All Forum Posts by: Michael Liddicoat

Hello fellow BP members!  Please point me in the right direction to help the investors I work with.

Washington state is in a housing boom.  I've got investors looking for multi-family from all over the state looking at Central Washington because their local markets are too hot and deals are hard to come by.  The market here is not much better for existing multi-family.  However, we have land that can be developed and our vacancy rate is between 1 and 2 percent in this county.  Property management companies haven't been able to find a ceiling on rental rates.  Existing single family portfolios are being sold to residential buyers and forcing tenants into a shrinking pool for rental housing.  Several projects have been completed within the last two years for multi-family units but this is still no where near close to covering the demand.  No single investor I work with has the capital to fund a project to develop new multi-family, but several are open to the idea of partnerships.  

Here's the big question:  What legal vehicles exist so that these investors can partner together on a new development while those that want to hold onto and manage the properties can seperate easily from those that want a return on the development?  Maybe this isn't even the right question.  Please let me know if there is a better way to think of this problem if I'm not on the right track.

if you have permission from the owner, you can take anyone through. 

How extensive is the work?

The more places for investors to find each other in their markets, the better.

Agents and buyers coming to my market from the west side are complaining that I use the 10 day standard. In my market most inspectors are booked out at least 8 days. Properties in the larger areas are being forced to waive the inspection period to get the home. Statewide we are looking at a sellers market. The sellers and their agents are looking to get the most out of the existing inventory with the fastest turn around. Feel free to reach out to me privately. I can share what I see happening locally and what I've heard from the state level.

Welcome to the BP community! Please reach out. I'd like to learn more about property management.

Donald, Look up BRRR on the site. It's an investing strategy that is very popular here on BP. Any of the posts should help you understand the pros and cons of this strategy. I've found the community here very welcoming of new investors. They will be happy to answer any questions you have. Feel free to reach out as a fellow Washingtonian if you'd like to talk about trends for multi family in the state.

Hi Stephen, Bigger Pockets is hands down the best resource I've found for educating yourself about this business. The website is where I have found over half of the investors I work with. Watch the videos on the site. Try out the calculator. Search the forums. And then go out into your market and see what applies. Not every resource is a fit for your market as it is today. The people you meet at the BP meet ups will be some of the best friends you can make. Best of luck!

Hi Dustie, Welcome to the community. There are a lot of great people in this forum that will help you. Are you looking to invest locally or all across the state?

@Rick Grimes,

Where are you pulling your comps from? MLS or another source?

Michael Domaskin welcome to your next great adventure. Are you looking to find flips local to where you are now or relocate when you leave the service?