All Forum Posts by: Michael Haas

That is a city program btw, put on by SDCI and Rental Registration & Inspection Ordinance Program

@Jake Lemke @Mark Yesa Depending on the neighborhood in Seattle I could be interested and could go cash. That would be wholesale as well though Mark, it takes a lot more than a forum post to get me comfy enough to partner up or make a hard money loan :D.

So you are looking for a hard money loan?

If you go into a partnership with a verbal agreement like some commenters mention then yes, you will most definitely be screwed and would be better off solo. The prosperity of your partnerships will probably be proportional to the amount of thought you put into structuring the relationship, so don’t wing it. @Account Closed’s list of contingencies you need to plan for is a great place to start  

In my market (Seattle)  it can be hard to bootstrap your way to more than a couple properties without a very strong W-2 or a wealthy network.  If the partnership allows you to target higher value properties or more properties than you could on your own (adjusted for your ownership percentage of course- if you can buy one house solo you’d want to be able to buy 3-4 50-50 with a partner to make it worth the risk) then there’s no reason not to do it. 

The real question isn’t whether to partner though, it’s who to partner with. 

Hi @Jesse Wolf - sounds like you’re newer to Seattle? If so welcome!

We’re definitely in a appreciation market more than a cash flow market, but also South seattle is much better for cash flow properties than north. As broker & buyer I just offered on a home in north beacon hill with great rental numbers that needs a rehab today, and have been eyeing a turnkey property in Georgetown too. If you haven’t already been looking here I’d recommend it! I used to live in north seattle and absolutely love the south end now, you can get way closer to downtown and not have to deal with crazy north seattle density and prices...

Send me a message if you’re interested in talking about the numbers we’ve been seeing down here in more detail. Without more info I’d say keep looking at multi-families- there are ones that cash flow with an owner occupant here, just need to chose carefully and be patient. Cash flow will fund your next deal, but instant equity in your home without cash flow doesn’t count for much besides a higher tax bill. 

Hey BP crew,

Anyone have a recommendation for tax professionals or legal professionals, ideally in the Seattle - Tacama - Puget Sound area? We currently have three properties here in Seattle and are looking for more, but want to get a good tax professional on our side so we can stop filing ourselves, and some legal council as we are strongly considering establishing an LLC (as all three properties are currently in my wife and my own name).

Cheers, thanks for the referrals! PS: @Ben Anderson may be interested in this as well. 

I've shown about 6 houses on Whidbey but haven't ran number recently - although I've been thinking of it as a STR market more than a LTR market.

I'd imagine most of the islands in the Puget Sound have good awful LTR numbers - lots of wealthy homeowners bidding up prices and a commute/local job market that is less attractive to renters doesn't seem like a winning formula.

Why Whidbey? 

@Jared Boundy good point about the max unrelated occupancy per unit in Seattle. Practically it hasn’t come up for me much- the only times I’ve had more than 8 was with some members of the same family and / or married couples in double occupancy rooms. 

I’ve done 3 whole house renovations in Seattle and would be happy to look at any home you’re interested in. I’m not a contractor and would not be doing the work, just a realtor who likes to get his hands dirty.

PS: who says you can’t get a bid on a house you don’t own? We’ve walked through plenty of homes on the market with a contractor in tow and had bids in hand before making (or choosing not to make) an offer. That’s not a problem, and I’d say it’s necessary if you or your agent don’t have enough rehabs under you’re belt to be able to ballpark estimate the cost. 

Feel free to message me with questions or to meet for coffee in Seattle. Cheers!