Newbie buying in WA Puget Sound area

[Christian Bateman]

Hi all, I've been listening to the BP podcasts for a while, but this is my first time using the forum! My wife and I live in Utah right now as I finish up school, but we plan on settling in the Tacoma area this time next year. I grew up in University Place, but didn't pay attention to real estate enough to learn anything when I was in high school. We're interested in buy and hold properties in the area, but I don't know what a good deal looks like for the area or where to look to find good deals. I've been using Zillow to find foreclosures and auction homes, and ive reached out to a few agents. Does anyone have suggestions for resources? Any good wholesalers in the area? Also, what is a good deal for the area? How much can you charge for rent in a standard 3bd 2bth single family? Also, how important is the neighborhood when buying rehabbing and renting? Most of the foreclosure deals I've seen are in Lakewood or South Tacoma, but I'd prefer to work around steilacoom, north Tacoma, UP, some areas in Lakewood, Fife. Any good areas around there that you know of? Love to get your thoughts so I can soak up the knowledge and experience that's out there! Thanks!!

[Eric B.]

welcome.  Anything a bit better than the 1% rule is decent buy in the area.  A true deal of course will be better.  Rents are in the 300 to 400 a bedroom for a rule of thumb. So you want to see a 3 bedroom below $120k if its turn key ready.  That may be tough off mls right now.  It really depends on what you are trying to accomplish.  Feel free to contact me if you would like more specific help.