House Hacking in Seattle?

Question

Hey, I'm planning to buy a property in Seattle, WA area.

Any one of you familiar with the area? If so, which area is the best for investing?

I'm thinking maybe around UW area or Bellevue?

Thank you!

Sherief Elbassuoni · Answer

@Hansel Gunawan, it all depends on your goal.

Do you want to live close by where you work?

Do you want to focus on cash flow, apprciation, or a balance between both?

Do you have any preferecnes for school districts?

....

Ryan Thomson · Answer

Hey @Hansel Gunawan one of the best house hacking agents in town is "house hack seattle". Check out @Michael Haas

Julien Jeannot · Answer

I agree @Hansel Gunawan, heavy development in Seattle and surrounding area.

Lots good locations in Seattle, your budget will determine where you can invest and from there we can narrow down the area.

My personal favorite for house hacking are multi families.

Eric Yu · Answer

+1 to Michael & team!

Optimizing for a cash flow goal will be difficult in the nearby Seattle areas. I'd say if you care a lot about cash flow, you might want to venture down to the Tacoma area or up to Everett. Seattle is much more of an appreciation market, so a lot of my investors buy with the expectation that they'll lose money monthly (well... true for the most part. My cash buyers will always cash flow :P). Happy to help if you want to chat more!

Ran Iarovich · Answer

I usually recommend to others to get the perspective of doing their own research and consulting with professionals who work in the area. That way you can form your own opinion and make decisions based on as many perspectives as possible

I'm an agent that services the entire Eastside and Seattle for investors and has often aided with house-hacking projects. It is one of the few ways to take hold of the fantastic appreciation in Washington while at the same time breaking even or even cash flowing.

I've seen a lot of success in places near the University District because they will always be rented out by students and you can expect 6 - 12 month leases because of the school year. The only con here is that you will have to learn how to manage students and develop a different framework than any other normal rental (again a good reason to consult with a professional).

U district has a lot of different zoning options so make sure you understand them before picking a property. They will determine how many people can live in the home (which determines your cap rate), what future upgrades and developments you can do, and if the home can even be house hacked or not.

Helpful link to U district zoning:

https://www.seattle.gov/opcd/ongoing-initiatives/u-district-...

Reach out and I'd be happy to set you up

Best of luck,

Ran

Julien Jeannot · Answer

Like all things, the "best" depends on your goals.

I've house hacked in the Seattle area, what are you looking to accomplish long term?

Kent Bergsagel · Answer

@Hansel Gunawan

I will jump in as others have and say that UW and Bellevue areas may be tricky to start depending on your goals and financing position. My last client who I helped House Hack a few blocks from UW has plans to deal with tenants, local laws and other issues.

Just north of Seattle 30 min in Everett as Eric stated, the city has adopted new rules prompted by the Governor to allow for more Additional Dwelling Units that do not have to be owner occupied. As a result, I have a vacant property that will allow for a single-fam home, plus 2 Additional Dwelling Units either attached or detached (duplex style). The Navy base in town and the largest hospital in county provide ample, qualified tenants.

Reach out if you have any questions. I am happy to help.

Robert Kurka · Answer

Hi Hansel..

South of Seattle  has better appreciation numbers and better cash flow numbers than anything you can find in Bellevue or Seattle.

Also, there is no Airbnb restriction and no rent controls down south.

Seattle has made it very hard to scale an MTR's and STR's Multifamily Business  ( This strategy has the best returns )

A great option to look at - 912 Algona Blvd N, Unit A & B Algona, WA 98001

Here are the numbers on a great option available.

One side is vacant so you can move into it. and do FHA 3.5% down  ( live there for 1 year )

The Mortgage on this would be Around $5000 a month ( see attachment )

You should be able to rent one side for around $2300 a month for a long-term tenant  ( see attachment )

Airbnb has the potential for $3000 a month

Eventually, you could convert the garage into a 3rd unit / you can build a DADU in the front when the laws change

Close to Tacoma

https://mail.google.com/mail/u/0?ui=2&ik=08cd75cd92&...

Jared Boundy · Answer

@Hansel Gunawan, as others have said, good areas are subjective. It depends on what you're looking for in a neighborhood, and what you want to be close to. I'me hearing of plenty of landlords who want to sell near UW. That could create good opportunities for you, if your goals are different than theirs. I started house hacking in Seattle with a 6 bedroom house in 2002...that was the best way to get started for sure. No regrets! Some are tired of the tenant-friendly Seattle laws, but if you are living in the home, you have a bit more control that a typical landlord. I'm a broker pretty familiar with Seattle, though I'd agree that @Michael Haas knows his stuff really well too. I don't know of any zoning in Seattle that would disallow house hacking (can you clarify what you are referring to, @Ran Iarovich?).

Hansel Gunawan · Answer

@Julien Jeannot are there a lot of multi-family properties in Seattle? can Californian like me buy a property in Seattle or only for Seattle resident?

House Hacking in Seattle?

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