All Forum Posts by: Sherief Elbassuoni

@Marc Estepa, at the beginning, it may be a good idea to stick to investing in your area instead of out of state. That said, Tacoma is pretty hot right now and listings tend to be sold over listing price with multiple offers. The area to invest depends on your investment strategy. The greater Seattle area generally tends to lean towards appreciation more than cash flow compared to other areas. That said, we still have deals in our local market that generate good positive cash flow. You just need an investor-friendly agent to help you find these deals. One of the good things about the Tacoma market is that it allows us to be more creative since it allows ADU while not living in the property. This can be one of the creative ideas to help you house hack and invest in a pretty expensive market like Tacoma. Let me know if you have questions and we can have a phone call or coffee to discuss more. Thanks

If an inspector listed some stuff that are not up to code, you may be asked to bring everything to code again.

Home value wise, the ADU typically raise the home value since it can be used a source of positive cash flow. To get it permitted, you will need to go through the City's planning requirements. For example, the City of Seattle asks for separate kitchen, separate heating, separate entrance, .....

I went through the process of getting ADU from the City of Seattle. Feel free to reach out to me if you needed more help!

@Jason Chung, as mentioned above, after Covid, we now see buyers who prefer to go out of the City to East and South Seattle. Some full time employees will either work full time from home, or 2-3 days aweek from home. When you are talking about the Seattle market, if you are talking about busy downtown area, things may slow a little. The demand is expected to keep growing east and south of Seattle. Let me know if you want to discuss more.

I am interested as well, and can help with the setup

@Christopher J Garza, thanks for the great idea. With Covid, a Zoom meeting makes a lot of sense. I am interested and can help you with that.

@Tallal Ibad, the Tacoma, WA market is so hot because the demand is so high. Small multi-family like duplex/Triplex/Fourplex are very competitive in Tacoma and bidding wars typically make prices a lot above asking price. I saw a fourplex go $50K above listing price with 14 offers (some of them were cash buyers). The good thing about Tacoma is that it allows non-resident Accessory Dwell Unit (ADU) without living in it. You can think about this strategy as a starting point. Buy a Tacoma single family that has ADU potential, get the ADU, and rent either part or all the house. Feel free to message me if you needed help with this step and I can help you with ADU or house hack ideas.

@Mindy Jensen, after Covid, more and more people are leaving downtown Seattle to suburb areas because they can work from home, and they want to keep a good distance from neighbors. Things will improve a little after Covid in downtown Seattle, but we do not expect it will go back to pre-Covid.  

Seattle is not so landlord-friendly. We also saw that the appreciation in downtown Seattle is not as high as other areas around Seattle, so buyers started to shift their focus to east and south Seattle.  

I agree that listing the condo is a good idea.

Please let me know if you or her has any comments or questions and I can help with that.

Thanks

Congrats @Danielle Anderson, I would second what Michael Haas mentioned. The Greater Seattle market is one of the hottest markets in the country. following some of these strategies like house hack, ADU, or rent by room can get you a decent cash flow property. Let me know if you have any questions!

@Weijia Yu, there are some properties that meet that criteria, but they are rate. House hacking for a single family house may be one of the way to achieve thar rule. Keep in mind that the Greter Seattle market lean more towards appreciation more than cash flow compared to other market. That said, good deals are still out there, but just hard to find. Let me know if you have questions and we can chat more.

@kobe 

@Kobe McDaniel- Everett is a great place. That said, things are still no clear about the impact of Boeing moving all 787 Dreamliner production from Everett to South California. Hopefully this doesn't impact the Everett market quite a lot