All Forum Posts by: Sherief Elbassuoni

@Andrea Sinclair, most new developments are done by developers/investors, not homeowners.

NR3 is single family. At the moment, you can do ADU/DADU if lot allows.

$250 is pretty low for new construction. At least $300, unless you have the experience and planning to GC the project

@Jack B., yes, if there is no violations, you need a min of 60 days notice!

Besides the RCW link you have, you can also keep this table in your bookmark https://www.rhawa.org/covid-19

It has a high-level nice summary for rental rules in WA!

@Luke Westmoreland, if you have a scholarship and your parents are willing to help you with college costs, going to college makes sense.

You can still pick something that serves your future real estate business. For example Business degree or so

@Jay V. , it depends on the lease agreement. I personally use the RHAWA forms https://www.rhawa.org/rental-f...

They are reviewed by WA attorneys and have a clause about early termination

@Mike Toole , @Jake Boyer is correct.

The market here is pretty expensive, but when you are creative (rent by the room, STR, Split level houses, ADU, DADU,.....), you can get way more return on your investment compared to other markets.

This is besides the great appreciation we have here in WA

You can try FHA loans on a small multi-family, or house hack a split level home if you pick a city with pretty high prices.

You can also try rent by the room on a pretty big house (5+ rooms or so) if you pick pretty expensive market as well.

In expensive market, we have good appreciation, but we need to be more creative to get good cash flow. 

Do you have HELOC in another property?

If not, you can try a private money lender.

If you have other properties, you can try cross-collateral lenders.

Feel free to reach out with any questions! 

Welcome @Angela Grantham to BP!

It is a great place to be here since you can network with like-minded investors and agents. You will learn a lot.

Besides reading, watching episodes, and educating yourself, I will recommend you to start working on your pre-approval, then get yourself a house hack where you can live in part of the property, while do a STR in the other half!

Reach out anytime if you got questions!

@Franklin Beebe, it is great that you have experience in carpentry/construction.

I would recommend you to get a mid-size project at the very beginning. For example, a split level house and you add a kitchenette, some flooring, and paint. 

Or a basement that already has the rough-ins, then you complete the project.

This can be a great investing and house hack start for you here!

If this is your first deal, you may want to invest in your local market till you get more experience and build systems.

If you already have a rental portfolio, invest OOS where you may get higher COC return