All Forum Posts by: Jordyn Bash

Hey All!

Well I finally took the plunge and am currently under contract for my first property in Vancouver WA. I plan to house hack, do some much needed reno/repair/updating and rent out the basement unit asap. The property was built in 2007 and very little has been done to maintain or update the space. 

Majority of the needed items are cosmetic (thankfully) and my current to-do list includes repainting the interior walls, cabinets, vanities and cupboards. Replacing all flooring with LVP, landscaping the front yard, and adding a kitchenette in the basement. I will have approximately 10K left in my budget and am wondering what updates/renovations would give me the most bang for my buck in this area. 

The kitchen counters are dated laminate, but the cupboards are salvageable with paint for now. I could refinish the laminate for the time being and then replace with quartz and new cupboards down the road. OR I could invest in some serious back yard landscaping, as the yard is currently very sloped and has more weeds than grass. The back yard does have a patio for each separate unit, both patios need to be re-stained at the least. 

Lastly, any decor tips or furnishing ideas for STR in this neighborhood? I will be keeping colors neutral and cohesive for the most part, but am wondering if a little flair goes far in this area (given it's proximity to eclectic PDX).

Any and all ideas are welcome!

Thanks in advance.

Jordyn

Hey Ian!

I am currently under contract for my first SFR in Vancouver.

I'll be house hacking for the time being and fixing the place up. Hoping to start out with short term rentals in the basement unit ASAP. 

This is my first purchase and I'm learning a lot. Hoping to make some connections in Clark County.

Jordyn

Thank-you everyone for your responses. The input is greatly appreciated as I try to navigate this for the first time. 

I was by no means expecting to get significant cash flow off of an apartment in Seattle, the intention was more for the long term appreciation/tax savings. However, after running the numbers it appears that I would be in the negative for most units, which will not work. This will hopefully be my first of a few income properties, so I don't want to drain my savings hoping for the future.

Does anybody have any insight on Portland or Bend? I've heard that PDX is even tougher than SEA on landlords. I am also aware of how high taxes are in Oregon, I have an appoint with a CPA to discuss the ins and outs of taxing income properties this week. That being said, the prices are much more approachable for new builds/multifamily. My partner and I also frequent both cities, so it would be a convenient first location.

I have just started looking into out of state locations and am blown away by the prices in Texas, Idaho, Florida etc. But the idea of buying my first property out of state seems daunting. 

If anyone has anything to share regarding any of the above topics it is more than appreciated. I've done some key word searches through the BP blog and have found some helpful posts thus far, also reading one of their books and listening to the podcast. But any article links or personal experiences are greatly appreciated!

Thanks again everyone. 

Hi there,

I am looking currently looking at the Seattle market for my first property, ideally a 1bed 1 bath apartment. 

I would be living in the unit after purchase, but am hoping to eventually rent out. Running some quick numbers on available listings, I’m not really seeing a whole lot of cash flow opportunity on any potential listings. 

Would you recommend a STR strategy in this market for the type of unit I'm looking for? Or are investors purchasing this type of property primarily for the appreciation potential? It looks like with my estimated monthly payments would be relatively close to the average rent.

Any tips and or resources are welcome as I am very green. 

Thanks in advance!