All Forum Posts by: David Sweeney

Hello BP members in Washington State. I have a W2 job as a Seattle Police lieutenant. I also am a licensed real estate agent with Windermere in Seattle. Lastly, I am purchasing a 24-Unit apartment building in Centralia, closing next month. I am looking for an accountant to assist me with my accounting and tax needs. I am also looking for a great property manager in Centralia, Lewis County, about 25 miles south of Olympia. Any recommendations? Thanks in advance.

Hello BP Pros in Washington State. I have a W2 job as a Seattle Police lieutenant. I also am a licensed real estate agent with Windermere in Seattle. Lastly, I am purchasing a 24-Unit apartment building in Centralia, closing next month. I am looking for an accountant to assist me with my accounting and tax needs. I am also looking for a great property manager in Centralia, Lewis County, about 25 miles south of Olympia. Any recommendations? Thanks in advance.

Hello BP Pros in Washington State. I have a W2 job as a Seattle Police lieutenant. I also am a licensed real estate agent with Windermere in Seattle. Lastly, I am purchasing a 24-Unit apartment building in Centralia, closing next month. I am looking for an accountant to assist me with my accounting and tax needs. I am also looking for a great property manager in Centralia, Lewis County, about 25 miles south of Olympia. Any recommendations? Thanks in advance.

I suggest house hacking with a multi-family home. Buy up to your maximum you can afford with your down payment. Then take in renters who will make the loan payment for you. Here's an article from Brandon Turner on how to do it. You'll still have to figure out where to live. Obviously, you have a lot of options if you are considering two different states. Worst house in the nicest neighborhood is oftentimes a good strategy. Location, location, location...

For anyone interested, I just heard an interview with Sky Mikesell of www.nationwiderentsure.com on Joe Fairless' Best Ever podcast. I was interested enough to check out the website. Unfortunately, it seems to be down. It says "Guest Area" and that I need a password to proceed. I'm not sure what else I can do. Sky Mikesell, any help?

Welcome to BP. Whatever position you find, continue your education via books, podcasts, meet-ups, articles, blogs, and other real estate networking.

If you are interested in PM, I suggest going to the Institute of Real Estate Management and start with RES201, Managing Rental Properties. If you like it, continue on to get your CPM or ARM designation.

If you want to go into sales, get your real estate license. I studied through realestateschool.org and hired on with Windermere. Let me know if you have any more questions.

My home in Seattle went through the same appreciation as other homes. I went to my mortgage broker and refinanced. I had to pay for an appraisal and the brokerage fee, but it felt great to take out a large amount of cash that I am currently using to buy an apartment building in Centralia. Yes, I owe more money on the house now than when I bought it, but I'm looking forward to my new cash-flow opportunity.

In Washington, the seller signs a contract with their listing agent and agrees on a commission percentage (or a flat fee). The listing agent then enters the information in the Washington MLS. There, they will list the commission split for the selling agent (also called the buyer's agent. The term "selling agent" is used because they are the ones "selling" the property to the buyer). The MLS will list the commission as 2.5% or 3%, etc. The selling agent then knows what their commission will be if they bring an able buyer and show them the house.

I agree with Patrick Britton that you have conflict of interest if you are the listing agent and now you are supposed to also represent a new buyer. Dual-Agency is legally allowed in Washington State, but it brings new issues to the table. 

Good luck with your search. Let us know what you find.

Remember that if you finance 1-4 units, you can use a residential loan. If you go 5 or more units, you will need commercial financing. There are some major differences. Residential loans are looking at the value of the property compared to other recently sold properties. Commercial loans are all about how much income the property is bringing in, compared to the purchase price. Cap rate will be important.

I'm currently purchasing a 24 unit apartment building in Centralia that I found on the MLS. As a Windermere broker, I can help you search for small MF housing units. Let me know if you are interested. I evaluate them all the time. If you're just starting out, we can look for a duplex, triplex, or 4-plex that makes sense for you.