Hi Jordan, I am a new subscriber. Thanks for posting relevant and easy to understand content. I'm interested to see the trends over the next few months as we enter into a recession in the US predicted for early 2023.
I appreciate the comment and happy to keep providing relevant content, Denise! I will be putting out market data at least once per month so we can see where things are headed in the real estate market. I will also include some info on the condo market as well.
Most areas of Seattle are dumps tents homeless drug addicts and the crime rate is off the charts. I wouldnt buy a home in Seattle. I have lived here for almost 59 years and have really watched the city deteriorate. The prices of homes are way overpriced.
True!🤢 We just sold our Green Lake area condo and rent a small apartment in Juanita (Kirkland) surrounded by forest, Forbes Creek, friendly neighbors, and no homeless tents or druggies. We reinvested our proceeds and bought a house three hours east in Moses Lake to rent out as income property. $350,000 for a modern 4-bedroom house we will rent for $1,800. Seattle buyers wave inspection in fixup house offers and pay cash and sellers know this and take advantage.
Thanks for diving deep through data - very useful. Can you do a similar video for east-side seattle (bellevue, redmond, etc)? Also can you share analysis by condo/singlefamily/townhome?
Thanks Denise! I will definitely get some out regarding this topic. Is there anything specific you’d like to know about the condo market on the eastside?
Jordan, I’m a new subscriber to your channel! 👍 I’m a successful SFH rental real estate investor in Mount Vernon. Home prices & market demand are still strong up here. Multiple-applicant bidding wars, 14-day closings, & 20%-30% over list purchases are typical for desirable SFHs. I’m currently rehabbing my next SFH rental property. General contractor & property manager are 100% secured. (I’m VERY fortunate in this area.) Tenant market is still strong & high-quality. Building material costs have softened-slightly. All of these project variables are currently favorable-to-manageable. It’s interest rates that are a continuing concern. I buy-down mortgage loan points to maximum allowable to compensate. Could you suggest any other tactics to reduce monthly refinance payments to increase cash-flow? Thanks, Jordan! 👍
Nice to meet you, Nello! Always nice to meet other real estate professionals in the area. These numbers were specific to king county, but I’m sure snohomish county remains strong due to affordability. And yes, I agree about interest rates; it can stop buyer activity in its tracks and we are seeing some of it now. But I believe demand stays strong here, just more people sitting on the sidelines. As for lowering your mortgage payment, refinancing to a lower rate and buying down points is best as you mentioned. If you have a loan that can be recast, that would be good for you. Basically do a flip, take some profit and pay down your debt on your rental which will recast your mortgage payment. That would obviously depend on whether the type of loan you get on it has that type of feature. Are you currently doing the BRRRR strategy in your area?
@@JordanReederSeattleRealEstate Yes to the BRRRR question. I recently inherited 2 SFHs in Mount Vernon. So in my case, the B is an AO as in Already Owned. (AORRRR) The first SFH rental is fully complete. My WONDERFUL property manager, KELLIE STRONG, of Real Property Management in Bellingham, found FANTASTIC tenants paying top-market rent. I predict same results with SFH #2. 3rd project is a garage-conversion, studio apartment ADU at my house near Skagit Valley Hospital. (Per Kellie, probably utilize 6 month leasing agreements) I’m 64 and do not plan to ever sell these properties. I’m all about cash-flow. For financing, I initially used a $100K HELOC on my primary residence. I intend to do the same for the next 2 projects. Thank you for responding, Jordan! SO NICE to find an REI expert in my general area! 🙏👍♥️💪
@@nellosnook4454 Awesome, I love your strategy. Sounds like you are doing really well in that space so keep it up! Thanks for the chat and stay in touch!
🤔What questions do you have about the Seattle market? Let me know below😃
📱 Call or Text: 206-235-5077
📨 Email: jordan@realestatebyjr.com
I really appreciated the data driven recommendations you made. Thank you.
No problem, thanks Eric!
