Seattle Real Estate Market - Is it any good?

Question

I'm considering the possibility of moving to the Seattle area after graduating college, and was wondering if anyone has experience with the RE market here. I know prices are pretty high, but wondering if It's still possible to make something work as a beginner. I'm looking to start out with house hacking.

Michael Haas · Answer

@Isaac Bartels HouseHacking & STR's are two of the most effective beginner strategies in the Seattle area - once you have a couple of properties and know a little more adding BRRRR and DADU / Condoization into the mix will work great as well. There are a lot of Real Estate Investors in Tacoma and Seattle, and we're out here because its a growing and hugely profitable market to invest in - both from an appreciation and, if using the right strategies, also from a cashflow perspective. Dan and I work together on the HouseHack Seattle team doing these deals daily (I'm on HouseHack #4), so we're happy to share what we know. I'll shoot you a list of properties on the market now that are solid cash-flow househacks in and around Tacoma. I think you'll love Tacoma, but if you land elsewhere good luck wherever life takes you!

Sherief Elbassuoni · Answer

Yep, I did house hack personally, and I am helping my clients do the same. You are correct, it is an expensive market, but with applying the right strategy (split level, rent by room, airbnb, .....) you can get the benefits of both worlds (cash flow & appreciation)

Michael Haas · Answer

@Isaac Bartels my wife was a Civil Engineer and I ran a marketing company before we both became full time Real Estate Agents and started the HouseHack Seattle team. We were able to buy multiple properties in Seattle on those salaries by HouseHacking & Airbnb investing. I pay attention to cashflow & downpayment requirements - Seattle isn't acheiveable for many buyers to put 20% down on a rental property, but may be achievable to put 3% down on a HouseHack. Its still likely $15,000 - $30,000 depending on your area, but as a dual income household saving $15,000 - $30,000 could be achievable pretty quickly! There are also grant programs from the WSHFC (I teach a class for them, let me know if you're interested) that could lower this cash requirement further.

Sherief Elbassuoni · Answer

@Isaac Bartels, yes, the Seattle market is a great appreciation market, and when we combine that with some strategies like split level homes, STR, rent by room, ADU, DADU,.... it gets us a lot of cash flow as well.I am an investor-friendly agent, and an investor myself. Feel free to reach out if you needed any help!

Jim Doyle · Answer

@Daniel Nobile- I'm also looking for some househacking properties or examples that you could share with me; that is my goal over the next year; bo purchase a MF in the greater Seattle Area that would potentially cash flow after 1-2 years of me living in it and moving out. I'd take advantage of the FHA Loan, but would put more down than the minimum.

Dave Skow · Answer

@Isaac Bartels- thanks for the post .....the PNW is on the more exspensive side of the market ..but if you are willing / able to look in locations away from Seattle - there are options .....you will need to have soem sort of income / employment in place to be able to obtain financing ...you will also need to have some cash in hand as well

Daniel Nobile · Answer

Hey Isaac, You're right about the price points being high in the greater Seattle area but there are still lots of great house hack & investment opportunities. Happy to send you a few examples of these types of properties! Also knowing what your budget is and what locations you want to focus on will give you a realistic idea on what is achievable.

Account Closed · Answer

If the job is in actual Tacoma, the commute is a pain from anywhere outside. There are parts of Tacoma you wouldn't want to be caught in after dark. The other areas inside Tacoma are pretty expensive. Normally I'd recommend Puyallup or Spanaway but if you commute normal hours you will not like the commute in the rain or the frequent accidents that shut down traffic.I'd definitely fly out and drive the main roads to where you would like to live and see what you think.Here is the local news https://www.q13fox.com/tag/us/...

Account Closed · Answer

Depends on your goal and if you mean Seattle itself or a surrounding city. We sold all of our properties in the city and moved to where landlords aren't treated like last year's Lutekisk. https://www.mashed.com/197530/... If your goal is to cut down on the cost of living, having roommates help pay the mortgage is a popular way to go.And buckle your seatbelt, Seattle is not Orange City, IA. I'm not sure if you can find two more completely different places.

Nathan Harden · Answer

Isaac,When it comes to the Tacoma market, it truly varies by street and neighborhood. Don't get me wrong, there are still some really nice parts of Tacoma, as there are in every city/town. You will find cheaper deals in the Tacoma area for the most part, another great area to consider is Puyallup. Very close to Puyallup but a lot more put together. I am local Realtor here in Pierce County and would love to answer any questions that you may have about the area!