Seattle local here. Nic, there is a lot of money to be made in real estate in Seattle and the surrounding areas. But the numbers don’t pencil out to do it with cash flow. The strategy you’re describing is a good one one, but it only really works in the markets where it’s cheaper (month to month) to own rather than rent. And that just isn’t true in HCOL areas like Seattle.
If you can figure out a way to own a few properties around here and hold them for 15 years or longer, you’d be likely to make a LOT of money, but in appreciation, not cash flow.
Please don’t fool yourself into thinking a mortgage of $200 less than what you could get for rent is positive cash flow. It isn’t. Homes can be expense to own and rent out. Think about the fact that having to float for just 2 weeks—which you will with frequent tenant turnovers—will take All of your leftover cash flow for the year.
Get yourself a copy of David Greene’s book on long distance real estate investing. Chose the market that makes sense for your strategy. Or chose the strategy that makes sense for your market. But make sure your strategy and your market are compatible.
If you want to talk shop and discuss ideas/strategies, feel free to send me a message.