All Forum Posts by: Brooke Singler

Hello,

I submitted an offer on a 3b/2.5ba, 1990sq ft duplex style townhome (single unit, not both) in western Washington and my offer was accepted at $427k. With a $60/mo HOA(external maintenance not included with the exception of fencing) and 6.5% interest rate, my monthly mortgage (with taxes, insurance, HOA, etc) will be around 2600/mo. This will be my primary residence and my partner will be paying some portion towards the monthly expenses. The neighborhood was built in 2009 (15 yrs old).

I'm having a hard time deciding if I should move forward with the deal or keep renting (currently paying $2200/mo in an apartment, we would have to pay $4k to terminate lease early). The plan would be to live in that property for 3-5 yrs, pay down the mortgage, then turn it into a rental. There are a lot of renters in the area due to the military presence. However, it is hard to gauge the rental potential so many years into the future with new construction SFH and apartments being built in the next few years.

I'm worried about the HOA, the rental potential, whether I should keep saving and buy a SFH, or if I should just take the plunge and start building equity. I've been thinking about real estate investing for several years now and didn't expect to be so confused when trying to make my first purchase.

Any help is appreciated. 

 It turns out it is not a foreclosure. It is owned by a company who is selling via bidonhomes.com. I toured with a real estate agent.

Thanks!

Hello!

I've been living in WA State for a year and have been learning my local market (I live about 45 min northwest of Tacoma on the Kitsap peninsula) while saving to buy my first property.

The high home prices and high interest rates are making it challenging to find good deals. I recently found a property on Zillow that looks to be in good condition (built 1940s) and has a finished basement that could be rented out as a Mother-In-Law unit (separate entrance, kitchen, and bathroom) while my partner and I live upstairs. The listing is above my budget, but it is being sold via Auction since it is a foreclosure. I am hopeful I could under bid and get it at a good deal.

I would like to put an offer in, but I don't have enough cash to pay the full amount at auction. What would be the best way to finance this deal as someone who has never purchased any real estate before?

I plan to tour the home this week. Other than the auction and financing process another main concern is whether or not I'll be able to get an inspection done. Does anyone have experience getting home inspections done with properties for sale via auction?
Thank you,

Brooke

@Jaron Walling Thanks for the advice! I think waiting until I'm more familiar with the market is a great idea (though waiting can be tough sometimes). Your mentality about investing in people, vice property, is an interesting one and I'll be sure to keep that in mind as I build my network.

 Eric,

Your founder's book is on my list already! I'm looking forward to reading it.

Its very cool that one post on Bigger Pockets has already connected me to several people in the Seattle area.

Unfortunately, I think I'll be in the learning stage for a bit longer than 6 months but if I put the work in now I'll be ready to make a purchase once I'm settled in the area.

Thanks!

Michael,

I'm definitely excited for all of the opportunities being in the PNW will provide. The multifamily home situation is much more favorable near Seattle than it is in my current location and you can't beat having such incredible natural beauty so close!

Education is where I'm focusing my energy at the moment. There is so much to learn about calculating cash flow, returns on investment, etc. As you suggested, I think I'll start looking into meetups.

Thank you responding!

Hello!

I'm planning to move to the Seattle Area (probably Tacoma or Bremerton) next summer and would like to invest in a small multifamily property (either single family home with ADU or a duplex) soon after I move. Ideally I would house hack and self manage the property so I can develop my skills and network for future investment opportunities.

I'm currently saving funds and educating myself until I can make the transition to Washington.  

How would you all recommend I maintain momentum when I likely won't buy my first property for at least a year?

Thank you!