This month, we’re thrilled to introduce you to Stacy Becker — Owner and Principal Designer at White Label Interiors. At the age of 5, Stacy was sketching floor plans in her grade school notebook — a hobby that would eventually turn her passion into a career. Continue reading…
What is Mortgage Insurance?
Where Next: Insights from our Broker Network
HAWAII! Andrea Healey is an Associate Broker at Oceanfront SIR, serving Greater Kauai. Caring, meticulous, goal-oriented, and outgoing, Andrea has made the most of island life and developed strong relationships across the community.
Where Next: Insights from our Broker Network
SCOTTSDALE/PHOENIX! Brad Kimmelman is an Associate Broker at Russ Lyon SIR, serving the Phoenix Metro Area. Brimming with endless warmth and charm, Brad is a talented partner well-equipped to make good on your real estate goals.
Chris Kallin Obtains the Certified Real Estate Analyst (CREA) Designation
My first real estate transaction as a broker was in mid-2016, when I represented a Florida-based investor who was interested in finding a condominium in downtown Seattle. The rapport I built with him was bolstered by market knowledge and later by negotiation skills—and thank goodness for that, because what I didn’t know would have had me dismissed by most. I didn’t speak the language of the investor, nor did I possess the ability to perform a legitimate financial analysis. Glaringly obvious and a little bit embarrassing, I vowed to change it.
The Benefits of Buying an Investment Property in the Seattle Area
Seattleites know how hot the real estate market is right now and are closely monitoring the conditions of their neighborhood. The market is changing quickly and many of my friends and clients are wondering if it’s the right time to buy or sell.
Most people have a short-term mentality when it comes to real estate, but they should have a long-term mentality. Real estate should always be a long-term investment.
When to Buy
It doesn’t matter when you buy an investment property in the long run. Every time you sell a home, it costs you about 8.5%, so each investment you make is more profitable the longer that you own it. It’s always a good time to buy a property that you will hold onto for a long time!
Where to Buy
You should buy the right property for you, in the right location. What neighborhood do you want to invest in? What will connect with you personally? A real estate broker understands investing and can help you study the neighborhood for the long-term potential.
Residential is Different
What are you proud of owning? Buying a home for you and your family is a big financial investment. The home you choose should really depend on your quality of life, and what will serve you the longest.
For example, if you’re single and want to buy a one-bedroom condo, it might be worth stepping back and assessing the next few years. Do you want to have a live-in partner in the next 10 years? If your answer is yes, and a two-bedroom apartment is in your budget, this might be a better choice for you.
I got my start in real estate investment a handful of years ago while we were remodeling our house. We bought a little condo, located near the downtown Seattle core, to stay in during the remodel. We held onto it over the years and bought another condo shortly after. In the years that I’ve owned the properties, they have more than doubled in value, accumulating $500,000 worth of profit, plus the monthly income. Even though the real estate market is hot right now, I’m not thinking about selling. I really love owning these properties.
The biggest mistake I see investors make is buying a property that requires a lot of work. You will make less money in the time that you own the property. In the two years that I’ve owned my condos I’ve done just one full day of work, fixing small things like garbage disposals or air conditioning units. I purposely buy condos because I don’t have to worry about the roof or any major issues. Though I have to pay HOA fees, it’s worth it to me to not have to worry about the hassle. The most I ever have to do is manage the cleaning and painting that comes with each new tenant.
Many of my clients are considering investing in the real estate market and turn to me to explore different investment avenues. If you’re interested in having a conversation about real estate investment, please call me!
-Enrico Pozzo