State housing market in Seattle, WA and surrounding areas

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State housing market in Seattle, WA and surrounding areas

Daniel Matthew
Rental Property Investor · Seattle, WA · Member since 2019 · 1 post · 0 votes

Hello everyone.

I am new to real estate investing. i have been listening to the podcasts and reading the forums on here. I'm starting to looking into getting my first deal but I live in the Seattle area. I was just wondering if it's a good market to get cash flowing properties or to do a flip? If it isn't, where do you guys think is a good place to invest right now?

Also, I'm fresh out of college with quite a bit of student debt. I do have a full time job as an engineer that pays well. How do you guys suggest I get started? I'm leaning towards doing a flip but I don't think my chances of getting a mortgage are that great right now with less than a year of work experience and student loans. Please advice

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Lane Kawaoka
Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
7y

I lived in Seattle for 14 years and started with two rentals there however for those living in a primary market and being a high paid professional turnkey rentals are the way to go to get started in Birmingham, Atlanta, Indianapolis, Kansas City, Memphis, Little Rock, Jacksonville, Ohio, or other secondary or tertiary markets. 

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  • Lane Kawaoka
    Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    7y

    I lived in Seattle for 14 years and started with two rentals there however for those living in a primary market and being a high paid professional turnkey rentals are the way to go to get started in Birmingham, Atlanta, Indianapolis, Kansas City, Memphis, Little Rock, Jacksonville, Ohio, or other secondary or tertiary markets. 

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Daniel Matthew Learn how to structure acquisitions...mainly, a purchase money mortgage...there are deals all around you. 

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  • Olga M.
    Investor · Lees Summit, MO · Member since 2018 · 74 posts · 33 votes
    7y

    Hi, @Daniel Matthew, I would probably start with small buy and hold properties that are ready to go before investing more capital into a flip.  Turn key properties can help you get started and even help you pay off some of that student debt eventually. I've seen beginning investors run out of money with their first flip, and seen them get frustrated with out of state flips.  One of my investors recently bought a flip from 2 brothers that ran out of money halfway through the project. I recently sold another unfinished flip for an out of state investor who gave up on flipping from afar. Instead I found him 5 houses last year, some with tenants in place.  Kansas City is a hot market and you can find some small great deals to start.  Let me know if you have any questions. I hope this helps!

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  • James DainardPro Member
    Real Estate Broker · Bellevue, WA · Member since 2015 · 415 posts · 1k+ votes
    7y

    Hi @Daniel Matthew I've been working in this market for over 10 years, many of my clients are new investors just like yourself, asking the same questions.  I host a class twice per week where I go over how to invest in your first cash flow.  There's a lot of talk about the market in Seattle right now and debate on whether or not you can cash flow.  It's definitely possible, but it is a competitive market.   A lot of investors are starting to look in the Tacoma area as well, as that market is starting to pick up.  

    Podcast Guest on Show Seeing Greene: Paying Off Rentals, Partnerships Splits, & Using Home Equity
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  • Brian Hughes
    Seattle, WA · Member since 2017 · 275 posts · 223 votes
    7y

    Less sexy,  but 1)  rent the cheapest 2br apt you can find and don't be afraid to move someplace yet cheaper if the opportunity presents and it pencils,   2) with a roommate  3) apply the savings to paying off those student loans and building up cash.   4)  take the time to learn,  watch the industry and market,  maybe even find a engineering job with a RE angle.

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  • Luther Wilson IIIPro Member
    Real Estate Broker · Kansas City, MO · Member since 2017 · 537 posts · 292 votes
    7y

    Hey, @Daniel Matthew, based off everything you've said, I believe wholesaling would be an excellent place to start.  KC STILL has great opportunities to do just that.  Marketing to find motivated sellers is key for wholesalers and everyone needs that service right now.  Once you find the right deal you'll be able to do as you wish with it....  You can wholesale it, fix & flip it, sell it on a note, or repair it & hold it as a rental property.  Either way, the wholesale aspect, if followed & done properly, will show you how to find the right deals...  From there you'll attract the buyers who you can wholesale the deal to or perhaps you might even find some folks with whom you could negotiate some type of partnership or joint venture the deal.  If you go that route, lawyer up and fasten your seatbealt.  ;)   We're here to help, reach out anytime.

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  • Andrew Hodgson
    Real Estate Broker · Olympia, WA · Member since 2016 · 79 posts · 55 votes
    7y

    Hi @Daniel Matthew, I vote for @Brian Hughes less-sexy approach. It will teach you the value of cash flow in real life, and give you the discipline you will need for the rest of your investing career. I would only suggest a step 5) start with house hacking a 2-4 unit multifamily house. Find like-minded colleagues at work and partner up. All the best to you!

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