Seattle Real Estate Investor

FREE Special Report on Alternatives to Bank Financing

2012-02-05T15:28:00.000-08:00

Get a FREE copy of The Banker's Code, a special report on how to make huge profits like the banks with less work and little to no risk. Simply "like" my Home Land Seattle business page on Facebook and leave a personal message to HomeLandInvestment@gmail.com with your email address requesting the special report.

Lakewood Fix and Flip

2012-02-02T10:27:00.000-08:00

This is my latest fix and flip: 7830 78th Ave SW in Lakewood, which I am buying from HUD, closing 3/12/12. I am purchasing it for $146,405 with HUD covering up to $2980 of closing costs. NWMLS puts the After Repair value at $311K-$357K. Virtually the identical house in move-in ready condition sold last summer for $314,000, the same time of year I will be putting this house on the market after it is remodelled.

This property is in a golf course community, surrounded by three golf courses, near Lake Steilacoom and two nearby parks. Houses like this do not come on the market very often. My contractor bids are coming in between $50-$75K so far.

I have done a home inspection and sewer inspection. All looks good.

I am looking for investment partners, financing, or a wholesale buyer on this, and open to ideas any investors may have. Please message me privately at HomeLandInvestment@gmail.com if you are interested!

February Super Sale on Seattle Real Estate!

2012-02-01T09:59:00.000-08:00

We are offering some exceptional BONUSES for our VIP clients during the month of February, for anyone interested in buying or selling Seattle property.

Here is a list of free bonuses available to our VIP clients who buy or list with us:
--50% rebate on real estate commissions, applied to client's closing costs
--FREE book on Seller Financing to any client who agrees to sell property with seller financing
--FREE home warranty on property listed with us
--GUARANTEED sales program for qualified sellers. If we cannot sell your house in 120 days, we will buy it ourselves!
--GUARANTEED buyers' program: We will buy your current home, so you can make an offer on another home!

Conditions apply on these programs, please contact me for details. We would love to help you buy or sell Seattle real estate!

Real Estate Investment Coaching

2011-12-28T10:28:00.000-08:00

Students of real estate investing are often looking for mentors, internships or apprenticeships where they can study under more experienced investors. Many new investors pay for a real estate coach to walk them through a formal training program, complete with assignments and benchmarks for completion. Others partner with colleagues and set their own goals, trusting their partner to hold them accountable for progress. These can all be great methods to learn more about real estate investing, and to put theory into practice.

The Real Estate Association of Puget Sound has a hands-off policy regarding referrals and recommendations for coaches and mentors, as the industry has various levels of experience, expertise and practice that may or may not be appropriate for all new investors. It certainly makes sense for anyone considering a partnership with a mentor, coach, employer or partner in real estate to do his/her own due diligence.

Some of the questions one might ask a prospective coach or mentor are:
How long have you been a real estate investor?
How many real estate transactions have you done?
What kind of real estate investing do you do (and is this an area in which I am interested)?
Did you have mentors or coaches? Who were they? What did you find most valuable about your own training experience?
Do you have a formal agenda? Written goals? Scope of work for our time together?
What systems do you use to do what you do?
What are you looking for in this relationship? What would be a successful outcome for both of us?
What resources are you willing to share?
What publications/organizations do you recommend?
What costs, fees or charges are involved?

Be sure to ask for references or testimonials. Look up the more experienced investor on Google or in industry publications to see if there are negative reports to investigate further.

I was fortunate enough to work for eight months when I was starting out as a real estate investor for a local investor who was also on the national speaker circuit. I made very little money, but learned a tremendous amount about investing, ethics, systems and practices that I still use in my business. I also learned a lot about things I would not do, or would do very differently on my own. It gave me great confidence as a new investor. In fact, I left to do a deal that became the Deal of the Year for REAPS’ November panel that year! Many investors are willing to take on apprentices or interns in exchange for assistance in addressing their work load. Ask, if this is of interest to you and you have the time and resources to make it meaningful for both of you.

Another method I highly recommend for jump-starting your real estate investing career is to loan money. It does not need to be a lot of money, and should be money that you can afford to put at risk. Most investors are looking for private funds, and will gladly share their project information with those investors putting money into their projects. At the very least, you will see the paperwork they use with private lenders, and learn how they treat their investors. Private lenders also have access to inside information, and can ask many questions about what makes a good deal with appeal to other funders.

And don’t forget to take advantage of the educational resources that are available through your membership in your local real estate investor association, including monthly meetings, informal networking, speaker programs and boot camps, seminars, webinars, library materials, and newsletter articles (like this!). Plan to attend the next FREE half-day orientation for new real estate investors sponsored by REAPS from 10:30am to 1 pm, on Saturday, March 17 at the Lake City public library in Seattle to learn more about these resources.

Happy New Year! And Happy Investing!

Crisis in Commercial Real Estate

2011-12-01T05:30:00.000-08:00

Crisis = Opportunity

The looming meltdown in commercial financing provides opportunities for savvy commercial investors. Hear what Elizabeth Warren, chair of the Congressional Oversight Panel created to oversee the Troubled Assets Relief Program, has to say about financing in the commercial sector:

Savvy investors are looking at opportunities to purchase commercial notes, buy foreclosed commercial properties, and take over troubled commercial assets. Hedge funds are buying up these properties and products. And there is plenty of room for the individual investor who wants to get in on the action.

Please post a comment or send me a message privately at HomeLandInvestment@gmail.com if you would like more information on how to get into this arena....

Investing in Emerging Markets - FREE WEBINAR Today!

2011-11-22T08:42:00.000-08:00

Hi! You are invited to join my FREE email mailing list for notification of real estate investment opportunities, both in Seattle and in emerging markets around the country. You are receiving this invitation, either because you expressed interest in real estate investing to me, you are a member of one of my local real estate investing groups, or you are a personal contact through my business networking in my database. If you wish to continue receiving newsletters like this, notifying you of local real estate investment opportunities, please opt-in using this form. Click on the link below to subscribe.

Thank you!
Wendy Ceccherelli
Designated Broker
Home Land Seattle

--
FREE email notification of investment opportunities:
http://eepurl.com/hciDo

Multifamily Investments

Join us for a Webinar this Tuesday November 22

Space is limited.
Reserve your Webinar seat now at:
https://www3.gotomeeting.com/register/993224638

We invite you to discuss the many advantages of Multifamily Investing and why Apartment Buildings are a great Investment for
todays economic conditions .
We will Discuss the Advantages of Multifamily Such as
Cashflow
Appreciation
Tax Benefits
Retirement Income
Hedge against inflation
And we will go over a current property we are working on in New Braunfels, TX.
Title: Multifamily Investments
Date: Tuesday, November 22, 2011
Time: 5:30 PM - 7:30 PM PST

Best Buy In Ballard?

2011-11-16T13:32:00.000-08:00

Wendy Ceccherelli | Home Land Seattle | (888) 621-4999

928 NW 52nd St # B, Seattle, WA

MOTIVATED SELLER in Ballard!

3BR/1+1BA Single Family House

offered at $329,000

Year Built	2008
Sq Footage	1,350
Bedrooms	3
Bathrooms	1 full, 1 partial
Floors	Unspecified
Parking	1 Car garage
Lot Size	1,193 sqft
HOA/Maint	$0 per month

DESCRIPTION

This home was featured on our last Sunday Tour of Bargain Homes, and is STILL on the market!

The best time to snag those housing deals is in the dead of winter, when the other buyers have gone home! Our upcoming Second Sunday Tour of Bargain Homes will feature properties like this owned by MOTIVATED SELLERS!

To be notified of upcoming Sunday Tours of Bargain Homes, go to www.SundayBargainTour.com or call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

For other great deals in Ballard, go to www.NSeattleDeals.com

And now for details on our featured home:

Almost New Contemporary Town Home in Great Condition. Located in Ballard, one of Seattle's Hippest and most Exciting Neighborhoods! Walking distance to Fred Meyer and other Shops & Restaurants! Easy access to Downtown. Refinished Bamboo Hardwood Floors, Slab Granite Counters, Glass & Ceramic Tile and Stainless.

Home Land Seattle. Advertised in compliance with NWMLS rule 190 with permission on behalf of Re/Max Metro Realty.

see additional photos below

OTHER SPECIAL FEATURES

- Clean, New, Bright Ballard Townhome!

ADDITIONAL PHOTOS

Photo 1

Contact info:

Wendy Ceccherelli

Home Land Seattle

(888) 621-4999

For sale by agent/broker

Equal Opportunity Housing

Posted: Nov 16, 2011, 11:28am PST

FREE list of motivated sellers in Seattle!

2011-11-13T15:59:00.000-08:00

If you missed today's tour of homes marketed by motivated sellers, you may still request a free copy of the listings on the tour. We visited six bargain properties in North Seattle, priced $179,950 - $349,000, each with a minimum of THREE bedrooms, that have been on the market 120 days or more!

I would say that half of these represent real opportunities for investors, and are well worth submitting offers. Because most of them prohibit blogging, I am prevented from giving you more detail. But request the list by commenting to this blog and leaving your contact information, and I will see that you get a copy.

If you have any questions on the properties we saw today, or would like more information, please contact me directly at 206-355-1706 or by leaving a message below. I am very happy to arrange private showings, as well.

Next month's Second Sunday Tour of Homes will focus on motivated sellers as well, so you will have another opportunity to tour investment properties at great values with us again! Mark your calendars NOW for Sunday, December 11, 1-3pm.

Bank-owned, short sales and other distress sales in Seattle

2011-11-11T12:16:00.000-08:00

This home featured on our FREE Sunday Tour of Bargain Homes this weekend!

The best time to snag those housing deals is in the dead of winter, when the other buyers have gone home! Our November 13 Second Sunday Tour of Bargain Homes features properties owned by MOTIVATED SELLERS!

Here are six bargain properties in North Seattle, priced $179,950 - $349,000, each with a minimum of THREE bedrooms, that have been on the market 120 days or more! Looking for cash flow rentals in the city limits? a bargain on a first-time home? Look no further than these great bargain homes. The tour is FREE, no obligation, no reservations required. Just mark your calendar for this Sunday, Nov. 13 and come join us!

To be notified of upcoming Sunday Tours of Bargain Homes, go to www.SundayBargainTour.com or call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

And now, for details on our featured listing:
This is a charming 3 bed room home in Maple Leaf area. It has a strong partial view of Eastern Washington Cascades. The property has had recent interior and exterior upgrades. It is in good condition in need of kit & bath and basic TLC upgrades. Move in ready! Wonderful area with schools, theaters, parks and shopping abundant within walking distance. Gas log in fireplace! Large back bedroom with separate entry.

Home Land Seattle. Advertised in compliance with NWMLS rule 190 with permission on behalf of RSVP Real Estate.

Motivated Sellers! FREE Seattle Tour this Sunday!

2011-11-10T11:31:00.001-08:00

The best time to snag those housing deals is in the dead of winter, when the other buyers have gone home! Our November 13 Second Sunday Tour of Bargain Homes features properties owned by MOTIVATED SELLERS!

Here are six bargain properties in North Seattle, priced $179,950 - $349,000, each with a minimum of THREE bedrooms, that have been on the market 120 days or more! Looking for cash flow rentals in the city limits? a bargain on a first-time home? Look no further than these great bargain homes. The tour is FREE, no obligation, no reservations required. Just mark your calendar for this Sunday, Nov. 13 and come join us!

Sunday Tour of Bargain Homes

Home Land Seattle’s Sunday Tours of Bargain Homes are back! The second Sunday of every month, our Sunday Tours feature properties of special interest to investors, cash-buyers, and first-time homebuyers.
Our Sunday Tour is free, and no reservations are necessary. You will be driving your own car and decide which properties you wish to visit. There is no pressure being a part of a group and you will enjoy the constructive comments of your fellow tour members.
Here is how it works: Our tours begin on the second Sundays of every month. Each tour runs from 1-3 pm and you may meet us at any home on the tour. Tours begin at 1pm SHARP at the first house on the schedule where you will pick up detailed maps, directions and information of the featured houses.
I will post the schedule of houses on the tour 3 days in advance on my Seattle Real Estate Investor blog at www.wendywonder.blogspot.com.
Meet at 928B NW 52nd St in Ballard at 1 pm to pick up maps, directions, and listings for each house on the tour. Feel free to drive by the homes before the scheduled tour times, but once the tour starts, don’t be late for the one(s) you want to preview. There will be lots of other buyers on the tour, and show times are exact. If you are interested in one of the homes on the tour, we can arrange a private showing at another time.
Tentative Schedule:
1pm: 928B NW 52nd St $349,000
1:20pm: 811 N 48th St $329,950
1:40pm: 903 N 73rd St $339,000
2:00pm: 10337 11th Ave NW $249,000
2:20pm: 9110 2nd Ave NE $249,950
2:40pm: 9209 17th Ave NE $179,950
The Sunday Tours of Bargain Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Seattle. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.
To be notified of upcoming Sunday Tours of Bargain Homes, go to www.SundayBargainTour.com or call our free 24/7 recorded real estate hotline at 888-621-4999 x4.
Courtesy of Home Land Seattle.

