All Forum Posts by: Scott Pirrie

@George Gammon

I'm thinking of investing in Cartagena for a vacation rental with how much the exchange rate has changed in our favor in the last year!  I've been to Kotor and it along with the whole coast of Croatia down to Albania are amazingly beautiful.  Why did you choose there?  I know it is very cheap there especially for the how nice the area is. 

Michael,

That makes sense, I have rentals in other states as well.  You can get multi-family in decent areas in other markets for 35-50k a door that provides a much better return on your equity.  Have you thought of trying to do both by improving/adding onto and either re-financing out or getting equity lines to buy in other markets?

Scott

I would look at adding square footage to what you already have.  Currently in Seattle I think that will get you the most value as purchasing property whether single family or multi-family is a premium right now. 

I also believe developers are over building multi-family and there will be a slow down in the rental market in the next couple years.

But, no one knows the future for sure I haven't seen the slow down in jobs chart referenced above. I currently am building and selling as much as I can during this cycle and if I time it right I would like to move equity into multi-family once the market cools down. 

Hi Loren,

I am a local builder doing this right now in Seattle it's not simple but, it's definitely not rocket science.  Message me and we can have coffee or lunch sometime to go over it.

Scott

Another awesome project congrats! Picked a couple up off the MLS last year that we're finishing up on and look like they will be good in hot areas of Seattle Queen Anne and Ballard. It can be done but, you have to be quick on it like this one!

@Joe Kooner

This is from submitting plans until permits are issued.  Yes it's really long but, right now Seattle is being built up all over the place. 

As @Matt Gragg mentioned in Seattle you can get a permit for a remodel over the counter the same day if you have drawings when you go in.  But, this only includes adding up to 700SF of an addition and full interior remodel, not structural, dormers, or moving stairs with out full plan review which takes 4 months currently.

In city of Seattle 4-8 months for Single Family and Townhomes currently.

Matvey haven't personally used them but, that's their specialty.

Nice! Damn good for off the MLS and in Delridge!

We have been seeing those returns and more but in Ballard, Ravenna, Northgate, and U District with sales in the 600-700k range.

James you can get a standard assignment agreement from the MLS if you know realtors just ask them. If you don't know any let me know and I can send it to you I just used it on a deal we closed last week.