All Forum Posts by: Chris Cliff

 I know that closing in 60 would be impossible.  Under contract and headed to close is fine with me.

For an embarrassingly long time "Buy an 8-12 unit apartment building" has been on my list of things to do. It has been talked about, pondered, debated but has never happened.

So, my thought is to make it a 60 day challenge and document the whole damn thing.  

What I would like is some opinion on just how crazy am I, how possible this is and so on. 

Essentially I'll be starting from scratch.  I'm not dead broke or anything (thought that would make for a better story (Man buys apartment while living in a card board box), but I'm not sitting on enough cash to plunk down 20% or have credit score that makes bankers salivate.

Pretty much at a point where I have to make this happen to save my sanity. 

Thoughts?  Potential hurdles?  Open to any and all input.

As a former contractor, it definitely is not worth being a GC for the purposes of flipping/rehabbing homes.  Take a hint from all the big players across all industries.  They outsource as much as possible to reduce overhead and risk.

Welcome Joe!  This is a great place to start.  Wish I had this place in my life 10-15 years ago!

As a former contractor, I'd say hire out as much as possible and use the time you save to go hunt more deals.  I know it is super satisfying to be hands on, and you can save some money, but don't forget that your time is worth something too.  

 Typically yes, but as Seattle expands it is pushing a wave of rising rents and tenants ahead of it.   Plus those areas are urbanizing for lack of a better word and not everyone can afford to get into or make payments on $300,000 homes. 

Can we stretch it to Counties?  There are some places in Snohomish county here in Washington that I expect will be going from rural to suburban in the next few years.  I'm targeting those towns for smaller multi-family properties.  I think as people are forced out of the Seattle area to find housing those areas will be more in demand.

Welcome to the family!  Lots of opportunity and things going on in the Seattle area for people willing to put in the work. 

"stop reading and actually beginning to build a portfolio" - The jump that most people never take! I know I've struggled with actually pulling the trigger.

Thanks @Steve B.  Going to stick locally for the time being.  Most likely Southern half of Snohomish County for rentals.  For other projects, the bulk of the area north of Seattle and near east side.