Real Estate Auctions

2011-11-02T19:49:00.000-07:00

Here are a few good websites for finding real estate auctions for residential and commercial properties, as well as notes:

http://www.auction.com/cre.php

www.williamsauction.com

Motivated Sellers Home Tour

2011-10-25T07:28:00.000-07:00

On Sunday, November 13, Home Land Seattle offers a FREE tour of three-bedroom homes priced under $350,000 that have been on the market for over 120 days in the desirable North Seattle neighborhoods of Fremont, Crown Hill, Green Lake, Maple Leaf,Pinehurst and Wedgwood.

The median three-bedroom home sale in these neighborhoods in the past six months sold for $289,475 in 31 days on the market. This compares to similar sales south of downtown which sold for $237,975 in 49 days on the market. Neighborhoods north of downtown Seattle command a higher price and sell more quickly in general, than those south of downtown.

Come see what is still on the market during the winter doldrums for our tour on Sunday, November 13. For more details on the tour, please go to www.SundayBargainTour.com or call 888-621-4999 x4.

Motivated Sellers in Seattle

2011-10-22T12:12:00.000-07:00

There are currently 495 single family homes in Seattle that have been on the market for more than 120 days. 219 of them are priced under $350,000. Of these, 140 have at least three bedrooms. 16 of these are located north of downtown. These are the properties we will feature in our Sunday Tour of Bargain Homes on Sunday, November 13.

Approximately 1/3 of these are short sales or bank-owned properties. Some of these properties are fixers. One or two may be diamonds in the rough that other buyers may have overlooked. But one thing is certain: if these properties are still listed on the market in November, it is because the Seller is highly motivated to sell!

Come and find out which are real bargains when we tour these properties on November 13.

For more information on our FREE Sunday Tour of Bargain Homes, go to:
www.SundayBargainTour.com

Best Emerging Housing Markets

2011-10-21T08:02:00.000-07:00

Scanning the predictions for the top housing markets in the US from respected authorities such as CNN Money, Zillow, Forbes, Business Week, Housing Predictor, Business Insider and David Lindahl, shows cities that most consistently make the lists. The top ten cities in which to invest in real estate, according to this analysis, are as follows:
Pittsburgh
Austin
Memphis
Washington, DC
Rochester, NY
Oklahoma City, OK
Chattanooga, TN
Bethesda, MD
Dallas/Ft Worth
Boston

Several Washington state cities make various lists, as being great areas to invest in residential real estate. They include:
Tacoma
Seattle
Bremerton/Silverdale
Tri-Cities (Kennewick, Pasco, Richland)

Recent Home Sales in Seattle 98117

2011-10-20T09:06:00.000-07:00

There have been 217 home sales in the last six months in the 98117 zip code of Seattle. This zip code includes communities such as Ballard, Crown Hill, Loyal Heights, Sunset Hill, Greenwood, North Beach, and Phinney Ridge.

The median sale in that time was for a 3bedroom, 1.75bath home with 1880 square feet that sold for $411,500 in 15 cumulative days on market! Things move FAST in this zipcode when priced correctly! 68% of the sales were for 100% of the asking price! The fastest sales were for homes priced under $395,000.

In 2010, there were a total of 409 sales in the 98117 zipcode for the entire year. The median home of roughly the same size sold for $420,000 in 35 days.

It appears that prices declined in the last year by approximately 2%, but that days on market and number of transactions are increasing in this area. Wendy's prediction: expect to see both prices and number of transactions pick up in this zipcode in the next year!

Historical Mortgage Rates

2011-10-19T19:51:00.001-07:00

Take a look at the trend in mortgage rates:
http://www.mcimageserver.com/IR/2011_10_14_IR/282__.pdf

Understanding Commercial Properties

2011-10-12T11:07:00.000-07:00

In commercial real estate, properties are ranked in terms of age and location as "A," "B," "C," or "D" properties.

"A" properties are the highest end, luxury properties, built in the last 10-15 years and in prime urban locations.

"B" properties are in mixed blue collar/white collar neighborhoods, and built 10-20 years ago.

"C" properties are in primarily blue collar neighborhoods, and built 20-30 years ago.

"D" properties are in more marginal or war zones, more than 30 years old and typically functionally obsolete. They generally need a good deal of work to rehab or upgrade.

Capitalization (Cap) rates typically increase from A to D properties, with A properties having the lowest cap rates and D properties the highest. Cap rates are a measure of risk.

The formula for determining Cap Rate is
Net Operating Income(NOI) divided by Purchase Price = Cap Rate

Net Operating Income is determined by subtracting all expenses other than financing costs (debt service) from Gross Annual Income, which is all revenue generated by the commercial property.

Debt service, or the financing in place on a commercial property, comes into play when calculating Cash-on-Cash Return. The formula for Cash-on-Cash Return is

(NOI minus Debt Service) divided by Acquisition Costs.

Acquisition Costs are all the money put down to purchase a property, including down payment, closing costs and acquisition fees. According to Dave Lindahl, multifamily acquisitions guru, the amount of acquisition costs an investor is willing to pay towards a commercial property will depend on the specific phase of that particular market cycle.

In a Buyer's Market One or a Seller's Market One, an investor might put down up to 15% in Acquisition Costs. In a Buyer's Market Two, with more negotiating power, an investor may be able to put down as little as 10% in Acquisition Costs. But in a Seller's Market Two, an investor might have to go as high as 20% in Acquisition Costs to acquire a good commercial deal.

Certainly, buyers will pay more for commercial properties, but Lindahl is a proponent of putting down as little money as possible. This will actually increase the Cash-on-Cash Return for an investor, which Lindahl likes to see at 12 percent or higher.

23 Improving Housing Markets

2011-10-11T16:21:00.000-07:00

The National Association of Homebuilders/First American Improving Market Index has identified 23 improving housing markets nationwide. This index measures improvement in housing permits, employment and housing prices for the past six months or more.

These markets include:
--Alexandria, LA
--Amarillo, TX
--Anchorage, AK
--Bismark, ND
--Caspar, WY
--Fairbanks, AK
--Fayetteville, NC
--Houma, LA
--Iowa City, IA
--Jonesboro, AR
--Kankakee, IL
--McAllen, TX
--Midland, TX
--New Orleans, LA
--Odessa, TX
--Pine Bluff, AR
--Pittsburgh, PA
--Sherman, TX
--Sumter, SC
--Waco, TX
--Waterloo, IA
--Wichita Falls, TX
--Winston-Salem, NC

How to Find Motivated Sellers in Seattle

2011-10-10T12:25:00.000-07:00

Perhaps the easiest way to find a motivated seller in Seattle is to search the NWMLS for residential listings that have been on the market for more than six months. Especially now, as the rains and cold dampen the house-buying activity in our region.

There are over 70 such listings of 3-bedroom single family homes priced under $600,000 listed right now in the most desirable neighborhoods of Seattle!

You may do your own search on my www.HomeLandSeattle.com website, or sign up for my VIP Buyer Program for automatic email updates of these listings as they pass that 180 days-on-market milestone. I will help you set up a customized list in the size, neighborhood, and price range that matches your home-buying criteria.

And keep tabs on this blog for information on upcoming Second Sunday Home Tours in Seattle, where we will be focusing on motivated sellers of properties that appeal to investors, first-time homebuyers, and cash buyers.

Ballard Multifamily Tour

2011-10-09T18:55:00.000-07:00

Approximately 15 people showed up today to tour several small income properties in and around Ballard; and to learn more about how to value multifamily real estate.

We were able to tour three properties, two in Ballard and one in Green Lake. There was one bank-owned duplex, two short-sale multifamily properties, and one or two properties with possible seller financing.

I would love to blog more about the specific properties we saw; unfortunately, most of the sellers elected to prohibit blogging, so I can't.

If you are interested in getting a list of small multifamily properties currently listed for sale in great neighborhoods in Seattle, like Ballard, Wallingford, Fremont and Green Lake, please contact me directly at HomeLandInvestment@gmail.com or at 206-355-1706. Or search on my website for Seattle properties that match your buying criteria at http://homelandseattle.com/listingssearch.asp.

Find a Ballard Duplex for as little as $280,000!

2011-10-08T11:39:00.000-07:00

Pictured here is the least expensive income property on our FREE tour of multifamily homes tomorrow. It is a duplex currently listed at $280,000.

The most expensive property on our tour tomorrow is a newly-constructed 6-plex listed for $2,700,000.

Our FREE tour begins at 1 pm at the duplex pictured above, 927 NW 57th St. No reservations are necessary; you will be driving your own car. But we will discuss, analyze, and/or visit up to ten properties between 1 and 3 pm this Sunday, October 9.

You do not want to be late, if you are interested in learning more about how to buy small multifamily properties in Seattle!

For more information, see www.SundayBargainTour.com

Meet Here for FREE Sunday Tour of Income Properties!

2011-10-07T18:02:00.000-07:00

Meet here at 927 NW 57th Street at 1pm, Sunday, October 9 for a FREE tour of income properties in Ballard, Wallingford, Fremont, and Green Lake areas of Seattle! No reservations are necessary, but check back at this blog for any last minute changes.

Up to ten different multifamily properties will be included in the tour discussion and/or visit.

Come to learn more about how to invest in small multifamily properties in Seattle!

More info:
www.SundayBargainTour.com

Ten Multifamily Homes in Seattle on Sunday Tour

2011-10-06T16:24:00.001-07:00

In honor of apartment guru David Lindahl’s presentation to the Real Estate Association of Puget Sound this month, this Sunday's Tour on October 9th will focus on small multifamily properties for sale in the Ballard/Greenlake area of Seattle. Ten income properties will be featured on the tour.

Home Land Seattle’s Sunday Tours of Homes feature properties of special interest to investors, cash-buyers, and first-time homebuyers. The tours are free, and no reservations are necessary. You will be driving your own car and decide which properties you wish to visit. Just show up at 1pm sharp at the first property on the tour to pick up maps, directions, and more detailed information.

Please meet the tour at 1 pm sharp at 927 NW 57th St. This is a bank-owned duplex built in 1905 in a great Ballard location.

Because we will be considering income properties that may be occupied by tenants, or that may receive an offer before the date of our tour, we cannot visit every property. We will discuss and analyze approximately ten different properties currently for sale in the popular Ballard neighborhood of Seattle. Tour participants will be encouraged to drive by those we cannot visit inside.

Properties tentatively scheduled for the tour include:
927 NW 57th St (duplex)
657 NW 83rd St (duplex)
7314 15th Ave NW (4-plex)
7056 15th Ave NW (triplex)
7001 24th Ave NW (5-plex)
6041 6th Ave NW (duplex)
5008 Green Lake Wy N (duplex)
3640 Woodland Park Ave N (triplex)
202 N 36th Ave (9-plex)

There are 32 multifamily properties currently listed for sale on the NW Multiple Listing Service in the 705 area of Ballard and Greenlake. This area has reported the most multifamily transactions in Seattle in the past six months. The median price for duplexes sold in this area during that time was $430,000; for triplexes $599,500; and for 4-plexes $875,000.

No reservations are necessary for the tour; no sales pressure, no obligation. You drive your own vehicle, so you may visit whichever properties you most wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members. Check this website for any changes to the tour schedule on Sunday.

The Sunday Tours of Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Multifamily Income Properties in Seattle

2011-10-05T09:50:00.000-07:00

Wendy Ceccherelli | (888) 621-4999

419 NE 43rd St, Seattle, WA

Just one of the 32 multifamily residences listed in the Ballard/Green Lake/Wallingford neighborhoods of Seattle!

