All Forum Posts by: Thanh Nguyen

@Antwan Miller ,

Welcome to the BP community. I'm also looking for multifamily properties in the WA area. Inbox me if you are interested about discussing various real estate topics over coffee or drinks at a halfway point (reside in Renton, WA). 

@Larry Fried ,

Thank you for your input and insight. It is most appreciated, will conduct my due diligence and reach out to other markets that are ripe as noted.

@Derrick Strope , 

@Zandra Thomas ,

Thank you for the warm welcome, excited to start my first deal using BP.

@Steve K. ,

Thank you for sharing your insight of the market.

@Steve Vaughan ,

Perhaps with larger multi-family properties (7-10 units), I may need to adjust my strategy ever so slightly. Because I plan to use a VA loan, which disqualifies all units above 4 units (Please correct me if this is a mistake). I will be more than willing to meet you at the halfway point to discuss possible opportunities &/or make arrangements to make things happen. Please PM me if you are interested, Thanks.

Thank you everyone for reading and posting, I'm pretty excited to be here on BP. Finding my first deal and sharing my success story.

@Brandon Turner 

Wold you happen to know any MF properties in WA that meet these criteria? Thanks in advance. Someone (@Mehran K. ) suggested you were the go-to person in WA.

1). At least 1% yield of the property's asking price in cash flow.

2). At least 10% cap rate

3). Fourplex (preferred), trilex, or duplex that is less than 20 years old

4). MF property with a vacancy rate is 3.8%

@Kevin S.,

I am currently living out of Renton, WA but do a lot of traveling. While I am traveling, I find time to meet with real estate meetups and look for investors. Make my my best attempt to aim and look at potential markets where ever I go. My last business trip was in Phoenix, AZ and there were a lot of opportunities down there but I was a bit tied up with my job so I didn't have a chance to close any deals. I prefer to be a backyard investor until I meet and network with other investors across the US. I grew up in CA and have no problem investing in CA, but there is a high barrier for entry in those markets.

Thank you for taking the time to reply.

@Mehran Kamari,

I will definitely reach out to @Brandon Turner as suggested. Thanks for replying.

My criteria are:

1). At least 1% yield of the property's asking price in cash flow.

e.g. 500k property would yield 5k annually or $416.67 monthly

2). At least 10% cap rate

e.g. NOI / (property asking price)

3). Fourplex (preferred), trilex, or duplex that is less than 20 years old

4). According to Kidder Matthews (2014), the regional market vacancy rate is 3.8% so I would like to see documentation reflecting this statistic or at least find out why this is or isn't happening at the prospect MF property.

Please PM if you are interested, thank you for reading my post. Have a great day.

Reference

Author Unknown. 2014. Apartment Market Research/Reports. Kidder Matthews. Retrieved from http://kiddermathews.com/research.php?market=apart...

Hello everyone,

Just thought I introduced myself. Currently eager to find my first deal but not exactly sure where to start or how long it would take to generate my first deal in the WA area. Talked to a few real estate agents already in the King and Pierce County areas, but none of the four-plexes met my criteria. I saw a few properties in the Auburn and Tacoma area. But haven't seen any properties that compelled immediate action. Was wondering if anyone else had similar issues? Thanks.

Hello @Nick Horob,

Congratulations on your first deal! I'm trying to do a similar feat in the WA area, where did you find the listing for MF properties in your area or find ways for me to find a listing of the owners that own MF properties?

Thanks for sharing with us on BP.

Landon,

My experience on getting approved on a loan, 1). you must be working within a profession for two years, 2). provide verifiable income (pay stubs, tax documents, and etc.), and 3). possess a certain percentage in a down payment. That was my approval process and your experience may vary.

I qualified for a loan up to 400k VA loan in WA but did not see any multi-family properties that yielded the stats I was looking for. Haven't tried the FHA loans yet.

If you really want to know, I highly advise talking to a loan officer or simply apply for a loan. This will put you in a "qualified position" and present to perspective sellers. Last person I used in WA is Oleg Tkach [email protected] that compiled my results.

P.S.

I really enjoyed your entrepreneurial spirit. Feel free to PM me if you have any additional questions, I will do my best to help. 

 Hello Jonathan,

Welcome to the BP site! I know that feeling you have when you want to jump right into it but now sure where to start. I am currently in that phase, where I have little money and ready to learn until I make my first deal in multi-family type properties. Currently, I have only found a few MLS listing on this particular property type.

Let's schedule a meet whenever your schedule is open. 

Thanks for posting.