All Forum Posts by: Jake Alger

Hi Daniel,

Opportunities around the greater Seattle area do exist, it all depends on your strategy, criteria and budget.  I work with local investors and have been able to find them opportunities.  The key is moving fast when they deals show up as they don't come along every day.  There's a ton of investors looking in our marketplace still so good properties sell extremely fast.

What neighborhoods have you targeted or researched so far in WA?

- Jake

Hi @Ashley Hodge,

I'm an agent in the Tacoma, Seattle and east side area (Bellevue, Kirkland, Redmond, etc).  I work with investors and do the occasional flip myself when time allows!  Let's connect, I'd be happy to learn more about your strategy and goals.

- Jake

Hi @Brian Erickson,

I'm a local agent and would be happy to chat with you.  There are opportunities in our region, especially for house hacking.  You might need to look a little bit north or south, but they do exist.  Each neighborhood has it's own ups and downs and I would caution you to stay out of Seattle city limits if possible.

- Jake

Hi @Luke Icenhower,

Welcome to BP!  This community is great not only for learning but also getting in touch with people who have experience and are willing to teach through that experience.

There are a plethora of strategies one can follow when it comes to real estate.  Over time you will learn what works best for you and your risk tolerances.  

Your idea of purchasing a duplex, living in one unit and renting the other is something many investors do when first starting out, especially if their end goal is passive rental income.  It can be a great way to "house hack" and keep costs low as there is not only the rental income offset but also the advantage of being able to put less money down when financing.

I also want to mimic what @John Barrett mentioned.  Attend local meet ups.  It's a great way to connect with other like-minded individuals and learn.  You will also find differing opinions which leads to discussions and deeper learning on the subject, which is awesome!

If you ever have any questions, I'd be more than happy to be a resource for you as well.  Always feel free to reach out :)

- Jake

@Nathan Baker I'm sure it would be directly through your local MLS. For my local MLS, we had to sign up and take it in person. It isn't something through NAR.

Hi Nathan,

I can't speak specifically for Florida, but in Washington there is an MLS orientation class you have to take. They show you the basics of the MLS system and how to use it. Only after you take the class do you get access to their system. I would presume it's the same or similar in Florida. Ask your broker for clarification on what you need to do. They should be there to help guide you into the industry.

- Jake

@Amit Yadav I see what you're saying about the investment property.  The way it was worded I thought you were going to attempt cash-flowing the property to save a large portion of your rent.  

Finding a property with a separate entrance isn't out of the question within your budget, the inventory is just low in U-District.  When something does come on the market, it's gone in a matter of a few days.

Hi Chris,

I guess I'll be the fifth person to say it, you must have a WA real estate license in order to manage properties for other people.  Aside from that, getting someone who knows the specific regulations and rules if the property is within Seattle city limits is a must.  Everything has been so fluid the last few years it's hard to keep up with the changes.  I know some people who have rentals within the city limits and they're frustrated with the screening/rental procedures they have to follow now in order to rent their properties/units.

Hi Mike,

The way your post is worded at the beginning is a little unclear.  It sounds like you're the seller at first but i'm assuming you're the buyer as later stated.

The seller typically pays the commission for both sides of the deal (listing agent and buyers agent).  This normally totals the 6% you're talking about.  If you wanted to use an agent, it will typically come at no cost to you as the buyer (but in a round about way could be perceived that way) -- this is paid by the seller as part of the 6%.  If the seller chooses not to be represented, they could save half of the total commission.  Their out of pocket expense would then be between 2-3%, payable to your agent.

If you wanted to use a realtor without affecting the price for the seller, you'd have to negotiate a commission with your agent to be payable by you, which in turn makes your net price bigger.

In my opinion, and maybe i'm a little biased, working with a Real Estate Agent is always a good idea, more so if you don't know how the process works.  There's a lot that can go wrong throughout a transaction and a good agent will do everything they can to not only negotiate for you, but limit your risk and keep you protected.  That said, you can always go out and hire a lawyer to transact the property if you've already identified one and have an offer accepted.  This would save the seller some money but wouldn't really be saving you anything unless they were willing to discount the property.

Hopefully that helps in some way.  Feel free to reach out if you have any questions or if I was clear as mud :)

- Jake

Hi Amit,

It sounds like you’re weighing a couple of options that both could work out favorably for you. Buying a property and renting it out (option 2) is not likely to cash flow enough to really concern yourself with saving on your rent; not right away anyhow.   

Let’s connect and discuss strategy. I’d be happy to hear about your goals and work with you through potential options.