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Updated over 3 years ago on . Most recent reply
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Newbie starts out to seek the first investment in Seattle area
I'm in late thirties. I relocated to Seattle about 4 years ago and have been living on Eastside with my wife and 2 kids (4 and 7). I have a house since 2017 and approx. get me a HELOC about $100K. I wanted to use the money to sail off. As of now, I've primarily focus on residential properties with the priority on SFH, mainly because I wanted to start with easy management and get my feet in the RE investing world. I work in tech industry with a pretty good pay. I love the job and don't plan to quit (at in the next 5-10 years).The RE investment will help me built my retirement quicker and stronger, and on the way there I have more financial freedom to travel and more options in my career path.
I'm looking for suggestions. 1. Seattle is a highly competitive market. I appreciate your inputs on the areas that still have the positive cashflow SFHs? I heard a lot of people talking about N. Tacoma, or N. of Seattle (such as Everett, maryville, Snohomish, etc.). Again, as an inexperienced investor, I prefer handleable prosperities (or via cosmetic flipping) and tenants (such as class B area with class B property). 2. I want to minimize the cash investment so plan to use HELOC. Any recommended local banks giving good HELOC?
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@Eric Huang lots of good suggestions so far. Kitsap, Tacoma, and Everett have been thrown out as good places to look for a straight rental, and I would add Renton (good price points and good multifamily options), and South Seattle's Hillman City and North Delridge neighborhoods to the mix. The Eastside hardly ever pencils out, and North Seattle isn't as bad but still difficult to cashflow, so I'd focus my attention West and South if looking for something close-by.
Househacking is the most popular way to take advantage of low downpayment loans, but there are other opportunities. If you're willing to consider Airbnb, we've had great success using a 10% down "second home" or "vacation home" loan. The only requirement is that you use the home personally 2 weeks of the year, and it can be airbnb / VRBO / Furnished Finders (for travel nurses), etc. for the remainder of the year. This could even combine well with your goal of increased travel!
Happy to chat more, feel free to shoot me a message for a coffee or phone call. Cheers!
- Michael Haas
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