All Forum Posts by: Jacqueline Cliff

Hello Blake,

You might also consider looking into single family with a second unit. This would allow you finance your property at only 3.5% down on an FHA. You could then take the smaller unit for yourself and essentially rent out the larger to cover your payment. Also, keep in mind that you will be building your portfolio as a landlord and gaining the 2 years experience required in order to utilize received rents as part of your income in the future. Feel free to bounce questions off of me as I live in the Lynnwood area and am both a real estate broker as well as loan officer. Happy to help.

Hi there Ted,

Research and a willingness to look outside of the "Seattle" box, are definitely two key elements for success in the area.  Don't be afraid to head north or south.

Yes, the WLA is definitely a good resource.  Being a landlord in the city of Seattle can be somewhat of a harrowing experience.  You might find the laws a bit more relaxed in Snohomish county.  Let me know if there is anything I can do to be of assistance.

Warm Regards,

Jacqueline

Champions Real Estate & All City Mortgage

Hello Sean,

There are definitely still some opportunities out and about.   Deals can happen whether the property is actively on the market or not.  I live right around the corner from you..so feel free to give me a should if you need some help looking around.  I am both a full time Real Estate Broker as well as a licensed loan officer and would be happy to run some scenarios for you.

Warm Regards,

Jacqueline

Just adding to what has already been said....keep in mind that lenders will require a minimum of 2 years of landlord experience before they will allow you to use the 75% of rental income towards your debt load.  So make sure that you are reporting any income received from "hacking" on a schedule E as they will want to see that for verification.  Also make sure you have a solid paper trail showing all rental income received as well as documented lease agreements.  

You might considering assigning a contract versus a double escrow to avoid having to deal with the cost of the excise tax.  Also remember that if a potential buyer is using certain types of financing, that you will need to be able to justify the increase in value over a relatively small period of time.  If you are a licensed contractor, this can help avoid certain red flags.

Regards,

Jacqueline

Good Morning :)

You may also consider interviewing some additional agents with experience working with investors.   When searching for investment properties for my clients, we often end up using non-conventional tactics such as marketing to "off-market" properties that fit the proper equity margins and desired locations.

Regards,

Jacqueline

Hello Allen,

I have actually been working with some rental clients and I would say yes, things seem to be a bit more competitive in the rental market as of late.  I am seeing houses for rent being on the market longer and sometimes dropping about 5-10% to get a butt in the seat.  Obviously your location is ideal, but you may want to allow for a month to month term to keep things flowing.

Best of Luck,

Jacqueline

I have always been extremely happy with Blake Financial in Everett.  They are a smaller firm with great attention to detail and they don't over charge.

Best of Luck,

Jacqueline

Welcome welcome.  Yes, Tacoma, Federal Way and other south end areas definitely still have potential.  There are also some good deals still rolling around in and around Puyallup which attracts a large number of military service people as buyers.