4BR/3BA Multi-Family, 2 units

offered at $469,950

Year Built	1953
Sq Footage	3,180
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	Unspecified
Parking	None
Lot Size	5,227 sqft
HOA/Maint	$0 per month

DESCRIPTION

FREE Tour of Multifamily Properties in North Seattle this Sunday! 1-3pm.

www.SundayBargainTour.com

Here is one of the 32 multifamily properties currently listed in the desirable neighborhoods of Ballard/Green Lake/Phinney Ridge/Fremont and Wallingford:

SOLID Duplex in good area. Hardwood floors, nice backyard, lots of storage. Very close to John Stanford Elementary School. Brick exterior, newer roof, gas heat. Close to UW and Downtown.

Advertised courtesy of Coldwell Banker Bain and Home Land Seattle.

see additional photos below

ADDITIONAL PHOTOS

Photo 1

Contact info:

Wendy Ceccherelli

(888) 621-4999

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 4, 2011, 3:25pm PDT

Multifamily Properties in Ballard

2011-10-04T16:21:00.000-07:00

There are 32 multifamily properties in the hot 705 NWMLS area of Seattle that includes neighborhoods such as Ballard, Wallingford, Green Lake, Fremont and Phinney Ridge. They range in size from 2 units (duplex) to 9 units; and in price from a $280,000 duplex to a $2,700,000 newly-constructed 6-plex.

The smallest building is about 1100sf, and the largest, a 7-unit, at 8742sf (for $990,000, in case you are interested).

A couple of these units are new on the market today, but one of them has been on the market for THREE YEARS (at the same unchanged price from three years ago). This is a 9-plex condo conversion, with apparently bad market timing....

I will be leading a FREE tour of several of these properties this Sunday, from 1-3pm. We will discuss how to analyze value on multifamily properties, and we will visit as many as we can. Tour participants drive their own cars and may drive by any properties that are of interest.

Detailed lists with photos and analysis, maps and driving directions will be distributed at the first property. No reservations are necessary. Just meet the tour at 1 pm sharp at 927 NW 57th St. This is a bank-owned duplex built in 1905 in a great Ballard location.

Seattle Housing Recovery?

2011-10-03T21:31:00.001-07:00

Dave Lindahl, the commercial apartment guru, came to Seattle this past weekend to present a seminar for the Real Estate Association of Puget Sound. Lindahl is known for his research on housing market cycles and his work on emerging markets. As one of the benefits of attending this workshop, he promised to share his market research on the Seattle housing market.

According to Lindahl,there are four market cycles for housing: Buyers Market I, Buyers Market II, Seller Market I, and Seller Market II. Most areas of the country have been in a Buyers Market II cycle. Characteristics of a Buyer Market II cycle are: increased demand as more buyers are qualified to buy at low prices; market slowly absorbing oversupply of houses; virtually no new construction, and very few properties coming on the market; rents at their lowest level, but slowly increasing; and unemployment drops.

When the market turns into a Seller Market I, construction will be in full swing, with a 1-3 year spike in building permits, rents begin rising, as do demand and property values. The housing inventory begins to dwindle, and properties sit on the market for shorter periods of time.

According to Lindahl, the apartment sector leads the way in a market turnaround, with single family home prices lagging the furthest behind.

Seattle has a tightening vacancy rate of 5-7% in apartment rentals; rents are projected to rise by more than 4% this year. Job growth has been steadily increasing since 2008; and supply is becoming more limited. Hence, Dave Lindahl believes that Seattle has rounded the corner, and is about 1 1/2years into a market recovery.

Best markets in Seattle are in the high-demand areas of Capitol Hill, Queen Anne, Ballard, and other areas close to the center of jobs and employment.

In this type of market, it is time to buy everything that one can afford to buy, while prices are still on sale!

For a peek at multifamily properties in Seattle that are on the market now, go to www.SundayBargainTour.com or call 888-621-4999 x4.

Recent Home Sales in Seattle 98144

2011-09-23T17:15:00.000-07:00

There have been 199 single family home sales in the 98144 zip code of Seattle so far this year. The median home sale is for a three-bedroom, two-bath 1650sf home that sold for $325,000 ($196.97/sf)in 53 days.

This compares to 198 single family home sales during the same time frame last year. Last year's median home sale was for a three-bedroom, two-bath 1850sf home that sold for $380,500 ($205.68) in 40 days.

The 98144 zip code includes great Seattle neighborhoods like Mount Baker, North Beacon Hill, parts of Leschi, Judkins and Central Area. The most expensive home that sold in 98144 this year was a $3,435,000 waterfront home in Leschi that sold for full price in 25 days.

Making Offers!

2011-09-21T18:36:00.000-07:00

I submitted seven offers on NWMLS properties today, on behalf of my company Home Land Seattle.

If you want to own real estate, you've got to be making offers!

Many of these offers may end up becoming wholesale deals to cash buyers, if the sellers choose cash terms. Those with the most favorable terms that work for me, I will keep.

If you are a cash buyer looking for some great cash deals in Seattle, let me know. If you have unsecured retirement funds that are earning less than 7% interest, talk to me. I am finding deals, especially for those with cash ready. And I can always use more private funds to buy them with!

I am making lots of offers. I expect more NOs than YESes, but that is part of the process.

Hang in there, do your homework, and make offers!

Recent Home Sales in Seattle 98122

2011-09-20T11:38:00.000-07:00

There have been 113 sales of single family houses(including 19 townhomes) in the 98122 zip code of Seattle in the past six months. This includes the communities of Capitol Hill, Leschi, Madison Valley, Madrona, and the Central Area. These neighborhoods are located east of downtown to the shores of Lake Washington. They are noted for walkability, quiet residential neighborhoods, close-in proximity to downtown, parks, hiking trails, shops, groceries, views of Lake Washington and the Cascade Mountains,beautiful sunrises, public transit and easy access to freeways.

Excluding townhomes, the median house sale here in the past six months is a three-bedroom, two-bath 2105sf house that sold for $465,000 in 38 days. 41% of the sales were identified as being in Madrona; 17% in the Central Area; 15% in Capitol Hill; 15% in Leschi; 11% in Madison Valley; and 1% elsewhere in 98122. Nine percent of sales in this zipcode this year were for bank-owned properties, up from 5% last year.

The median Madrona house sold for $465,000 or $215.28/sf; while the median Central Area house sold for $330,200 or $181.43/sf.

Last year in 2010, the median Madrona house sold for $647,500 or $270.92; while the median Central Area house sold for $389,995 or $216.66/sf. This represents a 21% decrease in median home values in the Madrona area; and a 16% decrease in median home values in the Central Area to date, as compared to last year.

On average, the median home price in the 98122 zip code has decreased 9% from median house sales in 2010. However, the number of transactions this year is up 8% over last year. This means buyers are increasingly seeing good value for the price. Sales in this zip code represent 5% of all Seattle sales this year.

Median values mean that half the houses sold for more and half sold for less.

There are several ways to interpret this data, and I welcome your comments. It may be that the types of buyers have changed in the past year, with more investors and cash buyers moving into the lower end of the market this year. It may be that there are more distressed properties being bought and sold this year. It may be that prices have fallen far enough that these areas now represent a good bargain for the savvy investor or homebuyer. It may be that the bottom is yet in sight. What do you think?

High End Leschi View Property for Rent!

2011-09-19T19:54:00.000-07:00

This beautiful property is available for immediate rental, for a minimum of five months or more. Four floors of completely new and wonderfully designed luxury. Open, light, and spacious with thoughtful layout and room to spare. Fine finishes and detail from the view decks to the fabulous kitchen that opens to a full view family room.

Original charm and details have not been lost. Bay windows, fireplaces, wood floors, slab granite counter tops, and extensive custom tile work. Kitchen features pantry, island, eating bar, top line SS appliances, and desk area.

Formal dining and living rooms. Master suite with Jacuzzi tub, sitting room, fireplace, and private view deck. Four beds and 2 baths on one level.

Just up the stairs to a finished attic with skylights, this 600 sq. ft. space can be extra bedrooms, play area, or office.

Basement has separate entrance, 2 more bedrooms, full bath, rec room, and 2nd kitchen all stubbed in.

Two car detached garage has potential for a roof top view deck. There is more here than you can imagine. This house has it all!

Call my 24-hour recorded real estate hotline for more details: 888-621-4999 x2.

Commercial Deal Analysis

2011-09-18T13:46:00.000-07:00

In previous blogs, I have explained to the new investor how to identify value of residential properties. Typically, this is done by analyzing comparable sales of other single family residences as similar to the subject property as possible. This is known as the Sales Comparison Method of analysis. Residential real estate brokers prepare a Comparative Market Analysis, or CMA, using this method.

With commercial properties, value is typically analyzed using the Income approach. Commercial properties are identified as any income property, including those multifamily properties over five units, and classes such as office, industrial, warehouse, and hotel. In recognition of Dave Lindahl’s upcoming presentation to REAPS, today’s blog will focus on how to value small multifamily properties.

Small multifamily properties of 1-4 units are typically financed as residential properties, and the value of these properties may be a combination of the two methods described above.

Investors may choose to be an owner-occupant or non-owner-occupant of these small multifamily properties, including duplexes, triplexes and 4-plexes. If the property is to be owner-occupied, then some of the more subjective and emotional criteria used to purchase a primary residence come into play. Does the property have curb appeal? Do we like the neighborhood? Do we like the layout? Will it be good for entertaining friends and family? How close is it to the office?

Non-owner occupant investors rely more heavily on a statistical analysis based on actual income and income potential. The most common (and most misunderstood) measure used to analyze a commercial property is the capitalization rate, or cap rate for short. Simply stated, the cap rate is a measure of risk. The lower the cap rate, the lower the risk. The higher the cap rate, the higher the risk.

Properties in high demand neighborhoods, with excellent rental history and little need for maintenance, generally sell for low cap rates. Investors are often more interested in holding these properties for consistent returns and future appreciation. Properties with higher cap rates are typically in less desirable locations, have more turnover or vacancy rates, and may have more maintenance and repair issues. Investors buy these properties for cash flow, and accept the opportunity for a greater upside potential along with the risk.

Cap rates are typically applied based on the rates at which other income properties in the same classification (multifamily) and same conditions are selling in the same vicinity. To determine cap rates, one takes the net operating income (NOI) of the property, and divides it by the price.
Cap rate = NOI/price

Net Operating Income (NOI) is calculated by taking the gross annual income from the property (primarily rents) and subtracting operating expenses and an estimated amount for annual vacancies. Operating expenses include management, maintenance and repairs, insurance, utilities, supplies and property taxes. They do not include principal and interest, capital expenditure, income taxes, depreciation or other financing costs.
Price may also be determined by dividing the cap rate by the NOI:
Price = NOI/Cap Rate

If one knows the value of any two of these terms, the third term can be calculated.
Other analyses that may be useful to an investor in analyzing a multifamily property is to look at the cost per unit to acquire the property.
Price/# of units = Price per Unit

Price per square foot is another useful measure:
Price/total square footage of building(s) = Price per square foot

Many investors also look at Gross Rent Multipliers. Lower numbers indicate a faster payoff for the property. This measure takes the annual gross income and divides it into the purchase price. It can be used as a very rough estimate of the length of time it will take for the building to pay for itself. The lower the GRM, the better for the investor:
GRM = Price/Gross Annual Income

I will be going over these and other deal analysis tools at my free Seattle Tour of Small Multifamily Properties, 1-3pm on Sunday, October 9th. REAPS members are welcome to attend. For more details, please call my 24-hour recorded hotline at 888-621-4999 x4.

Wendy Ceccherelli is the volunteer membership coordinator for REAPS. She has been a full-time real estate investor since 2006, and is the designated real estate broker for Home Land Investment Properties, Inc. Prior to her career in real estate, she spent twenty-five years as a government arts funder. More information on real estate topics may be found on her website at www.HomeLandSeattle.com

Seattle Tour of Multifamily Homes October 9!

2011-09-17T19:10:00.000-07:00

Sunday Tour of Homes

Home Land Seattle’s Sunday Tours of Homes are back! And starting Sunday, October 9th, these tours will be held the second Sunday of every month of the year!

In honor of apartment guru David Lindahl’s presentation to the Real Estate Association of Puget Sound this month, our Sunday Tour on October 9th will focus on small multifamily properties for sale in the Ballard/Greenlake area of Seattle.

