All Forum Posts by: Jared Boundy

Hi Andre, I agree you're in a good position to invest locally (something a lot of local investors can't quite make work). I have a few ideas. Personally I'd go for a multiple ADU redevelopment right now, as this is a great value add opportunity throughout the urban growth area due to the new laws (I'm actually working on one right now myself), but it depends on other criteria you might have as far as timeline, etc.

Sounds like a good learning investment!

Welcome @Erik Osland! You should find some helpful tools here. I grew up in Kitsap County, and have lived in Seattle and the surrounding area most of my life. My rentals are in Snohomish County. I have not personally invested in Bremerton, but I do think it has potential, particularly with military renters. You mentioned wanting to be able to easily get to the property to do repairs, so I'd recommend you ride the ferry several times (if you haven't already) to get a sense for what that will be like. There's some subjectivity, and you may find it more appealing to take the ferry to your property, or you may prefer being able to drive straight there. 

I'd look for a property with potential to add some ADUs of some sort in the future. The whole Urban Growth Area will be required to allow soon (per state law), but Burien is actually ahead of most on this front (as is Seattle, though more expensive). I'm not sure where exactly you live, but consider how far away you're willing to go. I keep mine within an hour's drive (for now). Feel free to PM me if you'd like to chat more.

I've looked into a few options that won't cost 20%. I know Red Awning charges 10% and they handle most of the guest communications and listing, pricing for you, but you still need to arrange cleaners. 

Personally, I'm currently using Hospitable, which can automate a lot of the communications (even detecting and responding to a lot of questions). I also use Pricelabs, which takes some configuring up front, but I have it set to only allow monthly stays up until about a month in advance. Then I have it change the minimum stay to allow shorter bookings if there are openings less than a month out, or where there are shorter gaps between bookings. And using Turno, I have the cleanings automatically assigned to a cleaner. The cleaner can just let you know when it's time to restock supplies. 

It doesn't have to be a 2nd job with a few helpful tools in place.

Hi Lance, this sounds like a good strategy. I have a small triplex, where I have an LTR tenant in one unit, and I use 2 units as STR/MTR.

1) A few things from Ikea work, but be careful of some of their cheap furniture. I've found some decent things at Target, and a lot on Amazon (this bed frame is great: https://www.amazon.com/gp/product/B08XPN96MG/ref=ppx_yo_dt_b...).There's also a company that seems legit called fullhaus, but I haven't used them (I've had my wife help me pick out everything). 

2) The main thing is to be clear that you are not onsite, but happy to help remotely. And if your LT tenant needs to assist with things now and then, be sure to show appreciation and compensation of some sort (I've offered free wifi, though my tenant prefers their own internet/cable).

3) I haven't had any issues, but maybe avoiding carpet and low rates with single night rentals that ends up attracting homeless guests.

I definitely think it will continue, but each project will depend on the the lot and any specifics to the location. As the need for housing, particularly more affordable units, I think we'll see various types of development. I would not be too concerned about yours seeming weird. As with any project, it's just important to have plans and backup plans so that you can be successful, no matter what the market happens to be doing.

Sounds like a great opportunity @Garrett Wright! I would just suggest confirming that you can get a land loan with only 5% down, as in my area they usually require 25% down on vacant land.

Hi Julie, I agree this is a great way to start. In Seattle, there's a decent bus system and expanding light rail. I'd encourage looking along the I-5 corridor, close to the light rail. Don't get too close to Aurora to avoid the seedier parts. North Seattle, Shoreline, Mountlake Terrace, & Lynnwood on the North. Or you could even look at Kirkland or Bellevue you East. It's tough to find good multi family properties, but SFRs should provide some opportunity, including in many areas to build additional units in the coming years (new regulations will kick in mid 2025 in most of the urban area to allow multiple homes or a home with 2 ADUs on SFR lots).

Sounds like a good opportunity. I'd be interested to see estimates of update costs and ARV.

thanks @Joshua Messinger. For now I’m doing a 3-month contract that states that the housing is dependent on providing cleaning services, with the quality meeting my expectations. Don’t know if that’s perfect, but it keeps the commitment short for both of us for now. Seems to be working fairly well after the first 2 weeks.