!

I'm an investor and investor agent here in Washington State.

Where are you thinking of investing in WA?

I'm happy to answer any questions you may have. We have properties in Tacoma & Des Moines, and flipped throughout King, Snohomish, and Pierce Counties. Lots of opportunities right now with how many people are sitting on the sidelines. 

You may want to consider switching your target renter.

Do you have the option of furnishing the unit? If so, maybe consider contractors like traveling nurses who can afford to pay a bit more, albeit on a shorter term lease. That could buy you some time before selling once the market heats up again. 

As an investor-friendly agent and investor myself, I know what you're going through! Happy to answer any other questions you may have! 

Our lenders are expecting rates to decrease in Q2 2023, which will coincide with the RE busy season. May be worth waiting if you can. But, obviously, also dependent on how much you trust the Fed to change course. 

What’s your next move going to be? 

Hi Daniel,

My company has focused mostly on properties surrounding Seattle to the North and South. 

Thats where a lot of the flow of people are going, and if you couple that with off market deals & aggressive negotiation, you can create amazing rentals with built-in equity and multiple exit strategies.

Our buy & holds are in Tacoma & Des Moines. 

Flips in Tacoma & Everett.