All Forum Posts by: Ana Marie B.

Well I have one option that worked for my husband and me. If your primary home has accrued good equity, then you may want to take out a HELOC (Home Equity Line of Credit) to help fund your first rental.

We went to credit union, which typically has better rates than larger banks, and took out a HELOC w/ a variable interest rate of about 3%. We then purchased our rental property using a combination of HELOC and savings. We then aggressively paid off the HELOC in under a year.

The rest is history.  Hope this helps.

@Jordan Sutherland - I think your grandfather is a very smart man (I mean obviously he is given his impressive portfolio!).  I believe the key to his advice is his mention of buying the "right property" -- which includes a whole lot of factors like location, size, etc.  

If you buy the right property, then chances are great that you'll see a good profit in 10 years.  I may be wrong here, but it sounds like he leans more on the "appreciation" side of the things.  And what I'm referring to is the longstanding debate on appreciation vs. cash flow.  I personally invest for appreciation because finding properties that cash flow a good deal right after purchase is quite challenging, especially in the SF Bay Area and Seattle where I prefer to invest.

Anyway, I'd listen to your grandfather if I were you :)

Terrific -- thanks @Jon Q.!

@Jon Q. - I'd like to join your LinkedIn group.  Can you kindly send me your full name or email address via PM so I can send a request?  Thanks!

In Seattle, my husband and I purchased 2 investment properties in the past year for 20% down @ 5% interest on each.  These were 30-year mortgages.  Wish they were lower, but apparently this was the standard rate for investors, per our mortgage broker.

Also @Anthony Gayden, let's not forget the "first-come, first-served" aspect of this new ordinance.  So using your example, if that first single mother submitted her application first and met your criteria, then you must select her.  Remember, these applicants can file complaints and so audits will happen. Guess, the selection criteria has to be more stringent in this case.

I employ a property manager to handle my rentals and they are law-abiding.  They will not fudge documents for me in fear of lawsuits, etc.

@Account Closed - Just want to be clear that it was never my intention to "lure" people into viewing my post by using "click-bait" tactics.

Based on my review of the article, I did feel this new approved ordinance is more in favor of renters, and thus anti-landlord.  That's my view and so to each his own.  Agree to disagree.  Etc. etc.

To everyone who has posted thus far, I've really enjoyed the varying viewpoints and have been put at ease given that I do own rentals in Seattle area.  Thanks!

Interesting perspectives thus far.  I suppose there are certainly workarounds for this ordinance.  And thank you, @David Dachtera!  

Curious what others think of this new pro-renter ordinance approved in Seattle.  Would this make you think twice before investing in Seattle RE?

In a nutshell, this ordinance aims to ban "discrimination by landlords against renters with alternative sources of income, such as Social Security benefits, veteran’s benefits, unemployment insurance, child-support payments and other assistance programs. The ordinance also will require landlords to review applications one at a time, then pick the first renter who meets their screening criteria."

Here's the link:

http://www.seattletimes.com/seattle-news/politics/...

Thanks very much for the info, @Kiersten Vance!