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All Forum Posts by: Marlon Deppen

Marlon Deppen has started 2 posts and replied 8 times.

Hi @Pamela Sandberg! I'm interested to see what 110 degree weather is like. It is currently raining in Seattle (go figure, lol!). Thanks for the tip on looking around the stadium in Glendale. This trip will be mostly to start getting a feel for the neighborhoods and distances between places. It seems like there are a lot of opportunities for investment in single family homes all around. Are there any areas that should be avoided?

@Account Closed,that thread was really interesting. The Subject To sounds really interesting. I probably will have home questions about it if we end up moving out. I have been thinking that Single Family homes might be the best place to start. Any recommended areas to be looking at around Glendale? 

@Bevla Reeves Thanks for the good luck. Me and her dad are rooting for her. I will see about shooting you DM about one of them as we get closer to heading out. I've learned not to hold my breath about anything staying on the market too long around the Puget Sound area.

Hi Everyone,

My girlfriend is interviewing for a job in Glendale next week, and we will be spending the weekend (26th-28th) to get the a feeling for what it is like around Phoenix.

I invest in small multi-family and want to get the lay of the land for assets $600k and below. She is interesting in buying a personal house.

Does anyone have any advice on areas we will want to check out for either small multi family or personal residents? Or does someone recommend an agent that would be willing to meet us and tell us about the area? Thanks!

Post: Looking for price guidance on Silverdale 4-plex

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

@Kay Keovongphet

Hi,  I’m not looking to hard right now, mostly just seeing what sells and for how much. Once I do start looking it will probably be throfh meetups, local agents, and driving around.

Post: Looking for price guidance on Silverdale 4-plex

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

@Scott Shay

Oh yeah, I don't know why the CAP rate didn't click.

I have been eying the inventory out there. I'm hoping to be in a position to make a play at a larger property 6-12 units sometime around the end of the year.

Post: Looking for price guidance on Silverdale 4-plex

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

Hi @Scott Shay

I was wondering how you're coming up with those valuation percentages, or rather, what you mean by an 8-plex going for 7.27%. I'm not following how that articulate to a dollar value?

I have a 2-plex in Bremerton and interested in getting more in the area, so I would like to test that valuation method out. Thanks!

Post: Next steps after the first leap in the Seattle area

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

@James R. Copeland The prices outside Seattle are are a *little* less intimidating. I like the place I got in Bremerton, and would probably keep looking in that area if I was not trying to do the low money down FHA. The ferry ride is gorgeous, the week before last I saw orcas on my way back to Seattle.

Post: Next steps after the first leap in the Seattle area

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

Hi @Account Closed, I'm definitely going be looking into the HUD homes after what you said. Any advice on how to locate them? How did you fall into one?

Post: Next steps after the first leap in the Seattle area

Marlon DeppenPosted
  • Investor
  • Seattle, WA
  • Posts 8
  • Votes 6

Happy soon to be Turkey Day, BP! First post after some lurking the forums. I'm looking for advice as to next steps for me. So, where am I?

The fun stuff:

I closed on my first property in August of this year (a 2-plex in Bremerton, WA)!

Could I have done better? *probably*

Did it get me in the game? *yes*

It was more of a proof of concept that brings me a little over $400/mo in cash flow. The tenants are a perfect, and came highly recommend by the prior owner. I'm looking to slowly bring rents up to year-over-year as we renew leases. Maybe I'm crazy, but since the tenants are great, I'm opting for the easy (albeit lower) ROI. If I have to turn the units we will be talking a different game.

Where I'm at:

Currently living in Seattle proper and rent-hacking 5 rooms with my GF. This keeps my personal expenses pretty low with rent being sub-$500/mo. I have great credit. A decent job paying a little over $55K with the opportunity to transfer anywhere in the state and a flexible schedule. And somewhere around $30K I'm looking to deploy in another property.

Current plan:

Currently working with an agent and trying for an owner-occupied 3.5% down FHA on as much as I can get my hands on (preferably as close to North Seattle as possible). I'm currently looking for 4 or 3-unit property in, or around, Everett, WA. (But I'm even considering 2-plex at this point). It has been tough since I'm just at the cusp of income and savings that keeps me out the majority of 3 and 4-plexes that come on MLS.

I want to go as big as possible with the FHA since it is kind of a one-time-deal in the area you purchase, and I want to maximize my internal-rate-of-return while eliminating my monthly rent. But, at the very least, with a 2-plex I would be "paying myself" each month instead of someone else.

What would you do given the information I've provided?

A. "The current plan the best use of your time and money. Stay on target! You are doing great!!!"

B. "Nix that 2-plex idea, and start looking for a 4-plex after Jan 1st when you get a 7% raise and qualifying will be easier."

C. "Stop doing things all by yourself! It is time to look for an experienced partner to invest with. You have the funds!"

D. "Don't blow all your money just yet. You'll need part of it for a rainy day. Sit back and let that passive income flow." 

E. "Sell everything you have and move out of that god-forsaken, rain-soaked city to another market where your money will go WAY farther!!!"

F. [Fill in the blank]

Bonus. "Post this in [blank] sub-forum. Your way past 'starting out'."

Ultimately my goal is larger multi-family properties (20+ units).

P.S. I love living in the rain-soaked PNW :)