All Forum Posts by: Tony Spencer

Honestly haven't evaluated it very closely.  Just curious based on the home prices in Tacoma. I do know several people doing well with LTRs there. Not sure the specific areas. 

Anyone having success running an STR business in Tacoma? Any agents out there specializing in this? Im curious to learn more specifically about this market and its potential. Buying a SFH and adding an ADU to rent both separately seems to have some potential.

My understanding is theyre pretty common place in the more established STR markets. I hear the Short-term Shop discussing them regularly. I have spoken to their lender, and theyre doing them with 20% down for sure. 15% down is possible coming back.

So how would it work to use a bridge loan to buy an STR? Do they not consider DTI? You'd need to hold that loan for 2 years until you could use the income from the property to refy, correct?

Could you elaborate on how that would work logistically?

I generaled it myself and did much of the work myself. But it didn't have too much trouble finding the subs I did use. In my experience concrete guys and drywallers where the worse to work with. 

Im not an experienced remodeler by any means,  but I did just build new on the East Side, and I can tell you contractor prices can vary greatly by area. Of course in Seattle will be the highest. I sourced most of my materials and labor from Pierce Co. 

I can afford to do the remodel myself, ($125k), but a full tear down and change of use would be a much larger investment.  The remodel would be much quicker, and easier. But ive done that before.  Ive never done a syndication with a new construction mixed use building and tenants. Im assuming some value in just getting to experience that process.