Home Land Seattle’s Sunday Tours of Homes feature properties of special interest to investors, cash-buyers, and first-time homebuyers. The tours are free, and no reservations are necessary. You will be driving your own car and decide which properties you wish to visit. Just show up at 1pm sharp at the first house on the tour to pick up maps, directions, and more detailed information.

Because we will be touring income properties that may be occupied by tenants, or that may receive an offer before the date of our tour, we cannot publicize the properties that we will visit until a few days before the tour. We will post another announcement here closer to the date of the tour. To be notified of meeting location and list of properties, please call the recorded real estate information hotline at 888-621-4999 x4.

There are currently 38 multifamily properties listed for sale on the NW Multiple Listing Service in the 705 area of Ballard and Greenlake. This area has reported the most multifamily transactions in Seattle in the past six months. The median price for duplexes sold in this area during that time was $430,000; for triplexes $599,500; and for 4-plexes $875,000.

No reservations are necessary for the tour; no sales pressure, no obligation. You drive your own vehicle, so you may stop at whichever properties you wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members.

The Sunday Tours of Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

For more information on the Dave Lindahl presentation at REAPS, please see www.reapsweb.com.

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Seattle Multifamily Sales

2011-09-16T11:36:00.000-07:00

There have been 78 sales of duplexes, triplexes and 4-plexes in Seattle in the past six months. These smaller multifamily properties may be financed as residential, rather than commercial properties; so new investors and owner-occupants looking to save on mortgage costs love them.

The $500K - $600K price range is the most popular for small multifamily sales in Seattle, with the median price being $470,000.

46 of the 78 sales (59%) were for duplexes. The median duplex of 2100sf sold for $377,500 ($179.76/sf)in 61 days. One-third of these sales were in the 705 NWMLS area of Ballard, Green Lake, Phinney Ridge, Fremont and Woodland Park. The median duplex there had 1860sf and sold for $430,000 ($231.18/sf)in 60 days.

21 sales (27%) were for triplexes. The median triplex of 2600sf sold for $542,000 in 50 days ($208.46/sf). Ballard had the most transactions for triplexes, with the median Ballard tri going for $599,500 in 7 days for a 2925sf property ($204.96/sf).

The remaining 11 sales (14%) were for 4-plexes, with median size of 3864sf that sold in 96 days for $785,000. Three of these transactions were located in Ballard, where the median price was $875,000 for the same square footage, and which sold in 31 days.

Split Level Decisions

2011-09-15T08:50:00.001-07:00

Are split-level homes more difficult to sell in Seattle?

What statistical evidence can we find that buyers are any more reluctant to buy split level homes in Seattle, that they pay any less for them, or that they sit on the market any longer than other styles of homes?

Of 3122 total home sales in Seattle in the last six months, only 96 were identified as split entry homes. The median split entry sale was for a 4 bedroom, 2.25 bath home with 2148 sf that sold in 47 days for $304,975 ($141.98/sf). Since the NWMLS reports cannot handle more than 500 transactions, let’s look at the last 30 days, and also at a specific zip code for comparison.

In the last 30 days, the median Seattle home sale was for a 3 bedroom, 2 bath home with 1850sf that sold for $361,000 in 32 days. That’s $195.14 per square foot. So the median split entry home sold for a 27% discount in price and it took 47% longer to sell!

The hot Seattle zipcode 98115 had 8 split level sales in the past six months. The median split level sale here was for a 4 bedroom, 2.5 bath home with 2135 sf that sold in 12 days for $440,000 ($206.09/sf). The median home sales for the other transactions in this zip code were for a 3 bedroom, 1.75 bath home with 2060 sf that sold in 19 days for $450,000 ($218.45). This means that split levels in this zip code sold for a 6% discount in price from other styles.

98115 has 119 listings right now on the NWMLS; only 3 of which are identified as split entry homes. These have a median list price of $299,000 and have been on the market for a total of 44 days; other styles have a median list price of $459,975 and have been on the market for a total of 65 days.

So it looks like split entry homes sell for anywhere from 6 – 27% less than homes of other styles. It is also possible that agents are choosing styles other than “split entry” to identify these homes, in which case there may be a bias in the NWMLS statistics that we use for comparison.

Nevertheless, there does seem to be some statistical basis for the belief that buyers pay less for split entry homes than for other styles of houses in Seattle.

Your Real Estate Investor Association

2011-09-14T10:56:00.000-07:00

45 new real estate investors, about half of them new members of the Real Estate Association of Puget Sound, showed up last Saturday to learn about jump-starting their investment careers. Rich Dad University is one of several training services that recommends that new real estate investors find and join their local real estate investment association.

Why?

The answers to that question were explored in depth in our half-day orientation at the Lake City library in Seattle, which I organize and host quarterly. This was our second half-day orientation. The next one will be December 3, from 10:30am to 1 pm at the same location. The orientation is free and open to the public. Everyone is welcome! And there are free bonuses for pre-registering at www.reapsweb.com.

Our speakers were all practicing real estate investors in this local market, from the most novice to the most senior, investing in a variety of real estate both locally and out of state in other markets. New investors have the opportunity to learn from and to meet these investors, who are active with our local real estate investor association.

They learned that there is more to joining the local association than just going to meetings and networking (although education and networking are the two biggest reasons to join!). They learned about opportunities to be visible and raise their own profile before other investors; about how to use tools like our members-only message board to ask questions, find contractors, or sell properties; about how to get discounts on accounting programs, insurance, paint and other contractor supplies; about where to find books, tapes and DVDs on specific real estate investing topics, and much more.

They learned about ways to take advantage of their membership, in order to cover their annual dues payment, while at the same time taking off in their investing career. As a volunteer, membership dues are covered! I volunteered as soon as I joined REAPS, and today serve as the volunteer membership coordinator.

If you would like to learn more about real estate investing, feel free to message me privately. And mark your calendar for 10:30am - 1pm, Saturday, December 3 at the Lake City library in Seattle!

Discount on Seattle Bank REOs

2011-09-12T16:15:00.000-07:00

There have been over 500 sales of bank-owned properties in Seattle in the last six months. 45% of these listings sold within 90 days for 95% of the original asking price. The remainder sold for 90% of the original asking price.

16% of the so-called "Seattle" REO sales were located in Skyway, White Center, Des Moines and North Hill, areas not actually within the City limits. The median REO sale in these communities was for a three-bedroom, 1.75 bath house with 1500sf that sold for $140,500.

Eliminating these areas from consideration, the typical Seattle REO sale was for a median home with three bedrooms, two baths, 1660sf that sold for $260,000. 53% of these sales sold within 30 days for 100% of original asking price (many sold for more, one in particular sold for 39% more than the asking price!). And as for big cash discounts, it is rare to see a discount of more than 20% of asking price.

So cash buyers may get good deals on REO's but primarily because banks discount the list prices so heavily to attract sales within 30-90 days. Deeper discounts are typically available outside high demand neighborhoods, for cash buyers, on properties that most other buyers have already passed up. The biggest discount in the hot Seattle zip code of 98115, for example, was no more than 5% of the asking price (and the median REO there sold for $350,000).

So when making offers on a new listing for a Seattle REO in a great neighborhood, be prepared to offer full price - and act quickly!

Seattle Home Sales in 98115 (N Seattle)

2011-09-09T06:54:00.000-07:00

98115 is a particularly active zip code in Seattle, in terms of real estate transactions. In the past 30 days, there have been 42 single family home sales in this area, almost 10% of all single family home sales in Seattle this past month.

Surprisingly, TEN of these sales (24%) were for MORE than the list price! The same number sold for asking price. So 48% of all home sales in 98115 sold at or above the list price.

The median home of three bedrooms, 1.75 baths, and 2040sf sold in 16 days for $465,000.
74% of the sales were for houses built prior to 1978; more than half of all the sales were for houses built prior to 1944. 62% of them had a garage.

Only two of these sales were for bank-owned properties. None of them were short sales.

There were only three condominium sales in this same area. The median condo sale was for a 2 bedroom, 1.75 bath unit with 951sf that sold for $239,000.

There are currently eleven active listings at or below median market value that represent a good bargain for value in this area. If you are interested in receiving a list of these properties, please message me privately at HomeLandInvestment@gmail.com.

The 98115 zip code includes communities like Bryant, Maple Leaf, Ravenna, Roosevelt, Sand Point, View Ridge and Wedgwood. These are wonderful neighborhoods close to parks, schools, shopping and easy access to I-5 and downtown Seattle.

Seattle Home Sales in Last 30 Days

2011-09-08T11:28:00.000-07:00

In light of all the press about the increase in home sales in August, I thought I would provide a little analysis for my readers.

There were 432 single family home sales in Seattle in the past 30 days, with a median sale price of $383,000. These homes sold within 33 days of listing (median time) at 98.24% of the asking price. The median home sold with three bedrooms, 1.75 bathrooms and 2,015sf of living space, listed at $399,000.

63 of these sales (15%) were for bank-owned properties. Bank-owned properties sold for a median price of $159,000 for a 3-bedroom, 1.75-bath home with 1440sf of living space.

Non-REO home sales sold for a median price of $428,000 for a 3-bedroom, 2-bath home with 2179sf of living space.

The greatest number of sales (92) occurred in the $300,000 - $400,000 price range. 71% of the sales in Seattle were for homes built prior to 1978. More than half of all sales were for homes built prior to 1947.

There were 152 Seattle condominium sales within the same time frame. The median condominium sale was for a two bedroom, one-bath, 871sf condo listed at $232,450 which sold in 94 days for $226,250 or 96.43% of asking price. 36 of these sales (24%) were for bank-owned condos.

I am happy to do this analysis for any neighborhood in Seattle and will try to update this blog with neighborhood stats for Seattle's favorite neighborhoods. Send me your comments or requests! and Stay Tuned!

NWMLS Reports Increase in Home Sales!

2011-09-07T17:46:00.000-07:00

Several news outlets reported on the NWMLS news release on increases in home sales during the month of August, making this the best month of 2011 in terms of closed sales, and showing a significant increase over last year's statistics.

Word of wisdom from Wendy: when the number of transactions start to trend upward, watch for housing prices to follow!

Here is part of the release from the NWMLS on recent sales activity in Washington:

KIRKLAND, Wash. (Sept. 6, 2011) – August now ranks as this year’s best month for both pending and closed sales around Washington state , according to the latest report from Northwest Multiple Listing Service. Last month’s volume of pending sales was the highest number of mutually accepted offers since April 2010 when the homebuyer tax incentive expired.

Northwest MLS brokers reported 7,632 pending sales during August, a gain of more than 26 percent from the same month a year ago when they notched 6,037 pending sales. Last month’s total for the 21 counties in the MLS service area surpassed July by 450 transactions.

Thirteen counties had double-digit gains from a year ago, led by Snohomish County where pending sales jumped more than 46 percent.

Closed sales in King County this past month rose by 35% over last August, from 4,211 sales to 5,704.

Training for Novice Investors this Saturday!

2011-09-06T16:13:00.000-07:00

FREE WORKSHOP ON REAL ESTATE INVESTING

As volunteer membership coordinator for The Real Estate Association of Puget Sound (REAPS), I put together quarterly training for new investors.

REAPS is offering a FREE ORIENTATION this Saturday, September 10 for novice investors, new members and guests designed to help the novice real estate investor make full use of the membership resources and benefits of REAPS in order to jump start their career as a real estate investor. Members of the public are welcome to attend.

REAPS is the oldest – and largest - professional association for the real estate investor this side of the Mississippi. As a not-for-profit association, REAPS aims to motivate and support REAPS members and guests through education, discussion, legislative action and networking. REAPS hosts over 40 live events a year around Puget Sound and they are all open to the public.

Attendees will receive a free booklet, compiling articles on DOING YOUR FIRST DEAL originally published in the REAPS newsletter. These articles help the novice real estate investor start making offers on real estate deals. Today’s market offers enormous opportunities to buy low, choose from a large inventory, and finance at historically low rates.

Speakers at the orientation include practicing real estate investors who will highlight the membership resources most important to new investors.

This FREE ORIENTATION will be held from 10:30 am - 1 pm, Saturday, September 10 at the Lake City branch of Seattle Public Library, 12501 28th Ave. N.E. in Seattle. There is plenty of free parking in the underground garage or on the street. Because space is limited for this event, please RSVP in advance at the REAPS website www.reapsweb.com.

