All Forum Posts by: Edward Seid

Wanted to add Northgate. None of the residential neighborhoods near the Park and Ride have paved sidewalks (!). The LR station will bring more foot traffic throughout the neighborhood so I would expect the city to make road improvements in the upcoming years for pedestrian accessibility. 

@Mario Mach - I would consider some of the infill areas in the northend. Bothell comes to mind if you want to stay closer to Redmond. For a convenient location for Eastside/Westside commuters, check out the area around I-90/Rainier Ave.

@Jess Haas - what Jess said too... find something close to any of the East Side future light rail stations, purchase, and sit tight until the station opens. And when I mean close, I mean less than 10 mins walk, preferably 5 mins or else bus routes start to become a better option. 

@Vic V.

- As an out of state investor on a visa, I will likely need a property manager to handle the property when its rented out. How much should I expect to pay for that?

For LTR PM, expect 10-12% of rent every month (includes PM fees for renewal or new lease on turnover). I don't have experienc eiwth STR but from what I have seen, anywhere from 25-50% of your profit you can expect it'll go to your PM.

- if my cash flow ends up negative, can the difference be claimed as a tax deduction? Yes, plus keep in mind for STM there's a ton of write-offs available to you. Speak to an accountant. 

"Do a huge remodel by yourself is hard and lonely."

Very true. Thanks for sharing. 

@Jim Goebel - The splits depend on if you want support from the branch manager and the designated broker. Here in WA, there are plenty of 100% commission brokerages that only charge a monthly desk fee plus per transaction fees. Mine is $125/month desk fee then $495 per transaction (avg sale where I am is ~650k) and we share a few transaction coordinators.Then there are also plenty of 80/20, 50/50 up to a cap then 100%, etc commission splits. If you go to a bigger company like KW or Windermere, remax... you will have more support and more "requirements" like going to and paying for sales seminars, mentorship/coaching, floor time, sales quotas or cold calling. 

I had to call all the local brokerages to find one with the lowest fees and that matched my lifestyle. I don't go to the office ever, and most agents in my brokerage don't go into the office, very similar to @Jay Hinrichs' s wife's brokerage probably. 

Results I expect to see (@Jess Haas):

~Higher FICO req

~4-5x Income-to-rent req (avg 2bd is around $2,200/month so about $9-10k/month combined income if 2 applicants or a couple)

~More referrals from previous landlords

Amazon trying to buy the elections totally backfired after Warren and Sanders decided to become involved. The current city council became more progressive after our recent elections so expect more regulations to come in the future: rent control, lax penalties for eviction and late payments, more checks and balances on landlords, increased property taxes.

If you're not going to stay there for long, just do cadet wall heaters. They look nicer than baseboard heaters. Mini splits are too expensive unless you are planning to stay there long term. I would also remove the "gas stoves" before selling the home. 

Hi Katherine, I think it comes down to budget and if you have a preferred area within Seattle. Bremerton does have a good flow of renters because of the military base. You'll find many renters just like you who need a 1-2 year stint before being stationed elsewhere. If you buy close to the Bremerton ferry terminal, you could also attract renters who work in Seattle downtown and want a cheaper place to rent. 

I'd also recommend Gig Harbor as its close to Tacoma, which is a hot market, yet still close to Bremerton. Best of both worlds in my opinion - close to a major metropolitan area with likely continued appreciation and a stable military tenant base. Again, it really depends on your budget. Housing prices in Kitsap county are more affordable than anywhere in or near Pierce and King. 

I'm a real estate agent in King County so please feel free to DM me with any questions!

Thanks for offering your time, Nghi.

Biggest takeaway for anyone planning to invest in Seattle or continuing to do so. Your business is not welcomed and rent control is just around the corner.