All Forum Posts by: Steve Wynne

hello and welcome @Andrew Conway to BP!  This site (along with their podcasts) was just the right thing to push me from my analysis paralysis into taking massive action.  Not only was I able to learn a ton from BP but, by attending local meet ups, I learned a ton from like-minded investors.  Finding a good mentor sounds like a safe bet for flipping your first few homes alright.  It sounds like you have the right strategy to success!

based on what terms I got for an investment property in Tacoma that sounds about right.  I got 4.5% but then rates may have dropped since

welcome to BP!  It sounds like you are well prepared to take advantage of a great market up here in the PNW!  What parts are you focused on?  What Size multi are you targeting?

Good question! I too have seen apartments around Tacoma fetching lower rates than SFR.

I believe this is primarily due to the lack of a yard and privacy but may also rely on the quality of neighborhood apartments are typicall located in?

I would be interested to learn the opinions of others actively managing properties in this market too!

I would think, if you feel this is the highest best use of your time, you should stick to your guns on this.  $1,100 is quite a sum to abandon assuming they were a short term tenant.

@Cailyn Aune I have duplexes in Steilacoom and Tacoma.  I love where I live and try to invest in neighborhoods that are in green zones nearby.  I like to think that vacancies are easier filled when the crime rate isn't an issue and that good tenants will be more plentiful when filling good homes in good neighborhoods. 

The eastside did decline while I lived there but (to be faire) much of the violent crimes were disputes between people who knew one another.  Property crimes were present too but that is what insurance is for.  I cannot say what all were gang related either since many crimes never hit the press.

@Alex Chin I too perform much of the R&M myself and occasionally seek professional help as my portfolio is small too.  My concern would be late night visits to an area I might fear for my safety in.  It sounds like you don't share those fears?

I will have to beware of the spring roll up sale then, haha!  I live near Sprinker recreation center on the northern part of Spanaway.

thanks for the perspective @Alex Chin! I may have to sideline my bias when seeing properties there then.  Do you have an on call maintenance person or do you perform R&M yourself?

I lived in Tacoma's east side and saw it decline a bit over the years.  I don't know much about hilltop except a few anecdotal stories of its improvements and recollection from the 1990s news.  Hearing from boots on the ground sure helps to clear up my understanding of the neighborhood and its prospects for investment property.  Now I will have to try out that Le Donuts @Cailyn Aune!