For more information, please contact Wendy Ceccherelli, volunteer Membership Coordinator, at HomeLandInvestment@gmail.com or 888-621-4999.
* * * *
Who: Open to members of the public interested in real estate investing; sponsored by the Real Estate Association of Puget Sound
What: Free Real Estate Investing Workshop
When: 10:30 am – 1 pm, Saturday, September 10
Where: Lake City branch, Seattle Public Library, 12501 28th Av NE
Why: Today’s housing market provides unparalleled opportunities for real estate investment

Don't Call the Police!

2011-09-01T09:02:00.001-07:00

Do not attempt property management without a healthy sense of humor! It can humble even the most logical of minds. My most recent haha moment as a property manager came yesterday, as the blind and deaf couple I was evicting (another long story we will skip for now) was finally vacating the house.

"Please don't call the police," came the message relayed by their advocate, helping them move. The deadbeat relative against whom there is a No Contact Order, was helping them move, with their permission! This, the deadbeat relative who I had arrested TWICE before for violating the No Contact Order. I would have had him arrested a third time, but he refused to answer the door when the police showed up.

It seems I was the only one who ever called the police to report this violation. No one else bothered. Not the "victims," not the daughter, not the advocates (who also never returned my calls).

The police department was usually baffled when I called: "WHO are you again? You aren't the victim? Why are you calling??"

But shout out to Detectives Nadine Fiorini and Elizabeth Litalien who somehow took my efforts seriously enough (after weeks of trying to get through to someone, ANYONE, who would care) to validate that there was indeed a No Contact Order against the guy living in the house with my tenants.

Go figure....

Foreclosure Pain

2011-08-31T13:23:00.000-07:00

"What about lease option or rent-to-own?" my state auditor asked me. "Are they for real?"

"of course they are!" I answered. "It all depends on the terms you can negotiate, and your ability to meet those terms....Why do you ask?"

Because, it turns out, my state auditor recently lost his Magnolia home of over ten years to foreclosure. His story is tragic and reflects the pain that foreclosure costs many homeowners in today's economy.

He and his wife were hardworking Philippine emigrants, she from Canada and he now a US citizen, believing strongly that ours is indeed the land of opportunity. Then his wife got breast cancer about five years ago. The chemotherapy and radiation therapy destroyed her heart. She almost died. She was fortunate to receive a heart transplant.

In the mean time, their medical bills mounted. She had made more money than he as a medical technician; he had a good state job. But now without her income, they could not pay her medical bills and make ends meet.

He applied for and received a loan modification on the house. He made the first two months payments, but was short on the third. He asked the bank if they could wait a week for the balance of the funds. The bank said no.

She lived. But they lost their house. In the process, he lost his faith in the United States (as did LuAnn Lavine in our previous post). They now plan to move to Canada when he retires in three years - but he was still wondering if maybe, maybe they could own a home again. Maybe, with rent-to-own?

Creative acquisition techniques may be the only option for future homeowners, given that so many people have been challenged in this economy. Lease purchase, rent-to-own, options and seller financing are some of the techniques that deserving buyers may use to purchase a home in a tight lending environment, where the banks are faceless, heartless corporate entities, and where 50% of all deserving buyers cannot get loans.

So yes, there are good deals out there on foreclosures. And while each foreclosure represents someone's heartache and pain, savvy buyers are jumping into the housing market where others can no longer go and providing new opportunities for someone else to have a home they can afford. Where one door closes, another opens....

And so yes, Mr. Auditor, rent-to-own is certainly an option for you and your wife. Just make sure that you are doing business with someone you trust, and that you are represented by someone who cares about giving you another opportunity to believe in the goodness of our country....

Obama and the Real Estate Broker

2011-08-30T16:52:00.000-07:00

LuAnn Lavine of Re/Max Hometown Advantage in Henry County, Illinois caused quite a stir when she confronted President Obama at a recent presidential town hall meeting in that state. She politely asked a question of the President regarding real estate:

"Every week, I sit at the kitchen tables of families who are here today, and I listen to stories of lost jobs, being upside-down in their house, asking for help, (asking) what programs are out there," Lavine said to the President.

"In May and June, my phone was ringing, I was busier than all get-out," she continued. She told the President she thought she was seeing progress in the local housing economy.

But, she cautioned, "since the debt-ceiling fiasco in Washington, the phone has stopped. We have no consumer confidence. Interest rates are a record low. I should be working 15 hours a day, but I'm not."

Ms. Lavine wanted to know the President's plans to turn around the current housing situation.

Obama started to explain that his administration had made it a priority to set up programs to help families to stay in their homes. "We have been trying to push the banks, push the servicers to make loan modifications that will allow people to stay in their homes...."

Then Lavine politely interrupted the nation's chief executive.

"Can I please say something?" she asked. "The loan-modification system has been a nightmare; Short sales are a nightmare and the lenders are so tight and you have to be so perfect, and it's not a perfect world."

The president acknowledged the size of the problem, with a "couple million" home-loan modifications, but "...the housing market is so big."

A lot of banks have now recovered, he told her and the crowd. "They need to have slightly tighter lending criteria than they used to have, obviously, because that was a part of the reason that we had that housing bubble. Nonetheless," he said, "the banks need to be more willing to grant credit to individuals who are good risks."

In his opinion, "it will probably take this year and next year for us to see a slow appreciation in the housing market."

He thanked her for her "very good question," and moved on to others in the audience.

More Foreclosures in Seattle

2011-08-29T12:44:00.000-07:00

RealtyTrac reports that there are 1million homes nationwide that should have received default notices or gone to foreclosure auction, which will be delayed into next year. In addition, the length of time it takes to foreclose on a home has increased. Some believe that this "shadow inventory" of foreclosures will forestall the housing market recovery until at least 2015.

Seven investors and homebuyers showed up for yesterday's Tour of Seattle Foreclosures to take a look at five 3BR foreclosed homes in nice North Seattle neighborhoods of Broadview, Green Lake, Greenwood and Ballard. A few of them are considering making offers on these homes. As mentioned in my previous post, there are not a lot of foreclosures in these nicer neighborhoods of Seattle -- but do they represent a significantly better deal than prices offered by private sellers?

Let's take a look at the statistics for this particular area of North Seattle as an example.

According to the NWMLS, there were 28 sales of banked-owned 3BR single family homes in this part of North Seattle in the past six months. The median sales price of these homes was $332,500, and they sold on average in about 87 days.

During the same timeframe and in the same area, there were 354 sales of 3BR single family homes sold privately. The median sales price of these homes was $400,000, and they sold on average in about 47 days.

So while bank REOs represent only 4% of the total inventory, approximately 7% of all sales of 3BR homes in North Seattle in the past six months were REOs; they were sold at a discount of approximately 17% of other sales prices (eg. sold for 83% of the value of private sales); and they took 85% longer to sell.

So yes, REOs do represent an opportunity for investors and other buyers to get a home at a good discount. Patience and due diligence are key in finding the right bargains for homebuyers and investors.

Seattle Foreclosures

2011-08-27T12:10:00.001-07:00

There are 265 bank-owned, foreclosed properties in Seattle currently listed for sale on the NWMLS. Tomorrow, we will be offering a FREE tour of five of those properties. The tour begins at 1 pm, at the first house on the tour: 12743 3rd Ave NW in Broadview.

Of the 265 bank-owned (or "REO") properties in Seattle, the average REO has three bedrooms and approximately 1346sf, and the current average list price is $226,000 (median price of $180,000 - which means half the REOs cost more and half the REOs cost less).

There are three REO properties with asking prices over $1million. The most expensive REO currently listed is a seven bedroom waterfront home with 4560sf that has been on the market for 831 days. It is offered at $1,329,000. Tax-assessed value on this home is $1,680,000.

There are 41 Seattle REOs with at least three bedrooms priced under $180,000. Virtually all of these are located to the south of Seward Park in the southeast end of the City; or south of White Center in the southwest end of the City.

Popular neighborhoods like Ballard have only four REOs currently listed; Fremont, Maple Leaf, Green Lake and Leschi each have one; Greenwood three; and Haller Lake four. Capitol Hill has two.

523 REOs have been sold in Seattle in the last six months, with an average size of 1500sf with three bedrooms and 1.75 baths. The average sales price was $239,000 (median $205,000). Median days on market was 76 (half sold faster, half slower).

There have been 82 sales of Seattle REOs in the last 30 days. In the last 30 days, most of the sales of three-bedroom REOs under $205,000 have taken place south of White Center in southwest Seattle.

Our tour tomorrow focuses on three bedroom homes in more desirable neighborhoods of Seattle like Broadview, Greenwood, Green Lake and Ballard. No reservations are necessary, and the tour is free. For more information, please call our 24/7 real estate recorded information line at 888-621-4999 x4.

Are your subcontractors covered by worker's comp?

2011-08-26T16:47:00.000-07:00

Hey, investors!
Guess what? Those subcontractors you hire to fix your rental or flip your house may not be independent contractors. They may actually be employees, even if they are subcontracted through your general contractor. You may have to pay the Department of Labor & Industries to cover workmen's compensation, should they happen to be injured on the job and file a claim.

I was just audited by the Dept of L&I myself; just a "courtesy" audit to help me set up my real estate brokerage correctly, and to understand state laws and regulations as they apply to employees, broker associates, and subcontractors of my business.

I did have two brokers affiliated with my firm at the beginning of this year, and knowing that the State of Washington requires real estate brokers to be covered by L&I, I had signed up for coverage. I also elected to sign myself up for coverage, as virtually everything I do is work-related. At roughly $30/month, it is about the least expensive accident insurance I can buy!

But back to those subcontractors. Here are the qualifying questions the State requires to be answered in determining their status with regards to employment and L&I coverage:

1. Are you hiring someone for more than personal labor? or are they bringing heavy equipment?
2. Are you supervising?
3. Do they have an established business of their own? There are seven separate tests to determine the answer to this question.

I was surprised to find that MOST of the people I considered to be subcontractors, would in fact be considered to be my employees by the State. That means that I would need to be reporting their hours quarterly and paying L&I for workers compensation. They are probably also eligible for unemployment taxes and benefits.

For more information on this topic, see "A Guide to Hiring Independent Contractors in Washington State," or contact the Washington State Department of Labor & Industries.

FREE Tour of Seattle Foreclosures!

2011-08-25T09:58:00.001-07:00

It was reported this morning on NPR that 60% of all homes sold nationally are foreclosures. Buyers and investors are looking for bargains, and bank-owned properties offer significant discounts over retail, private sales.

If you are looking for foreclosed bargains in Seattle, you are welcome to join our FREE Tour of Seattle foreclosures this Sunday. Just show up at the first house at 1 pm SHARP! (Please note that times are exact, so don't be late)!

The first house on the tour is located in Broadview, at 12743 3rd Ave NW. Here is the tentative schedule this Sunday:

1 – 1:15pm: 12743 3rd Ave NW $269,000
1:25 – 1:40pm: 9242 Palatine Ave Ct N $449,000
1:50 – 2:05pm: 701 N 86th St $299,000
2:15 – 2:30pm: 330 NW 75th St $350,200
2:40 – 2:55pm: 8537 19th Ave NW $499,900

You will pick up maps and detailed listing information at the first house.

No reservations are necessary; no sales pressure, no obligation. You drive your own vehicle, so you may stop at whichever homes you wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members.

For more information, please message me privately or contact our 24/7 recorded information hotline at 888-621-4999 x4.

Bank-Owned and Foreclosed Properties in N Seattle

2011-08-24T09:03:00.001-07:00

Our final Tour of Seattle Homes this month features three-bedroom REO ("Real Estate Owned") or bank-owned properties. The Tour will be held from 1-3 pm this Sunday, August 28 - and no reservations are necessary. Just show up at 1pm sharp at the first house on the tour to pick up maps, directions, and more detailed information.

There will be five houses on the tour, each with a minimum of three bedrooms, ranging in list price from $269,000 to just under $500,000. These houses have an average size of 2112sf and have been on the market for an average of 95 days. Broadview, Greenwood, Green Lake and Ballard are the desirable North Seattle neighborhoods where these properties are located.

The first house on the tour is located in Broadview, at 12743 3rd Ave NW. A proposed schedule of homes on the tour will be posted on this blog tomorrow.

The Sunday Tours of Homes are led by myself, Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. I am an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Update on Sunday Tour of Fixers

2011-08-21T08:19:00.000-07:00

Our "Fixers" Tour of Homes today has been modified to include this home in Brighton, and to drop one which is still "attractive" enough for a drive-by ("attractive" when referring to fixers may be a bit of a misnomer).

