All Forum Posts by: Eric Huang

@Eric Huang

I am currently talking with north west plus credit union and they are offering 90# assessed value minus 1st mortgage at 6%.

@Eric Huang, I am in very similar situation as you, in tech and started looking for investment property. Still haven’t had much success to acquire rental property, made some offers, most got out bids and few got into contract and didn’t go through at the end. Seattle is very competitive, esp when it is a good deal, and be prepared. 


Hi Jody, you're ahead of me. I've not extended any offer. Thank you for sharing your experience. Where have you been trying?

@Brandon Sturgill Thank you for that. right now I'm working on getting pre-approved. I'm close but not quite there yet so I don't have any hard figures for you. I'm looking to qualify for around 450K. I have close to 25K saved. the 12% COC return is a figured I snagged from watching Brandon Turners video here...he says these numbers work anywhere you are, but my thing is how the heck can I get 12% in the greater Seattle area and surrounding. I guess I'm not sure how to analyze a deal that works for me if IDK what returns I'm looking for, in other words, I wouldn't know a good deal or a bad deal if they smacked me in the face!

@Eric Huang lots of good suggestions so far. Kitsap, Tacoma, and Everett have been thrown out as good places to look for a straight rental, and I would add Renton (good price points and good multifamily options), and South Seattle's Hillman City and North Delridge neighborhoods to the mix. The Eastside hardly ever pencils out, and North Seattle isn't as bad but still difficult to cashflow, so I'd focus my attention West and South if looking for something close-by.

Househacking is the most popular way to take advantage of low downpayment loans, but there are other opportunities. If you're willing to consider Airbnb, we've had great success using a 10% down "second home" or "vacation home" loan. The only requirement is that you use the home personally 2 weeks of the year, and it can be airbnb / VRBO / Furnished Finders (for travel nurses), etc. for the remainder of the year. This could even combine well with your goal of increased travel!

Happy to chat more, feel free to shoot me a message for a coffee or phone call. Cheers!

@Eric Huang, consider Kitsap County also. There is more here than Bainbridge Island. :-) I live in Poulsbo, 20 min to Bainbridge-Seattle ferry. Also, Kingston is just up the road. There's the ferry to Edmonds and fast ferry to downtown Seattle. Quite a few people have moved over to this side of the pond in 2020. You can get a LOT more bang for the buck here, and if going to the city every day isn't required, it's a very nice quality of life. PM me if you have any questions about Kitsap. 

Happy New Year!
 

Congrats on making the jump! I am invested in Tacoma and am happy to share my experiences with you. I have a duplex in Old Town and a triplex and duplex *just* south of I-5 - I'd suggest both areas - happy to chat any time.

@Eric Huang, Congrats on starting to take the first steps which are taking the HELOC, and start being active on BP. For your first deal, do you plan to make it a pure investment property, or you are open for house hack it?

The main difference will be in the money down. For pure investment property, we typically need to put 15% down if it is a single-family, and 20-25% down for duplex-Fourplex.

If you are planning to house hack it, you can think about renting your current house, and house hack your next one. House hack may be by finishing a garage, get Accessory Dwell Unit (ADU), Monther in Law (MIL), Duplex, Triplex, Fourplex, ....

House hack a property will allow you to put way less money down (5%).

Some neighborhoods in Seattle and Tacoma are pretty good. We also like to follow the light-rail. Google "st3 light rail map" and you will see all the future expansions.

Feel free to reach out and I can help you more!

Best of luck!