All Forum Posts by: Marcela Hoag

Hi Matt,

This sounds super exciting! I suggest identifying people within your existing network of friends/family who invest in multi-family, or to ask your friends if they know anyone who does to pick their brain. Best case, they invest in the area. Best best case -- they can partner with you on the deal and help guide you through the whole process so you can do it on your own next time. 

Lenders, title companies, agents, wholesalers.

Building relationships with lenders will get you better terms in the short-term and long-term, especially if you're active and doing multiple deals a year. 

Title companies will give you investor discounts if you ask, and they can also give you leads.

Agents are always looking for deals. Make sure to find an investor-friendly agent who knows what to look for in properties. Investment properties are very different than retail purchases. 

Wholesalers will give you a steady flow of deals to look at and can refer you to other investors!

Obviously, I don't have all the info of your financial situation. Are you living by yourself, have family etc?

You may be able to get higher rent if you rent out by room so you can try to breakeven. Not sure how feasible that is for your location though. You will be on the hook for covering some expenses though to attract renters, e.g. furniture, internet, tv, etc.

Nice work Brock! 

Yes, it's smart to be conservative with your numbers. We typically add 30% over whatever quote we get for labor + materials, and time to make sure we have multiple exit strategies here in WA. 

Where are you planning on investing next? 

Hi Mandy! Welcome!

I'm an investor and investor agent here in Washington State.

Where are you thinking of investing in WA?

I'm happy to answer any questions you may have. We have properties in Tacoma & Des Moines, and flipped throughout King, Snohomish, and Pierce Counties. Lots of opportunities right now with how many people are sitting on the sidelines. 

You may want to consider switching your target renter.

Do you have the option of furnishing the unit? If so, maybe consider contractors like traveling nurses who can afford to pay a bit more, albeit on a shorter term lease. That could buy you some time before selling once the market heats up again. 

As an investor-friendly agent and investor myself, I know what you're going through! Happy to answer any other questions you may have! 

Our lenders are expecting rates to decrease in Q2 2023, which will coincide with the RE busy season. May be worth waiting if you can. But, obviously, also dependent on how much you trust the Fed to change course. 

What’s your next move going to be? 

Hi Daniel,

My company has focused mostly on properties surrounding Seattle to the North and South. 

Thats where a lot of the flow of people are going, and if you couple that with off market deals & aggressive negotiation, you can create amazing rentals with built-in equity and multiple exit strategies.

Our buy & holds are in Tacoma & Des Moines. 

Flips in Tacoma & Everett. 

Hi Kobe!

Local investor and agent here, based in Des Moines. 

What areas are you looking to invest in? What strategies are you interested in? 

I started out as an investor first, agent second. 

I think you should choose whatever plays to your strengths more. Are you energized by going out and being hands-on? Do you prefer to be at home more? Or do you need to be at home more because of family, etc.?

Path of least resistance saves you time and money so you can spend more time making money in investing!