Both houses are located in solid working-class neighborhoods, close to the up-and-coming Columbia City neighborhood. This one was added because it is vacant, has been on the market for more than five months, seller appears highly motivated, is a large (almost 9000sf) lot, zoned L2. This is definitely a fixer with potential.

Five houses on today's tour range in asking price from $200,000 - $300,000.

Maps, more information, and directions will be available to pick up at our first house on the tour, today at 1pm: 1014 E. Spruce Street. The tour is FREE and no reservations are necessary.

Spacious Six-Bedroom Leschi Rental OPEN TOMORROW!

2011-08-19T17:09:00.001-07:00

Know anyone looking for a spacious view rental with plenty of bedrooms and parking in a nice Seattle neighborhood near parks, playgrounds and Lake Washington?

Look no further! This may be just what they need:

Fabulous remodel of this 1905 Dutch Colonial. Remodeled from the studs with all new systems. Open and light with views of the lake and mountains. Large top end VIEW kitchen w/pantry,sitting bar,office nook,granite counters,SS appliances,opens to family room. Gleaming hardwood floors, tall ceilings, recessed lighting and designer colors.

Upper level has 4 bedrooms and 2 full baths. Master suite features a view sitting room with deck, private bath w/jacuzzi tub,and gas fireplace.

Basement has 2 bedrooms, full bath, kitchen stubbed in and rec room.Possible MIL or nanny quarters.Separate entry.

Finished 600sq.ft.attic w/view. Great play area, hiding place or secret retreat!

Fully fenced corner lot. Convenient location two miles east of downtown Seattle, near Lake Washington, parks, buslines and recreational amenities in a quiet residential community.

Available Sept. 1. Owners packing to move, but Open House TOMORROW, Aug. 20, 2-4pm.

Wendy Ceccherelli
Home Land Seattle
(888) 621-4999

Fixers in Seattle on Sunday's Tour of Homes!

2011-08-18T20:47:00.000-07:00

Sunday Tour of Homes
Interested house-hunters are invited to Seattle’s Sunday Tours of Homes this month, which will feature properties of special interest to investors, cash-buyers, and first-time homebuyers. The tours are free, and sponsored by Home Land Seattle.
Our next tour will focus on “fixer” properties listed for sale in central areas of Seattle from Beacon Hill to Leschi to Columbia City, for under $300,000. The tour is scheduled from 1-3pm this coming Sunday, August 21.
Tour participants will meet at 1 pm sharp at the first house on the tour. You will pick up detailed maps, directions and information of the featured houses at the first house.
Here is the tentative schedule this Sunday:
1 – 1:15pm: 1014 E. Spruce Street $279,950
1:25 – 1:40pm: 123 24th Ave $300,000
1:50 – 2:05pm: 1534 Sturgus Ave S $219,000
2:15 – 2:30pm: 5042 35th Ave S $199,999
2:40 – 2:55pm: 4220 49th Ave S $239,950
The remaining tours are scheduled as follows:
8/21 - Fixers
8/28 - REOs, Foreclosures

No reservations are necessary; no sales pressure, no obligation. You drive your own vehicle, so you may stop at whichever homes you wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members.
The Sunday Tours of Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.
To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Working with Cash Buyers

2011-08-17T13:30:00.000-07:00

As so many new investors are interested in wholesaling, this article focuses on working with cash buyers and investors.

Some wholesalers (or “bird dogs,” as they are also known) have a Buyer questionnaire or spreadsheet identifying the criteria that their cash buyers need or want in a property. Having a detailed list of specifications, the wholesaler can negotiate in confidence with a seller, knowing that there is already a buyer lined up (assuming, of course, that the price is right).

Use your real estate investor association to network with investors who are already buying a large number of properties. Who is buying? And what are they buying?

Here are some of the questions you might want to know from these buyers, if they are focused on residential properties:
What cities, markets, or neighborhoods are of interest?
What are the demographics of those markets?
What are the minimum number of bedrooms and bathrooms they will consider?
Minimum square footage?
Price range?
Any style of architecture they particularly want, or don’t want?
Age and condition of the house?
Any deal killers? (eg. Busy streets, power lines, foundation issues, etc.)
Any required amenities? (eg. Basements, garages, etc.)

If they are buying commercial property, here are some of the questions a wholesaler may need to know:
Local or out-of-state markets?
What type of commercial properties? Class A, B or C?
Minimum/maximum units or square feet?
Price range?
Lowest acceptable CAP rate?
Minimum building age and/or amenities?
Demographic preference if any (i.e. rural vs. urban)?

What does the wholesaler do for the buyer?
Some wholesalers just provide leads, and the buyer does all the negotiation with a seller. Some wholesalers begin discussion with a seller, then let the buyer take over when a promising prospect seems apparent. The best wholesalers will handle all negotiations, get the property under contract, and then assign the contract to their cash buyer. Any model can work. Start wherever you are most comfortable, and discuss the details of your business arrangement with a buyer you can trust. Make sure your buyer will honor the commitment to compensate you for the work you have done. An assignment contract usually prevents a buyer from cutting the wholesaler out of the deal.

Where else can I find cash buyers?
Aside from your real estate association, anywhere that cash is required to buy a house! Check out the foreclosure auctions and other auctions. Chat with people you see bidding. Guru Tony Youngs suggests mentioning to them that you might be interested in buying that house they just successfully bid upon!

Pass out business cards and flyers on any properties you are trying to wholesale.
Network, network, network!

So how many cash buyers would a wholesaler need to get started?
Probably just one or two serious cash buyers can keep a wholesaler pretty busy. It is always nice to have more, but once you start finding really good deals, you will find it easy to expand your cash buyer list. A good deal for a cash buyer has everything to do with price.

So how does a wholesaler determine a good price to negotiate with a seller? Stay tuned to this blog for a future focus on Pricing It Right, which will help the wholesaler negotiate with confidence!

Fixers on Sunday's Tour This Week

2011-08-16T12:55:00.000-07:00

Investors love fixers!

And why is that? It is because an investor is not afraid to do the work necessary to "add value" to a house that has been neglected, needs updating, or has lots of deferred maintenance. In any housing market, a "fixer" usually commands a respectable discount, enough to allow for at least the costs of fixing up the property. Most investors will be looking for an even steeper discount, in order to minimize their risk, such as unforeseen fix-up costs, changes in the marketplace, holding costs,etc.

Fixers tend to be snapped up fairly quickly in high demand neighborhoods, where inventory tends to be lower and houses are generally kept in top condition. When they do come onto the NWMLS, they are gone quickly.

For my upcoming tour this Sunday, Aug.21, I will be focusing on fixers in the $200K - $300K price range, in nice central neighborhoods like Leschi, First Hill, Beacon Hill and Columbia City. These are still fairly desirable neighborhoods, close in to downtown Seattle, with good sales activity - and where the supply of fixers are more plentiful.

So stay tuned to this blog, where I will post the schedule of houses to be featured on this tour by Thursday, at the latest.

For more information on our Sunday Tours of Homes in Seattle this month, please call 888-621-4999 x4. Or send me a private message. The tours are FREE and I look forward to meeting you there!

Sunday Tour of Free and Clear Homes in N Seattle

2011-08-13T15:04:00.000-07:00

A couple of houses scheduled for our FREE tour of homes tomorrow have received offers. Our revised schedule is:

1pm- 11724 9th Av NW
1:25p- 9822 Linden Av N
1:50p- 11531 Corliss Av N
2:15p- 6630 19th Av NE
2:40p- 5503 6th Av NW

In addition, there are a couple of open free and clear houses that may be toured from 1-4pm. Detailed maps and information will be given at the first house on the tour.

Please contact me directly for additional information on our FREE Tour of Free and Clear Homes in N Seattle tomorrow, August 14. Our next tour on Aug. 21 will focus on fixers for under $300,000.

Mortgage Rates to Increase Soon!

2011-08-12T17:37:00.000-07:00

Inventory of homes for sale is up, prices are down, and interest rates are near record lows. The end of summer means more sellers will be motivated to entertain offers below their asking price or for creative terms (hence, our FREE Sunday tour of free and clear homes in Seattle. See previous posts).

So should you buy now? or wait for prices to come down?

Well, here's what happens when mortgage rates rise, as they are expected to do in the near future:

What a difference an interest rate increase can make!

Example:

Sales price: $400,000
Loan amount: $320,000 (20% down = $80,000)
Mortgage rate: 4.50%
Mortgage payment: $1621.39
Total paid: $583,700.40

Now say home prices fall 10 percent over the next year or two, while mortgage rates rise from 4.50 percent to 6.00 percent, which isn't necessarily unlikely.

Sales price: $360,000
Loan amount: $288,000 (20% down = $72,000)
Mortgage rate: 6.00%
Mortgage payment: $1726.71
Total paid: $621,615.60

Hmmm...maybe it is time to buy after all....give me a call and I'll send you automatic email updates of homes that meet your buying criteria, as soon as they hit the market (or before!).

North Seattle Free and Clear Homes on Tour Sunday

2011-08-10T09:59:00.000-07:00

I have re-designed my Sunday Tour of Homes to focus on the North Seattle neighborhoods that appeal to my colleague and fellow investor Arliss. Actually, the North Seattle neighborhoods that we will visit on Sunday held the most appeal for everyone who showed up for the tour last week.

These neighborhoods are quiet residential communities, with easy access to downtown Seattle, interstate 5, and bus lines. They are walking distance to really cool shops, restaurants, community centers, libraries and grocery stores. They are close to parks and beaches of Puget Sound, Green Lake, and Lake Union. These are high-demand, desirable Seattle neighborhood locations, so it just makes sense to focus my FREE tour of free and clear homes here.

Here is how the tour will work:
Tour participants will meet at 1 pm sharp at the first house on the tour, 11724 9th Avenue NW (specific locations for the tour were posted on the previous Seattle Real Estate Investor blog). You will pick up detailed maps, directions and information of the featured houses at the first house.

There will be 5-7 houses on the tour, most located in the Ballard and Greenlake neighborhoods of Seattle. Information will be provided on additional free and clear houses hosting open houses in the area that day. Houses planned for the tour (at this point) range in price from $270,000 - $450,000; with three bedrooms, and an average size of 2213sf.

The Tours are scheduled as follows for the month of August:
8/14 - Estate Sales and other Free & Clear Properties in N Seattle under $450,000
8/21 - Fixers
8/28 - REOs, Foreclosures

No reservations are necessary; no sales pressure, no obligation. You drive your own vehicle, so you may stop at whichever homes you wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members.

The Sunday Tours of Homes are led by me, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Schedule for Sunday Tour of Homes

2011-08-09T17:25:00.000-07:00

Here is the schedule for this Sunday's tour of free and clear homes in North Seattle, below:

1 - 1:15pm: Meet at 11724 9th Av NW, $415,000
1:25 - 1:40pm: 9822 Linden Ave N, $269,888
1:50 - 2:05pm: 11531 Corliss Ave N, $349,000
2:15 - 2:30pm: 8245 Corliss Ave N, $350,000
2:40 - 2:55pm: 6530 19th Ave NE, $369,950

Possible sixth house to visit: 5503 6th Ave NW, $349,950

Other free and clear homes that can be visited between 1-4 pm on Sunday include the following:
14052 3rd Ave NW, $299,950
12501 2nd Ave NW, $350,000
2508 N 39th St, $449,950

Pick up maps, directions and more detailed information at the first house. For additional information, please contact me directly at 206-355-1706 or at HomeLandInvestment@gmail.com, or by calling 888-621-4999 x4 for pre-recorded information on our Sunday Tours of Homes in Seattle.

Sunday August 14 Tour of Free and Clear Homes in Seattle

2011-08-09T11:29:00.000-07:00

This coming Sunday's tour of homes is focused on North Seattle properties owned free and clear, and priced at less than $400,000. At least one-third of all homes in the United States are owned free and clear, so there are quite a few that a buyer might find on the Multiple Listing Service.

Our tour homes are priced from just under $200,000 and up to $370,000. They have from 2-4 bedrooms, and an average size of 1735sf. We will post details on where to meet for the tour on this blog by Thursday of this week, so check back for more details.

Investors are interested in free and clear properties because at least the possibility exists that sellers may be able to carry financing.

For more information about our Sunday Tours of Homes in Seattle, please call my recorded information hotline at 888-621-4999 x4. Or message me for more details.

