All Forum Posts by: Kristel Daugherty

Sounds like a solid flip! Nice job!

I also bought property in Kitsap and am cash-flowing. It's a great market with a ton of potential still left. Lots of value add opportunities. People love they have space and privacy, while still having easy access to the major metropolitan areas when needed.  I'll be buying more out here for sure!

Hi @Christopher Owens!

Welcome to the Bremerton area and I think you have a great idea. One of the things I look for when I'm analyzing MLS listings is for alternative house-hacking ideas. There's a lot of competition for duplexes and other house-hacking opportunities, especially when they're move-in ready like you would need for a VA loan.

One of the strategies that I've seen work really well, but is often overlooked, is the rent-by-the-room model. Since you're early in the process, and already have roommates, this isn't going to greatly impact how you're already living, but having your roommates pay the mortgage is absolutely a possibility in this market. Then, once you've got a home established, you could easily recycle your benefit and get another 3-5 bedroom home and do it again. It's easily scalable into duplexes in the future if you want to move into "your own space", or you could start looking into adding an ADU into the backyard of the cash-flowing property you already have established.

Always open to more conversation if that's helpful!

@Malika McCoy - I'll send you a PM with more details

Welcome to Bremerton! I have a duplex in the area too, and if you ever need any help with anything (handymen, HVAC, whatever) let me know!

@Jesse Munos - You have a lot of options, and it's best to explore all the available choices and figure out what makes the most sense for you and your goals.

Based on your desire to buy-and-hold, not flip, there are still many options out on the Kitsap Peninsula, not necessarily tied just to Bremerton.  With the figures you mentioned, commercial lending will get you 4x that amount (ie. 25% down), and that puts you into a potential price point that others will be struggling to fund (less competition).  We could look at 3-4 units, or jump right into smaller apartment buildings.

The advantage to jumping into more doors is your costs are spread out and risk is lowered.  We have plenty of B and C class units in the area, which means your value-add opportunities can quickly turn into a system of increasing value and revenues.

@Kevin Hildebrandt - Lots of opportunity still in Bremerton area. Home values continue to increase.

Thanks @Samuel Fletcher Hardy!

@Jesse Munos & @Stephan J Hagen - I've been bouncing around the idea of hosting, but with the COVID restrictions I'm pretty limited in options right now. If I hosted a Zoom call for local investors, would that interest you?  If it works, I can bring in different folks and host rotating topics too.

@Jesse Munos - prior to COVID, there were a few different RE investor meetups. REAPS has moved to an online format, and is a great resource for information in Washington State.

My friend and colleague @Jenny Moore used to host a monthly meetup, which has also gone to an online format.

I'm a local Realtor, and I'm investing in Kitsap. I'd be happy to connect you with anyone else that might be helpful for you, or just answer questions about the local market.

Welcome to the area!

Hi @Cassie Swan - there's definitely a demand for multi-family property and so our local cap rates on the MLS are around 5%. However, those cap rates are based on what the current owner is doing for performance, and I'm seeing a lot of potential in the area to increase value, generate higher returns, and provide positive cash flow each month - from the MLS. Would be happy to loop you in to what I'm seeing if you'd like more info.