All Forum Posts by: Jeffrey Auckland

Hey Eric, congrats on the house! We camp up in Verlot at least once a year and love it up there. My friends and I have been looking to do the same thing as you, have a nice vacation spot but also airbnb it out too.

I couldn't help but look up the property up on Redfin because I was curious on what properties are going for up there. I can see paid a hefty price over list. Can you add come color to that? Must have been pretty competitive to get the winning bid..

We just did a full remodel on our Kitchen and got our cabinets from Home Depot and counter tops from IKEA. We are planning on renting out this house in the near-term so didn't want to break the bank.

I would give HD a 7.5/10. The process of ordering was enjoyable but the craftsmanship was less then what I was expecting. Probably cause the manufacture was trying to keep up with demand and rushed them. Ran us about 4.3k for a small-mid size kitchen for entry level shaker white solid wood doors. (We installed ourselves)

IKEA counter tops are great for DIY and cost us less than 200 for two 8ft slabs. We tried to get cabinets from them but its was the worst experience I have ever had! People working there have no idea how to order them and the system they use is the biggest pain. Plus everything is on 2-3 month back order. 

We also got our bathroom vanity and kitchen sink from HD, decent products/value for a rental.

Good luck @Pritam Karmakar!

My belief is once a large tech tenant sets up shop in Kitsap, we will see a large migration of homeowners moving there. Downtown Bremerton and Port Orchard still have high commercial vacancy but there is a lot of potential for institutional investors on the commercial side too. So if we a tech tenant move or expand to Kitsap and some institutional money comes on the commercial side as well, homeowners will follow once they see the charm and tranquility of Kitsap County and what it has to offer.  

My girlfriend's parents just sold their house in West Seattle for 1.25m and purchased a house in Port Orchard for 575k that is larger and right on the water (although there is road in front). This is just one example but I am sure there are many more examples of homeowners migrating to Kitsap escaping the chaos of Seattle.

I have been looking at houses on McCormick Woods Golf Course and its very enticing knowing I can get a gigantic house on a golf course for less than the median price in Seattle. I will probably own property in Kitsap in my lifetime whether I live there or own an investment property. 

Kitsap FTW!

I've always wondered about renting a home of that value. Interesting how you said as rent goes up, there is less of a demographic that can rent at that price point. 

Crazy how you negotiated another 50k of the asking price, un heard of in this market, well done! Hope the house hacking is going well. 

Thanks for sharing! 

There is probably a lot of gray area around this question but I am curious if I could purchase a single family or duplex as my primary residence and still live in my current property without the bank knowing? 

It probably depends on the bank but how do they regulate this? I am sure its just where you have your mail sent but there is probably more to this scenario that I am missing. The ultimate goal here would to be able to put 3.5-5% down rather than the 15-25% on an investment property and rehab the house without the hassle of moving, etc.  The only thing that I can think of that would be a problem would be reporting the income on my "primary property" as income, at that point things might get tricky since I technically should be living there...

Let me know your thoughts.

Thanks,

- Blake

@Russell Brazil this is great feedback, thanks! I think my parents would fall in that boat haha

Like @Sherief Elbassuoni said it really depends on the deal.

But... there is a lot of industrial development happing in Marysville/Arlington - rumor is that Amazon is building a 5-story 2.2m s.f. warehouse just south of the Arlington airport. Blue Origin is also building a manufacturing facility in Arlington. So I believe that housing demand is going very high once these buildings are complete. If I had some capital I would be looking there.  

@Rob Gillespie this is interesting, I will definitely pass this information along and keep it in mind for myself. 

Luckily they are having an old friend that is an agent/appraiser give them his two sense on the value but I think they are going to want an agent because they are old and grouchy and probably do not want to deal with they general public haha. 

Thanks, @Mason Hickman. This is great info!

What is up BP!

So my first name is Jeffrey but I go by my middle name, Blake (don't ask...). I grew up in Snohomish County and just recently closed on my first house in South Seattle (White Center to be specific). I graduated from Western Washington University with a degree in Finance. I went into banking because I really didn't know how else to start in real estate. I did mortgages and commercial loans for about 3 years then found myself a very small commercial real estate firm as a research analyst, my boss was crazy so I found another gig at JLL where I am currently a research analyst that specializes in industrial properties in the Puget Sound region.  I also hold my real estate license and do not hang it anywhere but hopefully one day I can actually put it to use!  

I have been listened to BP for about five years but now that I have some capital and have gained some decent equity in my first purchase, I am ready for some bigger and better things! I really want to meet like minded people and just learn about more creative ways to gain wealth through real estate. I also love working with my hands and hate sitting at a desk 9 hours a day so hopefully one day I can make real estate a full time job by working for myself. My 10+ year goal is to own a small portfolio of rentals throughout the region and manage them with my girlfriend/partner. :) 

Cheers to 2021 and better things!

- Blake