Sunday Tours of Homes in Seattle

2011-08-08T10:26:00.000-07:00

What did we see on yesterday's tour of seller-financed homes in Seattle?

Well, I would love to tell you about the Ballard house in a great residential location close to Shilshole beach, a sweet little 2-bedroom that backs up to a green belt. Or the large five-bedroom West Seattle house with a second kitchen on a corner lot and views of the Puget Sound near Lincoln Park. Or the least expensive house on our tour, which has three bedrooms, very nicely remodelled, that comes with very attractive lease-purchase terms. Or perhaps our last stop on the tour, which offers very flexible financing terms from an experienced (and motivated!) REAPS investor.

Unfortunately, I can't tell you about any of these properties, because NONE of them allow blogging!

The NWMLS recently added a field to address blogging. The default value is to PROHIBIT blogging, so most agents just check this box automatically without thinking about how helpful it might be to their marketing and promotion efforts.

I ALWAYS encourage my seller clients to ALLOW blogging. So brokers like myself can help promote their listings! On blogs like this, for example.

Oh well. To find out more about any of these houses you missed on our tour yesterday, you will need to contact me directly....

Listings Fall! Come See Inventory on our Homes Tour Today!

2011-08-07T08:19:00.000-07:00

A scan of inventory on the NWMLS shows that the number of listings in Seattle has fallen, perhaps because there is a bottleneck in processing foreclosures. Our Sunday Homes Tours this month will focus on inventory for both foreclosures and other opportunities for investors, cash-buyers, and other house-hunters.

The first tour of the month will be today at 1pm, and focuses on seller-financed listings. The tours are free, and no reservations are required. Just show up at 8818 30th Ave NW in Ballard, for maps and directions. I will be leading the tours.

Our tour the last Sunday this month will focus on foreclosures and bank-owned properties. There is plenty of inventory for the tour! But for more details on the recent news story about falling inventory, please click here.

For more information on our Sunday Tour of Homes in Seattle this month, call our 24-hour recorded real estate information hotline at 888-621-4999 x 4.

Lease-Purchase Homes Tour in Seattle

2011-08-06T11:52:00.000-07:00

Three of the five houses on our FREE Sunday Tour of Seller-Financed Homes for sale in Seattle tomorrow are rent-to-own, or lease-purchase options. These houses can always be bought with cash or a conventional mortgage, but the sellers have also agreed to consider offering this creative form of seller financing.

Here are ten reasons a seller may consider offering this type of financing:

1. The seller can receive top sales price for her property without haggling.

2. There is large market available at all times of the year.

3. Higher quality of tenants because these are REALLY buyers who plan on someday owning this property.

4. Higher rent than usual for the market area.

5. Non-refundable down payment, which is the seller's to keep.

6. Tenant/buyer is responsible for all minor maintenance.

7. Seller remains on the deed. It’s still the seller's property until the option is exercised.

8. Seller retains tax shelter.

9. Seller continues to enjoy all of the tax advantages (check with tax advisor for details).

10. No lengthy vacancies. Have a new tenant buyer in the home in weeks, not months!

For more information on Sunday's Tour of Seller-Financed Homes in Seattle tomorrow, call 888-621-4999 x4.

Five Seller Financed Homes on Tour Sunday

2011-08-04T09:18:00.000-07:00

Interested house-hunters are invited to Seattle’s Sunday Tours of Homes this August, which will feature properties of special interest to investors, cash-buyers, and first-time homebuyers. The tours are free, and sponsored by Home Land Seattle.

Our first tour is scheduled from 1-3pm this coming Sunday, August 7.

Tour participants will meet at 1 pm sharp at the first house on the tour, 8818 30th Avenue West.

There will be 5 houses on the tour, approximately half located in north Seattle, and the other half in West Seattle. Houses planned for the tour (at this point) range in price from under $200,000 - $349,500; with two – five bedrooms, and an average size of 1900sf.

Here is the tentative schedule for Sunday:
1-1:15pm 8818 30th Ave W $275,000
1:25-1:40pm 2148 N 88th St $315,000
2-2:15pm 1613 SW Austin St $199,975
2:25-2:40pm 8304 California Ave SW $349,500
2:50-3:05pm 3763 SW 100th St $289,900

An updated schedule will be available at the first house on the tour, or leave a message with me to confirm, if you would like to meet us later on the tour.

Seller Financed Homes for Sale in Seattle

2011-08-03T20:59:00.000-07:00

There are currently 73 residential properties, houses and condos listed on the NWMLS for sale in Seattle that advertise seller financing, or lease-purchase terms. Please contact me for a free list of owner-finance properties with photos, or sign up for automatic email updates as new homes come on the market.

PS. This photo is from one of the property listings....

Top Reasons to Lend Private Money

2011-08-02T17:49:00.000-07:00

Our first two tours of homes in August will feature properties that are or can be financed by the seller. In these cases, the seller acts as a private lender.

Here are some of the top reasons why someone might want to lend private money, secured by tangible real estate:

Totally passive income: A private lender makes a loan to an investor, but does not have to acquire the property, fix it up, manage tenants, monitor a budget, or market it for sale. A private lender is given a fixed rate of return, regardless of the ups and downs of the marketplace.

Higher Rates of Return: A real estate investor can typically offer 2-3X greater rate of return than the best interest rate a lender can earn through the bank, in stocks, bonds or CDs.

Low Risk: A private lender’s investment is secured by a tangible asset as collateral, unlike stocks and bonds which are unsecured (why do they call them securities, I wonder?). This investment is secured with a promissory note and deed of trust; and lender’s insurance also protects the lender. The lender is named as additional insured on the insurance policy.

No cost to the lender: There is no cost to have your investment managed for you, unlike your typical financial advisor or funds manager who takes 1-2% in management fees off your securities investment portfolio.

You can drive by your investment: Your investment as a private lender is secured by tangible real property. You may decide which property you wish to collateralize your private loan. You may visit the property as an investor works on fixing it up to see what they are doing with your investment.

Unique opportunity: A private lender’s investment is highly localized, typically in neighborhoods and properties with which the lender is intimately familiar.

Real World Investor: Typically, the private lender has met and knows the real estate investor securing the loan. The investor is personally accountable to the lender. In addition, the lender can check references and credit histories from the investor.

Educational: A private lender has the opportunity to learn from and study real estate investing, by observing the entire process as an investor in it.

Community Involvement: The private lender has the reward of knowing that s/he has helped in improving and revitalizing a neighborhood, offering affordable housing for an end-buyer, and played a small role in saving the world…one house at a time….

August 7th Tour of Seller-Financed Homes For Sale in Seattle

2011-07-31T17:40:00.000-07:00

You are invited to Seattle’s Sunday Tours of Homes this August, which will feature properties of special interest to investors, cash-buyers, and first-time homebuyers. The tours are free, and sponsored by Home Land Seattle.

The first tour is scheduled from 1-3pm this coming Sunday, August 7.

We will meet at 1 pm sharp at the first house on the tour, 8818 30th Avenue West (please be sure to confirm the location before you show up by checking the Seattle Real Estate Investor blog at www.wendywonder.blogspot.com). You will pick up detailed maps, directions and information of the featured houses at the first house.

There will be 5-7 houses on the tour, approximately half located in northwest Seattle, and the other half in West Seattle. Houses planned for the tour (at this point) range in price from under $200,000 - $349,500; with two – five bedrooms, and an average size of 1900sf.

The Tours are scheduled as follows for the month of August:
8/7 - Seller Financed Properties for Sale- Meet at 8818 30th Ave W
8/14 - Estate Sales (Free & Clear) Properties
8/21 - Fixers
8/28 - REOs, Foreclosures

No reservations are necessary; no sales pressure, no obligation. You drive your own vehicle, so you may stop at whichever homes you wish to see. As a part of a larger group, you will have opportunities to learn from the constructive comments of your fellow tour members.

The Sunday Tours of Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

Saving the World...One House at a Time

2011-07-29T07:39:00.000-07:00

Great program last night at the Real Estate Association of Puget Sound, on securing real estate with private funds from home sellers and other individuals. A real win-win for both the buyer and the seller. The seller broadens the pool of available buyers by offering seller financing; sells the home more quickly; and for more money than a conventionally-financed deal. The investor buyer, working with private funds, is able to fix up a house, helping to improve the neighborhood, and provide affordable housing for an end-buyer. And the private lender earns 2-3 times what they can earn through the bank or stock market, with their investment secured by tangible real estate.

With that understanding, there are great deals out there on the local MLS by savvy sellers offering owner financing. This will be the theme of the homes selected in my first homes tour of the August Sundays Tours of Homes.

The tours are free! You drive your own vehicle, so you may stop at whichever homes you wish to see. There will be lots of other buyers on the tour, and show times are exact. If you are interested in one of the homes on the tour, we can arrange a lengthier private showing at another time.

There is no sales pressure, no obligation being a part of a larger group and you will enjoy the constructive comments of your fellow tour members. Each tour features a different class of Seattle property.

Here is how it works: Our tours begin on selected Sundays. Each tour runs from 1-3 pm and you may meet us at any home on the tour. Tours begin at 1pm SHARP at the first house on the schedule where you will pick up detailed maps, directions and information of the featured houses. I will post the schedule of houses on the tour 3 days in advance on this Seattle Real Estate Investor blog.

Tentative Schedule:
8/7 - Seller Financed Properties for Sale
8/14 - Estate Sales (Free & Clear) Properties
8/21 - Fixers
8/28 - REOs, Foreclosures

This first tour on Sunday, August 7 will feature approximately three houses in N Seattle and 3-4 houses in West Seattle that all advertise some form of owner financing. Asking prices on these homes range from just under $200,000 - $390,500. They range from 2-5 bedrooms with an average of 1900sf. Perfect for investors, cash buyers or first-time homebuyers!

If you are interested in this FREE tour, please message me privately, call me at 206-355-1706, or respond to this post. We'd love to see you on this tour!

Multiple Offers from Investors

2011-07-26T11:47:00.000-07:00

As so many investors are interested in wholesaling, this blog article focuses on different offers that a wholesaler might make to a seller to secure a deal.

So as a wholesaler, you have done your mail campaign, or your drive-bys, or run an ad, and all of a sudden, you get in touch with a seller! Now what?

I recently blogged about “pre-screening the seller” to gather information to ensure that this property is truly a deal, and to establish a rapport with the seller. You have done that, and promised to get back to the seller with an offer within a relatively quick timeframe.

It may be possible to present some options that very day, but only if you are sure you have done all necessary research in advance and are comfortable with the options you wish to present. If not, offer to get back in touch within the next day or two to present your offer.

Please do not think that price is the only negotiable term, although for many sellers it will be the most important one. Previous articles have outlined the numerous terms that are negotiable in a real estate transaction, and any offer should be crafted to address the seller’s particular set of issues.

Many investors like to present multiple offers. Like a multiple choice quiz, the respondent is very likely to pick an option, as opposed to a simple “yes” or “no” answer. The goal is to keep the discussion open and the possibility that if not now, at some point in the future, one of your options will make enough sense to be attractive. Savvy investors know that a “no” now, is just a “no” now. Sellers do come back, if they are truly motivated and can’t find a better alternative.

With options, you give some attractive alternatives for a seller to mull over or discuss with you. I like to begin with a full-price offer, or one with a very generous purchase price. Agents and sellers are usually thrilled when they hear you are making a full-price offer.

Then reality sets in, because at full price I am also going to set the terms. This full price offer may include a low- or no-down payment, deferred payments or interest, or a very low or no rate of interest on installment payments. There may be other negotiable terms, including long-term seller financing. This “high” purchase price offer will typically include a number of terms that make sense for the investor, but may or may not be comfortable for the seller.

My last option will include an all-cash, buy-it-now price for a deep discount offer. It may remove all financing and inspection contingencies, and I may offer to pay all closing costs.

I may also include 1-2 additional options, with a price between the high purchase price and the all-cash price, with terms that vary but may include simple interest or amortized payments. These can be custom-crafted to match the needs of both the investor and the seller.

This technique of multiple offers is also quite effective when you are not sure of the seller’s true needs or motivations, and will allow you to identify these fairly quickly by targeting the options that seem most attractive to the seller.

So armed with multiple alternatives for your sellers, go make some offers!

First-Time Renter?

2011-07-23T12:57:00.001-07:00

Here's a sweet little rental that is perfect for first-time renters, folks with little or no furniture, and/or those looking for the flexibility of a short-term rental.

