All Forum Posts by: Sean Smith

@Martti Eckert I have a great PM in the sacramento area - will DM you

@James Jordan exciting to hear you're exploring the puget sound region! There's a lot to learn along the way, but having an investor-focused agent, CPA, property manager, and lender can help speed up the learning curve a ton.

I'm helping a few clients buy house-hack opportunities in the Puyallup/Tacoma area right now and also exploring this strategy within bus distance from downtown Seattle. Very familiar with these submarkets and would be glad to offer guidance where you need it!

@Kiran Asknani I'd be able to help with what you're looking for Kiran. I was a founding member of Awning.com, a short-term rental investment & mgmt company. Today I work with investors in the greater Puget Sound region to acquire & sell investment properties, STR's being one of the categories I focus on.

You have a good list of questions that would benefit from more detailed and thoughtful answers, but as a quick response off the hip:

- Bellevue, Redmond, and Sammamish all require a business license and tax reporting to operate.

- Bellevue is quite strict with restrictions on Transient Lodging (<30 day stays) in single family homes; rooms within the home may be rented however. Sammamish is the most lenient of the three.

- Zoning of the individual property (especially in Bellevue) will dictate if you are/aren't allowed to STR the property, and if so, how much of the property is rentable.

I work closely with a couple STR mgmt companies who can provide some guidance as well if that's something you'd find value in.

Best of luck!

Hey @Graham Kim welcome to BP! There are some great resources and folks here in the forums. 

The Seattle market is a tough one to break into, however the surrounding markets in Snohomish, Kitsap, and Pierce Counties are very doable for first time investments.

Your first investment should put you down the path towards your end-goal, whatever that is. It's important to figure that out early on. Are you investing for immediate cashflow? Long term growth? Lifestyle investing? 

Use that as your "north star" while navigating the shiny-object-industry that is real estate.

Best of luck getting started -- happy to be a resource if you're looking locally.

Hi @Young sun Mahardy if you are looking to invest in real estate with lower amounts of time invested you can explore a few options.

1. Work with a turn-key company

2. Be a money partner to an operator. Essentially, find someone doing deals in the current market and work with them to provide the capital while you take a back-seat on operations.

3. Invest in multi family syndications

4. Buy class-A rental property and hire a full time PM. 

None of these options are truly "passive" as you need to keep an eye on your money, property performance, etc. However these can be good options for you starting out.

Hi @Erin Ramsey the cost of a Managing Broker very much depends on the.. 1) workload and 2) risk... you expect them to take on. Fortunately WA state does allow Designated Brokers to put their license to use multiple companies, where other states do not. If you would like a referral to a few Brokers who would be willing and able to do this I am more than happy to connect you with them. 

@Jack B. my philosophy has always been to raise rents routinely while keeping them slightly under market. It'd be worth a look at your current rents vs comparable rentals nearby (need to be similar size, location, and condition). If you can raise them while staying a few hundred under the competition, your chances of a tenant moving out are incredibly low.

Make sure to read up on HB 1217 too. Notice periods have changed, as well as some other important rules.

Hi @Jeffrey Hammonds Jr. welcome to the BP forums! Tons of great info and resources here. If you're getting started I always suggest digging into the following:

1. Identify your "why" behind investing in real estate first (cashflow to leverage yourself out of your career, equity build-up long term for retirement, lifestyle investments you can use personally, reducing tax exposure, etc). This will be your "north star" to help keep you focused in a world full of shiny-object-opportunities.

2. Identify your ideal investing location. Want to be a quick drive to your investments, or does that not matter as much? Does that location have population growth, job growth, strong incomes, etc? What are the macro drivers of value in that area (gov't jobs, tech, military, hospitality, etc.)

3. Build your team: unless you plan to wing it completely, you'll want an investor-friendly Lender, Agent, Property Manager, and Contractor/Handyman.

Once all of this is in place, you'll be well-equipped to make your first investment (hopefully of many!)

@Kwanza P. I have deep experience with co-living and can offer up a few property mgmt options for you - will send you a dm

@Greg Lovern you'll want to see consistent income, not just cash or investments in the bank. If your applicant can show consistent draws from their investment accounts and can produce an approved SSA benefit statement with verifiable monthly income, then you should be in the clear. Of course, make sure this meets your gross income % of rent minimum and verify verify verify. Its quite easy to fudge documents these days so be diligent.