Excited to jump into the WA REI market

[Thanh Nguyen]

Hello everyone,

Just thought I introduced myself. Currently eager to find my first deal but not exactly sure where to start or how long it would take to generate my first deal in the WA area. Talked to a few real estate agents already in the King and Pierce County areas, but none of the four-plexes met my criteria. I saw a few properties in the Auburn and Tacoma area. But haven't seen any properties that compelled immediate action. Was wondering if anyone else had similar issues? Thanks.

[Thanh Nguyen]

@Mehran Kamari,

I will definitely reach out to @Brandon Turner as suggested. Thanks for replying.

My criteria are:

1). At least 1% yield of the property's asking price in cash flow.

e.g. 500k property would yield 5k annually or $416.67 monthly

2). At least 10% cap rate

e.g. NOI / (property asking price)

3). Fourplex (preferred), trilex, or duplex that is less than 20 years old

4). According to Kidder Matthews (2014), the regional market vacancy rate is 3.8% so I would like to see documentation reflecting this statistic or at least find out why this is or isn't happening at the prospect MF property.

Please PM if you are interested, thank you for reading my post. Have a great day.

Reference

Author Unknown. 2014. Apartment Market Research/Reports. Kidder Matthews. Retrieved from http://kiddermathews.com/research.php?market=apart...