I’m considering buying an investment house in the greater Seattle area under 1M for rental or Airbnb. Need advice on a few questions.
1. Condo or single family or multi-family, which is better
2. Which are the good areas to invest? Thinking about Bothell, kenmore, UW area.
3. Is it a good time to buy investment house? Shall I wait?
TC: 300k#investments
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comments
1. Condo > Single family > multi family
2. Bothell > Madrona/Roanoke > UW > Kenmore
3. I'd wait a year or two tbh. The market is too hot to be sustainable. If you have cash, invest in other ways and come back to buy when things cool down a bit.
Location.
Risk tolerance.
How much time do you have to deal with a rental?
How long you plan to hold it?
No one has a magic wand to tell you if you should buy or not.
I own rentals and think it’s a good investment but also decent amount of work.
Feel free to DM.
Imho unless you got kids, spend your time in your career or enjoying life, not being stressed about fixing the toilet or how much ROI you can get.
With that assumption, I’m avoiding areas where they build new town homes. The buildings in those areas tends to be either 100yrs old or a townhouse (which appreciates slower). One could argue that the townhomes require detached properties to be destroyed (reducing supply of detached), but I don’t know.
Also, any older / unlivable homes are priced to demo and put 6 town homes on the land. This basically means a 110yo house that needs $100k of renovations costs $1m, bc if you tear it down and build town homes, you’ll sell each for $950k.
So I’ve been looking east side: Redmond, Bellevue, Kirkland, etc. But nothing has jumped out to me as an easy profit. Rent still lags mortgages. Property values are rapidly increasing, but the 10% transaction fee, taxes, interest, and insurance eat up most profit.