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Investment Properties in Seattle : Real Estate Advice

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  • Local Info115
  • Home Buying473
  • Home Selling97
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Activity 26
Wed Feb 22, 2017
Susie Kay answered:
You may want to connect with your realtor again. Here in Dallas you should get the deposits at closing.
0 votes 1 answer Share Flag
Thu Nov 17, 2016
Jesusloveshykao24 asked:
Hi,

I am currently working for an international real estate company based in Taipei with 25 other branches/offices mostly in Asia. Our primary service is to sell new (investment) properties…
0 votes 0 Answers Share Flag
Mon Oct 31, 2016
Kary Krismer answered:
I found the WR video in my browser history.

https://www.youtube.com/watch?v=KO_qsR4I4Bc&feature=youtu.be&_cldee=a3Jpc21lckBjb21jYXN0Lm5ldA%3D%3D&recipientid=contact-2396d3fcdaa5e511930700155d240811-3b79de817bab4b2883beb3940ce83119&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Friday+Video+2016 ... more
0 votes 2 answers Share Flag
Sat Sep 17, 2016
Eva Croasdale answered:
One key factor besides cash flow and appreciation is... proximity to your current residence, unless you are out of town or plan to hire a property manager. I'm a landlord myself, and because I manage my own properties, this makes a huge difference for me. Seattle and Bellevue are both hot markets. In Seattle, you've got the ever-growing Amazon and now Google expanding into South Lake Union. Also to note - Expedia is moving from Bellevue to Interbay (near Queen Anne). This has it's employees already figuring out how to make the move from the Eastside to beat the commute. The concentration of high-tech growing in Seattle is going to make inventory even lower than it is. Bellevue, of course, has a lot to offer too: Microsoft, T-Mobile and other other high-tech. One advantage of townhouses over condos, is sometimes you can find townhouses with no HOA dues. Since this is an investment, that's certainly something to account for. What price-point are you looking in? Ballard will typically be less expensive than Queen Anne. Which particular areas of Bellevue are you interested in? ... more
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Fri Aug 19, 2016
Maricris A answered:
Hello,

If you would like to post a rental on Trulia, you will be redirected to use our partner site, Zillow Rental Manager, to list your rental on Zillow, Trulia and other top sites. Please follow this link for instructions on how to post a rental listing:

http://www.trulia.com/post-rental/

If you have additional questions or have issues with posting your listing, please reply back to this email and I will be happy to help you.

Zillow Rental Manger Help:
https://zillowrentalmanager.zendesk.com/hc/en-us

Regards,

Maricris
Consumer Care Advocate
... more
0 votes 1 answer Share Flag
Thu Jun 9, 2016
Goodcatchprop asked:
Wed Aug 19, 2015
Coe.bre asked:
Wed Jul 29, 2015
Christopher Watkins answered:
Kellie,

I hope you are doing well. I believe that Joshua Moultray out of Bellevue Washington is good. I have personally used him and he was very accommodating. I know that this is not South Seattle, however I have not seen anyone else answer here so I thought I would give you some info.

His website is - www.moultray.com or you can search for him by Joshua Moultray in Bellevue Washington on google.

In regards to a CPA, I searched for CPA's with Zip-code 98104 (South Seattle I believe) and found that Nth Degree had the best ratings. 206-682-0281

Hope some of this helps you!

Christopher Watkins
| Manager | Mortgage Loan Advisor | NMLS # 555103 |
| Sierra Pacific Mortgage |

| 21520 30th Drive SE Suite 101 |
| Bothell, WA 98021 |
| Office: 425.951.6194 |
| Cell Ph: 503.804.4379 |
| FAX: 425.332.7212 |
| Email: christopher.watkins@spm1.com |
... more
0 votes 1 answer Share Flag
Mon Jun 29, 2015
Northnet04 asked:
I can't help but wonder about potentially partnering with a developer/contractor to tear down and build two duplexes on the 5000 sqft lot. I see them going in everywhere, and some within…
0 votes 0 Answers Share Flag
Sun Feb 22, 2015
Vikram Deol answered:
You need a realtor who has the time and energy to educate you oN the areas.
0 votes 4 answers Share Flag
Wed Jul 9, 2014
Dave Skow answered:
Can you cover your monthly mortgage and assoc expenses in moses lake with the amount you believe you can rent it for ?


