Vancouver Buy-and-Hold Rental

[Derek Heinz]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $457,000
Cash invested: $148,000

Went through the 1031 process to sell a condo in Kent, WA and use the equity to purchase this single-family residence. I now have a property manager overseeing everything with it, and so far all is going well (knock on wood!).

What made you interested in investing in this type of deal?

I had owned the condo since 2001 and had rented it out since 2005. In retrospect, I decided that it made more sense and would likely help my money to work better to invest in a single-family home, and I like the neighborhood in which this house sits. I'm originally from Vancouver, so I've enjoyed watching the growth of the waterfront. This house is just a bit north.

How did you find this deal and how did you negotiate it?

My local realtor, Gina Weigum with Windermere, helped me narrow down some homes in the Vancouver area. She put me in touch with Christie Conley, a Vancouver realtor who knew the market well and the differences in how transactions work compared to the Seattle market. She was invaluable in navigating me through the process that included ten other offers.

How did you finance this deal?

1031 process

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Christie Conley (Windermere Vancouver)
Gina Weigum (Windermere Bellevue)
Me-Derek Heinz! (TBD)