Seattle Apartment Rental vacancy drop – rental price for 1BR $1,800+!

Dupre Scott Apartment Advisors – Rental market & development trends.

I am learning many things from this post – which has been quoted by the Puget Sound Business Journal this morning.

1. Rents up!

Overall, including the addition of new construction over the past year, rents climbed the most in the in-city Seattle market, up 8.3% since September 2012. Excluding the new units added last year and so far this year, rents rose 5.1%. 

The average in-city rent is $1,459, but that includes all unit types. The average one bedroom apartment is $1,417 and two bedroom two bath apartments average $2,210. Both of these averages are pumped up some by addition of new units. Rents in in-city properties built in the past half dozen years average $1,802 and $2,676 for one bedroom and two bedroom two bath apartments respectively.

I just rent out a 5BR split level earlier this year for $2,500. The property is in Maple Leaf, with great entertainment back porch and spacious bedrooms. Now I just feel I rented it out for too low..

As I mentioned before, I share my house with housemates. This is called a rooming house. I rent out the masters bedroom for $1,225, downstairs sunny basement room for $900, and a small bedroom for $550. Now I feel I am getting too little for them too.. Am I to greedy?

2. When to renew?

Sept is great time to list your rental!

 No matter how the market goes, you find Sept always a great time to list your property. You get the most rent and fastest contracts.

I found this report applicable for single family residence as well. The data may not reflect everything, but the trend in renter activities should be very close.

Next Investment Property

Last time I mentioned that me and my boyfriend recently purchased a house in Maple Leaf and we are using rent to pay for mortgage. This house does not generate much cash flow for us but being able to purchase something with merely 5% down and in a great neighborhood is amazing for us. This evening, we discussed about our strategy for next rental property. I think our best bet is to save up enough money (or make enough money from wholesale) for 20% down payment, and get an cheaper in segment property in North Seattle/Shoreline, or Snohomish county.

Any other idea?

Yellow Letter!

Getting ready to mail out our first mailer. Today was a big step, set up!
Finally connect my laptop to the wireless printer, and moved my old blogger blog to WordPress! Also got the content ready for review (dear partner, I am going to hold you accountable for any delay!).

Below is one of my source from the BiggerPocket forum.

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It’s amazing how motivated, professional, and friendly people are on this site. If you have never heard of them or have not check out the forum – do it! It’s always the best time 😉

Hot and Burning HOME OWNER!

HELLO MY FRIEND!
Let me tell you one thing. Owning a home for the first time just is just like the first time you get your ear pierced – black hole! I just want to keep throwing money at it: buy furniture, fix garden, add a yard, how about a new patio… It’s bad, my friend. 😛
This is part of me looking for excuses not to update this blog for almost 2 month! It’s my dad’s fault! Daddy visited me late July, built me a fence, cleared and leveled part of my back yard – daddy rocks. 
(Isn’t he the cutest ever?)
So to get back to my marketing plan. First of all, I must register an account with Bigger Pocket! Check me out and add me https://www.biggerpockets.com/users/Fei_InSeattle!
I plan to start marketing within 2 weeks, 10 post cards a week, resend every 3 weeks. I will keep you posted on my marketing results! 

Power of Delegation – Virtual Assistant

Can’t believe it! I actually hired a virtual assistant from the Philippines!

I have delegated some of my “busy works” to the assistant so that I can sit back and do my marketing! So far the assistant has been doing a great job. She saved at least 3 hours of my time so that I were able to go see 2 houses today and run some bank errands 🙂

What is virtual assistant? What can he/she do for you? My virtual assistant is helping me with simple research, graphic edit, and document edits work right now, in the future, I will ask my virtual assistant to respond to phone calls to collect buyer & seller information, compile background reports, etc!

A good virtual assistant is punctual, professional, and he/she can communicate effectively. If you are interested, let me know. I am happy to introduce you!

You Can Be Whatever You Wish – TAKEN ACTION NOW!

I went to my second REAPS (Real Estate Association of Puget Sound) meeting this past Sat. It was a whole day event featuring Mr. Louis “Lou”Brown.

To be honest, I did not feel I learned much on the “premier” public event on Thursday night where Lou gave a brief introduction on himself and his products. But I knew there is always something I do not know and what we need now is open up ourselves to different business models. Thus I set my alarm to 6am, and start driving at 7am. 
Do you listen to KUOW? I am a fan. When I heard this story I literally had tears in my eyes… 

Meet The 11-Year-Old Campaign Manager Stumping For Cambridge Candidate

  

Most of the time, volunteers for campaigns become active in politics during college, but in one local election, a volunteer is starting much sooner.

When a political candidate has little political experience, everyone around her has something to add, some experience to share, or some intangible to help the campaign.

Take, for example, Joyce Gerber, who is running for the Cambridge School Committee, and needed help analyzing voter data: 

“I had just posted a job description at the Harvard School of Government, because I was looking for someone to help me with my campaign. I knew what I needed.” 

What Joyce didn’t know is that her next volunteer didn’t drive, couldn’t vote, and stood as tall as her elbow. She bumped into a neighborhood kid, Zev Dickstein, an 11-year-old 5th grader. Zev is a political wonk beyond his years, whom Gerber had met volunteering for Elizabeth Warren’s campaign. 

“We had a little discussion, we had a policy discussion. And he sent me a very nice email and said he would love to be my campaign manager,” she said. 

That’s right; campaign manager. 

Gerber told him she would talk to his mother, who signed off, and Zev soon began knocking on doors for Joyce’s school committee bid, just as he’d done for Warren’s campaign. 

Zev said he learned a lot from Warren’s campaign. 

“I learned how to canvass, I had no idea in the beginning,” he said. “And, I learned what people thought of campaigns.” 

In the cynical, political world it might be easy to see Zev, The Campaign Manager, as a mere gimmick. But, the boy has been doing the grunt work that thousands of campaign workers do all across the country every year: 

“I create voter lists to contact, I do strategy, I helped with the Web site, I created the campaign literature. Luckily the election, I mean it’s mostly in the summer.” 

Summer is a time when most 11-year-olds are in camp, in a pool, or riding their bike to a friend’s house. But Zev has his time management down pat. 

“I do my violin when I get home, then I work on the computer for Joyce. It’s really busy,” he said. 

In politics, sometimes you need luck to fall your way. 

This Sunday, when Zev helps Joyce kick off her campaign at a Cambridge block party. This 11-year-old will also be performing magic tricks.

Zev Dickstein, credit Anne Mostue / WGBH

This 11-year-old campaign manager made my morning. It is the type of “motivational injection” that last me a whole week.

There I am, sitting in the middle of a whole room of people from all ages. Many of them had already owned more than 5 houses at the moment, some even holds more than 15 properties. On one side, I wish I could understand and absorb as much as they would do, because I know the more you practice, the more you would value continuing education. On the other side, I am so proud of myself perhaps being the 5th youngest person in the room, and I know – WE ARE DOING THIS! Not tomorrow, not next year – TODAY. NOW. 
Good news, I am closing my very first deal with the help from my wonderful realtor Mrs.RoJane Maybee. Tomorrow is my first inspection, and I already have renters coming to check out the house! 🙂 It’s all happening! I LOVE IT. 
Please stay in tune, and I would like to share something I learned from Lou last weekend with you shortly.