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All Forum Posts by: Mary Kay Robinson

Mary Kay Robinson has started 1 posts and replied 20 times.

Post: Ferndale, Custer or Blaine

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Depends on your goals.  Are you looking for acreage?  If so, water is a consideration (association vs. well) as is a septic system and then wetlands etc.  A city lot is already ready to go and would be the easiest to estimate overall costs.  

Post: How is the Bellingham WA market?

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

I know several loan officers who do VA loans - talk with Leena at Caliber Home Loans, Tom Mathewson at Bank of the Pacific, Carmen at Umpqua Bank, Tammie at Banner Bank. Lots of good loan officers to talk with.

Post: How is the Bellingham WA market?

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Ferndale runs a bit less in terms of bang for the buck in housing.  You an get more house there than Bellingham.  Also the commute to Bellingham is only 15 minutes from Ferndale - which is about the same time it takes to get across town in Bellingham!  As to property management companies, I would call them and get started on that asap as the rental market is VERY tight!  We have a 1-2% vacancy rate in Bellingham.  A balanced rental market is at least 5%.  

Post: How is the Bellingham WA market?

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Also, I am a Realtor with Windermere in Bellingham and have lived here 30 years so I know the Bellingham market well.  Happy to sit and chat any time!

Post: How is the Bellingham WA market?

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Inventory is low and all signs point to that not improving much in the future.  I just came from a presentation on the economic forecast for Bellingham/Whatcom County and the housing market.  Price appreciation will slow from what it has been in the last couple of years but interest rates will probably rise to around 4.6% by year's end.  That affects your purchasing power.  I guess my question is, when you are done with your time in Bellingham, is your intention to hang onto the property and keep as an investment or sell for a profit?  If you are thinking of selling for a profit, the margin of profit over sales price may not be enough to offset all the closing costs (think 8.5% to 9%).  If you are thinking of holding long term, I say go for it.  We still have strong in-migration, a popular university which keeps demand for housing high and stories of people who are telecommuting to the Seattle area for work as housing is much less expensive in Bellingham than Seattle.

Post: Should I sell my rental property?

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

What a great situation to be in! For me, both as an investor and a Realtor, the question should be viewed from an opportunity cost standpoint and ROI. If you did cash out - you would see a nice profit BUT you would have to put the proceeds to work and at least meet or preferably exceed the return you are currently getting considering both short term and projected long term returns. It's not a question of where you are now and the gains you have realized, but what you want to create in the future. I would first sit down with your tax adviser and look at all those options and the tax implications. Then consult with a Realtor to see what else is available for investment and see if it can exceed the returns you have now and for the foreseeable future. Armed with that information, you will be able to make the best decision for you and your family. Happy to discuss further is you wish to pursue that route.

Post: Newbie from WA State

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Mt Vernon - Burlington is also a good market.  Did you know that the largest employer in Mt Vernon is Boeing?  Lots of folks commute from there as they don't want to live in Everett.  If you have questions, give me a call.

Post: North Seattle Multi-families

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Bellingham is feeling the pressure from investors coming from the south. Currently there are only 9 multi family list MLS ranging $309,900 to $699,000. Rents are roughly $1000 for 2/1 units. MF close to the university is especially in demand as there is a built in supply renters. Rents are increasing as multi-family vacancies are less than 1%. Good time to invest!

Post: some advice would be appreciated

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Good point Wes, with low inventories pushing up prices and rents here, it is a challenge to find good properties.  Some investors are willing to take a smaller amount of cash flow and look at appreciation for the long term.  Determining both short and long term goals are critical in determining what is a sound investment.  There are investors here in Bellingham that are looking outside of the area to have better cash flows.  I heard an investor say that his criteria for investments are 1) has a university 2) strong employment center 3) capital or county seat.  That keeps demand up.  There are other metrics one can apply to evaluate investments but that is a simple litmus test to start.   

Post: some advice would be appreciated

Mary Kay RobinsonPosted
  • Investor
  • Bellingham, WA
  • Posts 20
  • Votes 10

Property can be spendy in Bellingham but know that the vacancy rate in Bellingham is around 1%.  Very tight rental market which is pushing up rents but as to cash flow for an investor, that can be challenging with a traditional downpayment on a home.  I don't worry about vacancy rates in Bellingham, just getting the property to cash flow will be your biggest challenge.   There are always exceptions of course and there are properties that make sense, it just takes work to find them.

As to setting up an LLC, I sit on the board of directors for LAW Advocates and so know many lawyers. If you need a referral for a lawyer to set up your LLC, let me know and I can help. I also have extensive contacts in accounting, insurance fields etc.