Hi Jordan, I am a new subscriber. Thanks for posting relevant and easy to understand content. I'm interested to see the trends over the next few months as we enter into a recession in the US predicted for early 2023.
I appreciate the comment and happy to keep providing relevant content, Denise! I will be putting out market data at least once per month so we can see where things are headed in the real estate market. I will also include some info on the condo market as well.
Most areas of Seattle are dumps tents homeless drug addicts and the crime rate is off the charts.
I wouldnt buy a home in Seattle.
I have lived here for almost 59 years and have really watched the city deteriorate.
The prices of homes are way overpriced.
True!🤢 We just sold our Green Lake area condo and rent a small apartment in Juanita (Kirkland) surrounded by forest, Forbes Creek, friendly neighbors, and no homeless tents or druggies. We reinvested our proceeds and bought a house three hours east in Moses Lake to rent out as income property. $350,000 for a modern 4-bedroom house we will rent for $1,800. Seattle buyers wave inspection in fixup house offers and pay cash and sellers know this and take advantage.
Thanks for diving deep through data - very useful. Can you do a similar video for east-side seattle (bellevue, redmond, etc)? Also can you share analysis by condo/singlefamily/townhome?
Would love to, Dinesh! I actually live in Bellevue myself so happy to make that happen. Thanks for the suggestions.
I am also interested in analysis on the eastside condo market.
Thanks Denise! I will definitely get some out regarding this topic. Is there anything specific you’d like to know about the condo market on the eastside?
Jordan, I’m a new subscriber to your channel! 👍
I’m a successful SFH rental real estate investor in Mount Vernon.
Home prices & market demand are still strong up here.
Multiple-applicant bidding wars, 14-day closings, & 20%-30% over list purchases are typical for desirable SFHs.
I’m currently rehabbing my next SFH rental property.
General contractor & property manager are 100% secured. (I’m VERY fortunate in this area.)
Tenant market is still strong & high-quality.
Building material costs have softened-slightly.
All of these project variables are currently favorable-to-manageable.
It’s interest rates that are a continuing concern.
I buy-down mortgage loan points to maximum allowable to compensate.
Could you suggest any other tactics to reduce monthly refinance payments to increase cash-flow?
Thanks, Jordan! 👍
Nice to meet you, Nello! Always nice to meet other real estate professionals in the area. These numbers were specific to king county, but I’m sure snohomish county remains strong due to affordability. And yes, I agree about interest rates; it can stop buyer activity in its tracks and we are seeing some of it now. But I believe demand stays strong here, just more people sitting on the sidelines.
As for lowering your mortgage payment, refinancing to a lower rate and buying down points is best as you mentioned. If you have a loan that can be recast, that would be good for you. Basically do a flip, take some profit and pay down your debt on your rental which will recast your mortgage payment. That would obviously depend on whether the type of loan you get on it has that type of feature.
Are you currently doing the BRRRR strategy in your area?
@@JordanReederSeattleRealEstate
Yes to the BRRRR question.
I recently inherited 2 SFHs in Mount Vernon.
So in my case, the B is an AO as in Already Owned.
(AORRRR)
The first SFH rental is fully complete.
My WONDERFUL property manager, KELLIE STRONG, of Real Property Management in Bellingham, found FANTASTIC tenants paying top-market rent.
I predict same results with SFH #2.
3rd project is a garage-conversion, studio apartment ADU at my house near Skagit Valley Hospital.
(Per Kellie, probably utilize 6 month leasing agreements)
I’m 64 and do not plan to ever sell these properties.
I’m all about cash-flow.
For financing, I initially used a $100K HELOC on my primary residence.
I intend to do the same for the next 2 projects.
Thank you for responding, Jordan!
SO NICE to find an REI expert in my general area! 🙏👍♥️💪
@@nellosnook4454 Awesome, I love your strategy. Sounds like you are doing really well in that space so keep it up! Thanks for the chat and stay in touch!