All Forum Posts by: Jay C.

Yes I have with great results. That said anyone buying any rental right now has to have a screw loose. The markets are melting down. Interest rates are going to climb thru the roof. Smart $$ is pulled back in cash and waiting. Interest rates keep climbing and builders are going to be left with unsold inventory. Prices will recede. 

@Ross Asher

I would recommend buying nothing. Anything bought now is forced, desperate.  Remember cash is a position and at times doing nothing is the best move. 

The best investors in real estate and the stock market pretty much all do the same thing. They go after the low hanging fruit and what's given to them. This add more doors pushed on this site is nonsense. Its like these posts are generated by those who lend.  I dont know your age but if you are younger and need leverage to make a deal go then now is just not the time. If you are a older investor just seeking cash flow and can care less about the value of the property then thats a different matter. 

Best of luck

Curious, why are you seeking to buy in Puyallup. Is your criteria super spendy and high taxes going higher every year? If so Puyallup's your girl. You will need to raise the rent substantially yearly just to break even.  You will also have to pay a premium to get a place. You will also have horrible traffic, poor infrastructure, little to no sidewalks. Not sure the appeal. Also keep in mind they are building apartment's here as fast as they can. Oh and the schools, the schools are overcrowded. What once was a decent district is now considered fair at best. 

@Kar Sun

End of the day you should stick with what you know best. The real estate game takes way less skill and a whole lot of folks eager to lend to anyone with zero skill.  

My above posts reflect my skill set and they certainly may not be the returns of many. It took many years to gain experience(decades).

Good luck in whatever you do. You cannot put a price on what lets your comfortably sleep each night.

@Angel Prentiss

Thanks for the comments. You nailed it right here

"We sold a SFR last oct because we didn't know what kind of tenant we could get stuck with. Plus the value has gone up that it'd take me over 20yrs of cashflow to make what I would in selling"

Right there is part of the point. Way to many on this site get all caught up in this accumulation nonsense and miss the reality of creating wealth. Heads up it sure isn't thru leverage. Its buying when prices are right and selling with outsized gains. The current landscape has eroded those seeking income. Taxes continue to climb and regulation is making things difficult.  As I pointed out above the rental game has changed. In most cases permanently. Lawmakers are working full on to slant the advantage to the tenant. Some of these landlord violations are upwards of 1-2 years of profit.  Now I am not just in Seattle. I have several rentals across the state.

You would have to have a screw lose to head into REI now. Regulation big ones is coming to this sector, rent control and eviction regulations. Landlord will no longer be in charge. Selling all properties at record highs and placing them in dividend paying stocks. Tax free distributions that can be passed to my kids and pay them as well. Oh and every renter I had paid thru CoV.

Not sure if you are speaking to me but will answer. I have been a landlord in this area for decades. Not much I will glean off any Facebook club that I dont already know. I have been selling my rentals 1-2 per year due to changing landscape and every one sold has netted 200-800% profits in the market from the funds. Not to mention funds placed in the right place spin off dividends that are tax free until stock is sold. 

Times do come that are attractive for a real estate investor. This just isn't one of those times. To create wealth you take what any market gives you. Any real estate investor now looking for deals or properties IMO is just desperate and will pay a premium. No Thanks

There is no worse place to be a landlord then Seattle. Regulation is all in the pipeline to limit what you can and cannot do. You mention rent control? FYI all landlords in the State of Washington have been prohibited to rise rent since 3/2020. As well you cannot discuss future rents with your tenant's. Its illegal. So given the fact that taxes and fees are skyrocketing and you cannot mitigate that with raised rents then yea...Seattle is a lousy place. Honestly the entire rental landscape is pretty bleak. Far superior returns in the markets. 

With the eviction moratorium now extended to summer rents or any talking about rents to your tenants is illegal. As well they are working on laws to make it even worse.

SB 5139 Rent Control - Rental Housing Association of Washington (rhawa.org)

Bill Summary

• Prohibits a housing provider from increasing rent or other charges for the first 6 months after the end of the Governor’s emergency eviction ban under 59.18.
• After the first 6 months expire, housing providers are then limited to only increasing rent by 3% over the previous year’s consumer price index, for a subsequent six months, based on the rental rate as it was on March 1, 2020. .

A big heads up. It is now illegal to raise your rent in the State of Washington. Its part of the eviction moratorium. Its been extended to June 30th. As well its illegal to even talk to your renters about a pending increase. Also the State is working on laws  for rent control after this.  Its SB5139 SB 5139 Rent Control - Rental Housing Association of Washington (rhawa.org) 

• Prohibits a housing provider from increasing rent or other charges for the first 6 months after the end of the Governor’s emergency eviction ban under 59.18.
• After the first 6 months expire, housing providers are then limited to only increasing rent by 3% over the previous year’s consumer price index, for a subsequent six months, based on the rental rate as it was on March 1, 2020. .

Now this latest extension is basically to get time to get the rent laws in. The net results...No Wa landlord will be raising rent in 2021 period and likely farther. If you you even  mention it is a crime punishable by fine. There are complaint forms on the attorney general's website. 

COVID-19 - Rental Housing Association of Washington (rhawa.org)

This is a horrible time to be a landlord. The good news its a fantastic time to sell these properties.