All Forum Posts by: David Edwards

Hello BP,

I'm new to this so my apologies if this is a dumb question. 

I'm looking to get involved in REI in the Seattle / Tacoma area. I've been researching house hacking and doing the 4 square analysis on a number of properties I've been finding on Redfin and from an agent I've been talking to. The issue is that I'm finding most properties up for sale don't seem to pencil out to having any positive cash flow (like gross income is 300 less than the anticipated mortgage+taxes+insurance costs). I figure this might be a reality of the market in Seattle but also where my question on offers begins.

Do you as an investor looking for multifamily properties make offers well below asking (not just 20-30% to make money when buying) to get the numbers to work on your end, or do you largely just assume that the properties are inflated and that now isn't the time to pursue them? 

I've been listening to the back catalog of BP podcasts and strangely enough this was addressed in the quick tip for Episode 198 and is summarized basically as not knowing the sellers motivation means that heir asking could be real or arbitrary and you never know if you don't ask. 

If anyone has some real life examples or thoughts on how you would approach a situation like this or I guess the Seattle market please let me know. 

Thanks for the read everybody,

-Dave  

Thanks for the tip @James Petty, I'll be reaching out to them this week. Tacoma has been one of my thoughts for a good target market in the area so I'm sure they will have some insight on that as well.

@Sean Walton It was Jonathan's story that has led me here. 

Good point with the goals, things can end up being pretty loose if there's no target. 

@Adrian Chu I currently am working on residential architecture (of all scales) though I have experience in commercial, hospitality, and healthcare design. How far along are you in the process of the house? Would like to pick your brain on properties in the area sometime.

@Peter Nelson Being new to this process means I fully understood about 2/3 of that post but it seems to me like I'm going to need to find some of that hard money you are speaking of to get off the ground. Ill be getting a cut of the deal as opposed to the whole thing but something i definitely would like to learn more about.

Thanks again guys!

Hello Bigger Pockets Community,

I am an architect working in the Seattle area who has begun to feel like I'm on the wrong side of things in the built environment. Like many of the people I've been listening to on this websites podcast and others I've been searching for forms of passive income with the intent of choosing to work as opposed to needing to work to just cover rent and bills. Not sure how real estate didn't occur to me before this as a form of passive income but here we are.

I know a good deal about how buildings go together and navigating jurisdictions but I'm new to the financial side of things and am excited to dig into this site and other resources to develop my more holistic understanding of the built world. If anyone has some advice on first steps to pass along to a newcomer (aside from reading through the forum for similar threads) it would be much appreciated. 

If you are near Seattle there might even be a cup of coffee in it for you. 

Thanks for the read,

-Dave