All Forum Posts by: Ana P.

Thank you @Jean Bolger and @Jeffrey H.! Those are all very good advices. I will look into more details to see what exactly it would entail.

As for buying the property with the mobile home already in it, I am not sure if that would make it a lot cheaper than buying a regular SF, since this area is so expensive already, but is definitely worth looking into!

Hello again everyone!

Not too long ago I asked about the obstacles of buying multifamily properties in an expensive area like the one I live in (Seattle). After looking around and getting a whole lot of discouragement, I have been suggested to look into this: buying empty land and a premade home. You know, one of those already made houses they bring and stack in your lot!

I have seen land listed at reasonable prices and seems possible to buy premade homes for something in between 100 - 300,000, depending. Aside from the cost of the land and the home, I really don't know how many more things I would have to pay for in addition: plumbing to connect the home to the city? Electric installation? Does any one have a more accurate idea?

Now, is that something you guys would advice for or advice against? And why?

Thank you in advance! It is wonderful to have this community with such knowledgeable members to ask!

PS: @Richard Scholtz I am actually not from Davenport (actually I have never been there!), I introduced the ZIP code wrong when I signed up and couldn't figure out how to change it. Done now! Sorry my "fake" city didn´t treat you very well! :)

Wow, thank you everyone! It is true what everyone says about this forum being full of helpful and knowledgeable people :) Thank you everyone for all the input!!!

I guess I could have been a little clearer about my goals and situation! I have no previous experience as a homeowner, I work a full time job in Bellevue and live in an apartment in Seattle (Capitol Hill, where rentals are getting really crazy). My goal with this multifamily project is to live in it and have some cash-flow. I definitely cannot do 50% down, nor 20%. It will have to be 5% or 10%, depending on the price of the property. Does this make Seattle basically off-limits for me, then? Since I want to live in this property, I don't want to end up too far away, in the middle of the nowhere or in an area I don't feel safe on my own. 

Thank you @Alex Chin! That puts some perspective in the situation. Prices are indeed ridiculous and for what I hear people believe it will get worse. That's scary! I am definitely not one of those high income investors, but cash-flow is the goal. I see that you are from Seattle, and also interested in small multifamily properties, I would like to ask you if you don't mind: in what areas are you focusing now?

@Jiri VetyskaThank you! I have noticed that people end up buying for more than the asking price, and not just big investors. Families buying a primary residence also end up buying for more than the asking price. Which is confusing because when I read about investing, or listen to the BP podcasts, it is always given that buyers can negotiate discounts up to the 10%, but what I see is that buyers negotiate to pay more not less! You recommend that Seattle is not the best option for its pricing, which is true, but I don't see a huge difference outside of Seattle, in the surrounding areas. Sammamish prices are not that different, I also heard of families that end up paying more than the asking price for their primary residence there, and that's for me pretty much in the middle of the nowhere. 

@Yohannes Kifle thank you for mentioning those areas, that helps to put some perspective. What other areas, aside from Lynwood, were you considering when you started looking for this 4-plex?

@Richard Scholtz, thank you for your advice! Do you think that triplexes and fourplexes can still cash-flow in Seattle, despite the exorbitant prices? If you have realtors to recommend it would be very helpful for my research :)

I am very grateful for all the comments and input, and for taking the time to answer to my rookie doubts!! :)

Hello everyone! 

This is my first post, i have been reading and listening to the podcasts and webinars, and I am very interested in learning about multi-family properties in Seattle. 

I have contacted a couple of Realtors to get advice and they told me that they do not recommend owning rental property in Seattle due to the landlord/tenant laws in the city. Instead, they recommend outside areas close to Seattle, like Lynnwood, Shoreline, etc. 

I wanted to know your opinion about this, why are those laws so terrible, enough to drive investors away? 

Does everyone here also recommend staying away from Seattle? I know prices are high (i have seen duplexes listed at 700,000)... But rentals can also be very high (capitol hill tiny one bedrooms in old buildings are 2,000 a month easy). 

I have been a tenant in Seattle for years and never felt i held that much power, in fact i have been taken advantage of and ignored repeatedly by my landlords (of course, that is NOT the kind of landlord i want to be!). 

Can someone help me understand a little better this situation? As a newbie, is Seattle too ambitious? Where should i focus? 

Thank you so much!!