All Forum Posts by: Yohannes Kifle

@Dan Shelhamer I'm also looking at properties in Round Lake but I'm investing from out of state so I don't have a ton of knowledge about that area. How has your first rental been going if you don't mind sharing?

Thanks so much for the recommendations @Julie Marquez and @Ryland Taniguchi!

I'm getting close to closing my first property, a 4 unit apartment in Lynnwood Washington, and I'm looking for a good property management company since I'm doing this out of state. Do any local investors have some suggestions about who I should talk to? I'm searching through Yelp now but I thought it would be more valuable to hear the opinions of people who have already gone through it.

@Jessica W. I was under the impression that rent control was illegal in all of Washington. I have heard that some officials in Seattle want to fight the state on that though. 

@Ana P. said the further away from Seattle you get the easier it will be to find cashflow. But I guess the keyword there is "easier". I think if you look hard enough you can find a deal in most places. It's just a matter of how long you are willing to wait and how hard you are willing to search.

Hi Ana,

I agree with @Alex Chin and @Jiri Vetyska. It is really really hard to find a multifamily in Seattle that will cashflow. I've been looking for the past 4 months and have yet to find one. I just got under contract on a 4plex in Lynnwood that will cashflow but not much. I won't be loosing money every month but it is probably more of an appreciation play.

From what I've seen to find a place that cashflows well in Seattle will take a ton of hustle and Snohomish county in general is getting pretty expensive. I've seen many Biggerpockets investors having success south of Seattle near Renton, Auburn and all the way down to the Tacoma area. If cashflow is your goal it might be better to look down there.

Hey Alexis,

I'd be interested in that list as well, especially if you have any properties in the Seattle area, northern California or south Chicago suburbs.

Thanks

I'm currently under contract for an investment property in Lynnwood. I was able to lock in a rate of 4% with .125 points. The first rates I was quoted were around 4.25. I had to shop arround. I also have excelent credit so that helped. I'm not sure what your credit situation is.

@Timothy Tooker Thanks for the tip!

Hey all,

I finally got my first property under contract! It's a 4 unit apartment in Lynnwood Washington. I'm in the processes of shopping around for insurance quotes. Do any local investors have a great insurance agent they use. I'd really appreciate the referral.

@Marcia Maynard I just got my first property under contract in Lynnwood, Washington. It's a 4plex that I'm planing to buy and hold, renting out all the units. Do you mind me asking where you got the 3%? I'm shopping around now and so far the lowest I've found is 4.4%.

And for anyone else what kind of rates would you expect to get these days on a 4plex? I have excellent credit a good job and enough cash reserves for 12 months.

Also I've talked to some investors who say they love getting a 5/1 arm and refinancing in the fifth year. They say they like the flexibility and the lower rates. What do you all think?