All Forum Posts by: Account Closed

I second what @Andrew Johnson said

@Dustin Kroeker GO HAWKS!!!!

@Lane Kawaoka I have no idea....you know me, I stay local ; )

@Rudy Manna check with Coastal Community Bank. They've done 75% LTV on portfolio for me.

@Julian Sibley welcome from a fellow WWU Viking finance major! Coming from experience, I'd say you have a solid foundation ; ) Good luck and don't be afraid to get your feet wet in this wonderful world of Real Estate Investing.

@Corey R. it looks like this thing popped back on the market. What happened if you don't mind me asking? Feel free to PM me. Also, I am working on a similar sized complex up the up the road (still in Everett) that you may be interested in.

we have a HELOC and it has worked out nicely. Over the last three years we've used it and paid it back to buy 3 rental properties.

@Ron Calloway don't mess around with Fannie/Freddie backed lenders (bank of America, keybank, etc) or hard money lenders. Go talk to local banks that hold commercial loans in house like Coastal Community Bank or Bank of Pacific. Also search portfolio loans on bigger pockets and you will find a slough of info.

@Ron Calloway if I were in your shoes I would do one of two things:

1) 1031 exchange both properties into one large multi family building

2) combine the two existing properties and a new third multifamily property into a portfolio loan and buy that new third property with zero money out of pocket

My philosophy (to some extent) at this stage in my investing career is "Equity is where money goes to die". Good Luck, you are in a great position no matter what you do.

@Becky Y. We have 35 units of our own and then I manage another 40 or so for other investors for a total of 75 units with approx. 110 tenants. I would guess less than 12-15 tenants work at Boeing. The "Boeing Factor" was a major concern of ours prior to investing in Everett and our rationale was that the $1B wing facility was just contracted to build in Everett (2013ish) so we knew Boeing would have a heavy presence in Everett for the next 20 years or so and then within that 20 year timeframe the urban sprawl from Seattle/Bellevue area would reach Everett to supplement the housing market should Boeing ever leave town. Our theory has worked well so far since we have started to get tenants who commute to Seattle everyday to avoid the extravagantly high Seattle rents.

And no, I don't use a Property Manager, I am one : )

MLS is a great place to start for new folks. We get 75% of our deals from there still. Other 25% come from the relationships I've developed with multi-family property owners in Everett over the years.