you will likely not have the ability to use a HELOC for a new down payment ( as it doesnt sound like you are close to having the equity needed for this ) ... more
0 votes 2 answers Share Flag
Sun Jun 29, 2014
Kary Krismer answered:
I would agree that you should contact an attorney, most likely to set up a separate legal entity to buy the property. I don't recall all the specifics (and exceptions), but generally a buyer who buys in Washington state to flip needs to be a licensed and bonded contractor. If so, and if no exceptions are applicable, that would mean with your hypothetical both you and your parents would need to be licensed and bonded, which seems wasteful. Then there's also the potential liability. If your parents bought the property individually (or in partnership with you), then they (and you if partners) would be personally liable for any lawsuits from the buyer. A separate entity might help provide a shield. You could discuss all this with an attorney who his willing to represent you.

As Suzanne suggested, you might want to consult a tax specialist too, including to make sure you're dealing with state taxes properly. I might be wrong, but I think any income you have on the flip will be ordinary income. Federal income tax issues will affect the selection of the entity mentioned in the first paragraph. Some entities are pass through entities (e.g. partnerships), where the income passes through to the owners of the entity, and some entities (e.g. "C-Corps") pay their own taxes.
... more
1 vote 2 answers Share Flag
Thu Jun 19, 2014
Kary Krismer answered:
You would likely have better luck doing that with a normal listing than a bank owned listing. You'll need to consult with your agent (or their managing/designated broker or even an attorney) because bank contracts vary from bank to bank and tend to be considerably different than the contracts used on normal equity sales. What you can even try will be dependent on that contract. Asking for a price reduction may not be possible.

There are many possibilities, including a slight possibility that they will even fix some of the issues if you notify them of them through the inspection process their contract requires. I would consider their negotiating a price reduction to be rather unlikely. Once I had a buyer in a bank owned listing where the bank's (HUD) own inspection missed a major water leak, they refused to fix it even though that would have only cost about $500, and instead they re-listed the property for about $10,000 less after the deal failed inspection. My client ended up being the new buyer too.

But generally when you're bidding on REO properties you need to assume the worst when determining the amount of your original offer. REOs almost always seem to have a lot of issues, no matter how nice the properties may appear. So the situation you find yourself in is not that unusual.
... more
0 votes 2 answers Share Flag
Sun Jun 15, 2014
Alex Foraker answered:
Feel free to browse my website for all currently available multi family properties in Seattle. Tags for new listings, price reductions, short sale & bank owned foreclosure.
0 votes 7 answers Share Flag
Sun Apr 27, 2014
Ray Akers answered:
It's best to seek the opinion of a tax attorney on this issue. Whether buying or selling real estate as a foreign investor, there have been changes in the laws in recent years. This forum is helpful for buyers and sellers, but when you have specific legal & tax questions, it's always best to seek a qualified professional. Good luck. ... more
1 vote 3 answers Share Flag
Tue Oct 15, 2013
Keane Ng answered:
Here's a few thoughts that may help you.

First, if you go the residential route (assuming the property is 2-4 units), please note the max loan limit for Fannie/Freddie/FHA.

Conventional Fannie/Freddie:
2 units $647,750
3 units $783,000
4 units $973,100

FHA:
2 units $726,500
3 units $878,150
4 units $1,091,350

If you want a commercial loan, you may want to check Columbia Bank. They consider 3-4 unit residential properties as commercial. What's great about them is they'll actually do a 2nd lien mortgage on a 3-4 unit residential if there's enough equity. Typically limited to 70% loan-to-value.

FYI, the rental income calculations for an owner-occupied property on residential loans is harder than if they're full rentals, as guidelines require we use rent income as regular gross-income instead of an offset to the payment. You're likely correct in looking for a commercial loan if that's the case.
... more
0 votes 6 answers Share Flag
Mon Aug 12, 2013
Kary Krismer answered:
I didn't notice that anyone suggested you were a newbie investor, but the fact that you are not is an additional reason you don't need an agent who works exclusively with investors.

One other thing to consider: An agent representing multiple investors sees a new listing. What do they do then? Which clients do they send the listing to and in what order? What do they do if more than one client wants to make an offer?

With the limited inventory in the Seattle area right now, those are real problems the agent is likely to face.
... more
1 vote 14 answers Share Flag
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