Newcomer in Seattle - Looking for Duplex or Multifamily Realtor

[Shreesha Jagadeesh]

Hi everyone !

I am a Canadian moving south of the border to work at a large tech company in Seattle. I am new to the US with no credit history (however I have 800+ credit score in Canada, a good income through which I had already purchased a $500k investment property last year through a mortgage and no other debts). I am thinking of expanding my portfolio in whichever city I would be working in (in this case Seattle). I understand that in the US, most banks look for 2/2/2 for determining mortgage eligibility, ie 2 years of income, 2 years of tax returns and 2 months of bank statements. 

Question to the forum:
1) Are there financial institutions where I can get a 5 or 10% down, 30 year mortgage (sub 3.5% interest) for someone like me who doesnt have a 2 year income history or Tax returns in the US but very good income from a top tech company?

2) If above is true and the banks are willing to give me a mortgage, then I am willing to explore Seattle and its neighborhoods (50 mile radius). I understand Seattle itself will be too expensive and willing to move far. I would like to connect with Realtors who specialize in Duplexes, 3-plex or 4-plexes which have 'good' cashflow (7%+ CAP rate). I plan to live in one of the unit and rent out the others.

Regards,
Shreesha

[Michael Haas]

Hi Shreesha - welcome to Seattle! We work pretty much exclusively with clients doing Househacks or Investment properties. 7% + CAP rates are available in some markets, but are hard to find in the greater Seattle area without tackling a rehab project. Market CAP around here for small multi families is low 5% outside the city, high 4% inside the city... although this is low compared to most of the country our appreciation and rent growth have been top notch, so your total returns are much better than the CAP rate suggests, and returns tend to improve over time as rents increase.

That being said, we own 8% and 9% CAP properties so its definitely possible, but these were rehabs and took a bit of work. All depends on what your goals are.

Happy to chat on the phone or over a coffee about this in more detail, and put you in touch with a lender to answer your credit & employment question. Cheers!