All Forum Posts by: Michael Haas

One great metric to add to the mix is GRM (Gross Rent Multiplier). Since it looks simply at the purchase price / value & gross yearly rents its easy to compare apples to apples and evaluate the quality of one investment compared to another, without different loan options and different cash outlays skewing the numbers too much.

PS: I'll second what others have said - when executed right, BRRRR is amazing :)

@Brit Bear Thank you for your service! I think @Daniel Nobile would be a great agent to connect with - he's a HouseHacker & STR / Airbnb investor & Coast Guard Veteran, and is doing a lot of what it sounds like you're hoping to do!

As for property managers, I just shot you a DM and can send you ours if you're interested!

@Matthew DeMichele I'd recommend talking to @Bradley Dosch who responded above - I know Brad HouseHacked his first property with seller paid closing costs and a 3% down conventional loan, putting just $9,000 total down. He's a great resource for making the numbers work with limited cash in the Greater Seattle market!

@Debbie Welch welcome & congrats on the purchase! You're right that not all agents know investments, and way to take initiative and self-educate.

PS: I bet you did this already, but just in case: Make sure to check the CC&R's on the condo - although most ban rentals shorter than 1 month (aka, STR's / Airbnb) some ban rentals shorter than 6 months (aka furnished finder / mid-term rentals). Just want to be sure the property is compatible with the strategy.

Reach out anytime! Cheers, 

A bit more about the event: House Hack Seattle hosts monthly meetups where you can learn about House Hacking & Real Estate Investing and network with other investors. All experience levels are welcome in our group - whether you're a new investor thinking about how to buy and House Hack your very first property, or a seasoned investor with dozens of House Hacks and Rentals under your belt, this group is for you.

These events are hosted by HouseHack Seattle, a group of Real Estate Agents who personally HouseHack & Invest in real estate, and love helping others do the same. The event is sponsored by Kara Rozanski at Origin Point Mortgage, a top local lender & investor who excels at guiding clients through the sometimes complicated mortgage process. Many of our events will focus on House Hacking, as it is the most accessible and powerful way to get started in real estate investing, but there's many other strategies that we cover, including:

1. HouseHacking: Buy a home with extra bedrooms or extra units, live in one, and rent the rest. Your tenants cover your mortgage & expenses, and you live for free! Combine this with a low downpayment ($20k or less in some cases) and you have the core formula that helped my wife & I achieve a $2 Million net worth by the time we turned 30.
2. ShortTerm (Airbnb) Rentals: With local travel surging and the favorable loan products available to Airbnb Investors (10% down, low interest rates), investing in Short Term Rentals can yield significantly higher cashflow than other investments. Owning money-making vacation homes all around the world doesn’t sound bad, does it?
3. Long Term (Traditional) Rentals: Consistant cashflow and inexpensive property management options make this the ultimate source of passive income. Although Long Term Rental cashflow has fallen in recent years, our team specializes in ADU's, DADU's, Rehabs, Conversions, & Tiny Houses to create above-average returns.
4. BRRRR: Buy, Renovate, Rent, Refinance, & Repeat! This strategy allows you to re-use the same cash over and over again to acquire multiple properties when other investors might only be able to acquire one.
5. Off-Market: In today’s hot market we pull every lever we can to get you the best real estate deals, including sending mail & calling potential sellers to source off-market deals.

We look forward to seeing you at the event, and please bring your questions! We practice what we preach here- every Origin Point and HouseHack Seattle member has completed at least one HouseHack, Rental, or Airbnb Investment (most have completed many more!). HouseHacking and Investing has changed our family’s life by giving us the freedom and financial flexibility to focus on what matters most, and we'd love to help you do the same!

The HouseHack Seattle monthly meetup is headed to Stoup Brewing in Seattle for some more good times! As usual, there will be free food and free drinks! This is a great way to talk with people who are on the same path as you and learn about others' journeys. We plan to follow the same structure:

6-7 PM: Come in, grab some food and drink, start chatting
7-7:30: An informational presentation on house hacking or real estate investing
7:30-10: More eating, drinking, and chatting!

You don't need to have any experience with house hacking or real estate investing to come. You can simply just come to have a good time and learn from others. We hope to see you there!

Yes, the rental market is very strong. Heads up, based on the information you provided that landlord may have broken Seattle Landlord Tenant Law (if the property is in fact in Seattle). "First Qualified Applicant In Time" is still enforceable for rental applications. LOL, besides the point I know but figured it was worth pointing out just in case any of the other landlords on here read this and start getting ideas.

Seattle and the surrounding areas have always been a great place to buy rentals IMO, and this year is no different. What has changed is that the timeline has slowed down and sellers have gotten more motivated, so hard negotiation and willingness to walk away from bad deals are the keys to investing successfully at 7% interest. If rates come down, great! Your investment is even stronger now. Betting on appreciation is speculation, not investing, as is betting that interest rates will go down. Find deals that work ok at 7%, then celebrate if/when you refinance to 4%. Don't buy deals that don't work at 7% counting on the numbers working out if/when rates come down to 4%. My two cents!

Hey Cody - way to "Jab-Jab-Jab-Right Hook" here man. My team and I might be a good fit, I'll shoot you a PM.

I can vouch for @Jake Boyer - he's a sharp investor and all around great guy! This opportunity could be a golden ticket for anyone looking to learn from a pro, and get paid to do it. I'll echo Jake - man I would have saved a lot of time and money if I'd started as an apprentice in a position like he's offering.

@Jason V. I do think that @Will F.'s point about agents doing more than meets the eye is important - to illustrate that, know that I and other agents, wholesalers, and investors spend $1,000's of dollars on marketing every month for the sole purpose of getting directly in front of unrepresented sellers. The reason we love working with unrepresented sellers when buying for our personal portfolios is because we know 9 times out of 10 we can negotiate a better deal with the seller than we could with an agent. There's bad agents and good agents, but generally agents are more skilled at getting top dollar for houses than owners are.