AVAILABLE DEC 2011! Enjoy the holidays in Seattle! Partially furnished, with futon, most furniture, curtains, linens, towels, kitchen supplies, etc. 2BR apartment (one large bedroom, 2nd room for guests, study, office,etc) in elegantly restored house-share with old world charm and details -- walking distance to Lake Washington, stores and restaurants in a quiet residential neighborhood just 2.5 miles from downtown Seattle.

Dramatic lighting and divided living spaces, funky but nice! This unit has good light, its own separate entrance from the house, a small kitchen, washer and dryer (shared with upper floor), with wall-to-wall carpeting in a large living area and the larger of two separate bedroom spaces.

The smaller bedroom has hardwood flooring, but not a true legal bedroom. It would work fine for overnight guests, office, study/media or workout room.

Cozy, functional kitchen with refrigerator, electric stove/oven, exhaust fan and microwave. Quite a bit of space for someone who wants more than the typical cramped one-bedroom in this price range!

Semi-private partially-fenced backyard with deck and awesome view of Mt Rainier, Cascades, Lake Washington and Bellevue skyline. Not a noisy apartment complex--this space also comes with one off-street parking space in a shared driveway.

Free utilities include wireless internet, basic cable TV, electric, garbage, sewer, and lawn maintenance. Easy access to I-90, highways, and bus lines.

All monthly tenants must submit an application, with screening on background, credit, income and rental history.

Mortgage Interest Rates Over the Past Two Decades

2011-07-21T20:05:00.000-07:00

This is a pretty cool chart showing the trend in mortgage interest rates over the past two decades:

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http://screencast.com/t/IzSBYMA2Q

In addition to the drop in housing prices, it makes owning a home even more affordable today!

Learn How to Earn a Better Rate of Return!

2011-07-20T13:08:00.000-07:00

Are you disappointed in the performance of your portfolio of stocks, bonds and equities? Are you looking for a higher rate of return on your bank savings and CD accounts? Would you like to be earning more money for retirement on your IRA and 401K accounts?

What type of investments are most attractive to you? What are the most important factors you consider when deciding on an investment?

What rate of return do you need to make to feel satisfied with your investments in mutual funds, IRAs or 401K?

What rate of return do you expect from your money market, savings, and bond accounts?

What rate of return would you look for on your real estate invesments?

What rate of return do you expect for lending private funds? Have you thought about lending private funds?

If you would like to learn more about private funding, and how it works, please send for our free report on private lending by responding to this post, or confidentially to me at HomeLandInvestment@gmail.com. There is no obligation or cost to get some free information, and to determine whether private lending is right for you.

Can't You Get a Mortgage?

2011-07-18T08:44:00.001-07:00

Inevitably, when approaching a seller about providing owner financing, this question comes up.

Well, if you can put 10% down and pay 5% interest, why don't you get a mortgage?

Here is my response.
First, a bank may not let me put as little as 10% (or less) down on a property today, and certainly not if it is a non-owner-occupied investment property or rental. Investors are significant buyers in today's market, the first to go in where others fear to tread. By requiring a 20-30% down payment, as many traditional lenders do, an investor who often plans to spend that much in remodel costs anyway, will balk. Better to find a deal that does not require that much out-of-pocket cash.

The less cash I have to put down, the more deals I can buy. Or the more I can put into fixing up the property.

Banks have all kinds of requirements that an investor might find onerous. For example, lenders will limit the number of properties that a single investor may finance. The limit may be four, or it may be ten properties. Again, with seller financing, an investor does not have to limit the size of his portfolio and can buy more properties than dealing with a bank.

Until recently, FHA financing required a lengthy amount of time for "seasoning." (See my previous post on this). An investor was unable to buy a property, fix it up, and resell it without having to wait for this "seasoning" term to expire. Therefore, many investors stopped flipping and hence, stopped buying.

Banks require appraisals, pre-payment penalties, mortgage insurance and other fees that add to the cost of a property, and limit an investor's flexibility.

Nationally-known note-buyer Eddie Speed claims that 50% of deserving buyers cannot qualify for a mortgage today.

A seller offering owner financing has a larger pool of potential buyers, can get a higher price for his property, and receives an above-market rate of return on his cash. In some cases, through seller financing, he may be able to defer capital gains taxes. And his investment is secured by collateral (his property he sold)that he knows.

Sure there are risks for the seller, but these can be mitigated. If the buyer/borrower has a good credit score - say anything higher than 690 - good references and track record, good income, and/or some "skin in the game" (which includes not only the down payment to the seller, but also the investment they intend to make in the property), then the seller can feel more secure about making a loan.

And if the buyer should default, the seller gets to keep all the money he has already received, all of the improvements to the property, and gets his property back to keep or sell again. Furthermore, Washington is a non-judicial foreclosure state, which means that the foreclosure process is much faster than in a judicial state.

Why can't the buyer get a mortgage?
Well, maybe he just doesn't want one....

Great Refinance News for Investors!

2011-07-14T10:07:00.000-07:00

This just in, courtesy of Guild Mortgage:
Fannie Mae recently released new guidelines on cash out refinances for investment properties. These new rules will open the doors for a significant number of investors to re-coup their money when they purchase a property and for those who own 5 or more properties. No longer will an owner have to wait six months to get their money back when they purchased a property with their own funds. Before this change a homeowner who paid cash for a new investment property would have to be on title for six months before Fannie Mae would allow a cash out transaction for them to get their money back.

Here’s how it works. Fannie still considers it to be a cash out transaction, but as long as the owner meets the following conditions they can get their money back and help with their cash flow.
The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV/CLTV/HCLTV ratios for the transaction).
The purchase transaction was an arms-length transaction.
The transaction is documented by the HUD-1, which confirms that no mortgage financing was used to obtain the subject property.
The sources of funds for the purchase transaction are documented (such as, bank statements, personal loan documents, HELOC on another property).
All other cash-out refinance eligibility requirements are met and cash-out pricing is applied.
Note: The preliminary title search or report must not reflect any existing liens on the subject property. If the source of funds to acquire the property was an unsecured loan or HELOC (secured by another property), the new HUD-1 must reflect that source being paid off with the proceeds of the new refinance transaction

The news also keeps getting better. Before these new guidelines were implemented people with 5 to 10 financed properties were out of luck. They couldn’t do a cash-out transaction at all, regardless of how long they owned their properties, they were limited to standard rate and term refinances. The doors are now open for them as well. As long as they meet the stricter standards set for those with multiple properties, they too can get their money back.

Don’t keep this news to yourself it could open doors for more investors and those that have been stymied by the long time frames in the past.

Sunday Tour of Bargain Homes In August!

2011-07-14T08:31:00.000-07:00

Our Sunday Tour of Bargain Homes in Seattle will be starting up again in August. We will be featuring properties of special interest to investors, cash-buyers, and first-time buyers. Now is a great time to cherry pick from among the many motivated buyers in the marketplace! Inventory is up, prices are down, and mortgage interest rates have never been lower.

Here is our tentative schedule of tours, every Sunday in August from 1-3pm:
8/7 - Seller Financed Properties for Sale
8/14 - Estate Sales (Free & Clear) Properties
8/21 - Fixers
8/28 - REOs, Foreclosures

We try to focus on desirable Seattle neighborhoods and desirable home configurations (eg. 3BR/2BA) as much as possible, to find the very best deals for our buyers!

The tours are free! Please post a comment here or contact me directly, if you are interested in any of these tours.

FHA Bridal Registry

2011-06-29T06:50:00.000-07:00

Are you planning to get married and buy a home in Seattle, but wonder from where your down payment funds will come?

FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf.

It's a win-win! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance. The misunderstanding of how this program works might be the fact that it was originally only allowed by banks. Soon after, FHA modified the program and offered new flexible options and the opportunity for the newlywed to set up the account at any bank. Plus, newlyweds are now able to make deposits on their own from the gifts they receive.

Here's how it works in 3 simple steps:

--You will open a savings account at your bank prior to the wedding

--Friends and family will be given the banking information where the gifts will be deposited

--All of the gift funds can go towards the FHA required 3.5% down payment.

Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor. There is no requirement that you be married prior to closing on your new home.

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named "bridal registry account."

It's that simple!

Please contact me for a list of preferred lenders who can help set this up for you.

Your Wilderness Retreat!

2011-06-15T16:30:00.000-07:00

PRICE JUST REDUCED!!!

www.MyWildernessRetreat.com:

The sweetest vacations take you back to the best memories: swimming holes, fresh pine air and campfires, curling up with a book. Find old-fashioned bliss while living at this carpenter's private, wooded retreat and shop with Hood Canal view, and over 5 acres of buildable land, approved for a 4-bedroom septic system.

This little corner of paradise, just two hours from Seattle, nestles you right on the distant side of Hood Canal to share the serenity with eagles and osprey. Or perhaps to explore the hiking trails of Olympic National Park at Duckabush and Dosewallips.

Whether you're celebrating a honeymoon, anniversary, or just each other's company, every day at this property will feel like a vacation -- just sit back and admire views from the sweeping forest to Hood Canal.

Hold hands on your walk down to the wood-fired sauna to admire the snow-capped Olympic mountains, bathed by the smell of cedar and evergreen, then plunge into the spring-fed pool outside its door.

Be sure to walk the woodland trails winding the hillside or invite the children to swing on the rope swing over the fern grotto (see video on Virtual Tour link below).

Property currently houses a small sleeping cabin, a heated carpentry shop with office space, bath and shower, a wood-fired sauna at the edge of a vernal stream, a garden shed, cistern, two pump houses, and harvestable timber. The property is served by electricity and a spring-fed water system. Camp out in your private retreat getaway near Hood Canal, while making plans to build your dream home here!

Owner financing available with 25% down!

www.MyWildernessRetreat.com

Courtesy of Home Land Seattle

FREE Sunday Tour of Homes in Ballard!

2011-05-19T19:52:00.001-07:00

Start here, at this new Phinney Ridge listing, for a tour of six great Phinney/Ballard properties in Seattle, priced under $550 ,000, each with a minimum of THREE bedrooms! The tour is FREE, no obligation, no reservations required. Just mark your calendar for Sunday, May 22 and come join us!

Our Sunday Tour of Homes is Very Different from a Traditional Open House

Our Sunday Tour of Homes is a great way to get an overview of what homes and features are available in your price range in your favorite Seattle neighborhoods. There is no pressure, no obligation being a part of a group and you will enjoy the constructive comments of your fellow tour members.

Each tour features a different Seattle neighborhood. Call 888-621-4999 x4 for recorded information on our next tours or for a complete information packet on each of our featured listings on the tour.

Here is how it works: Our tours begin on selected Sundays. Each tour runs from 2-4 pm and you may meet us at any home on the tour. Tours begin at 2pm SHARP at the first house on the schedule where you will pick up detailed maps, directions and information of the featured houses.

For the May 22 Tour: Meet at 216 NW 67th St at 2 pm to pick up maps, directions, and listings for each house on the tour. Feel free to drive by the homes before the scheduled tour times, but once the tour starts, don’t be late for the one(s) you want to preview. There will be lots of other buyers on the tour, and show times are exact. If you are interested in one of the homes on the tour, we can arrange a private showing at another time.

Tentative Schedule:
2pm: 216 NW 67th St $540,000
2:20pm: 352 NW 71st $549,000
2:40pm: 322 NW 73rd St $499,950
3:00pm: 7312 8th Av NW $489,950
3:20pm: 823 NW 65th St $490,000
3:40pm: 5803 3rd Av Nw $484,900

The Sunday Tours of Homes are led by Wendy Ceccherelli, Designated Broker for Home Land Investment Properties, Inc. She is an experienced real estate investor, and the tour provides valuable guidance for first time home buyers, real estate investors and other bargain house-hunters.

According to Wikipedia, “Phinney Ridge is a neighborhood in north central Seattle, Washington, USA. It is named after the ridge which runs north and south, separating Ballard from Green Lake, from approximately N. 45th to N. 85th Street. The ridge, in turn, is named after Guy C. Phinney, lumber mill owner and real estate developer, whose estate was bought by the city and turned into Woodland Park in 1899. Phinney Ridge's main thoroughfare, which runs atop the ridge south of N. 67th Street, is Phinney Avenue N. North of N. 67th Street, the arterial swings a block to the west and becomes Greenwood Avenue N. The route is lined with many small businesses and shops, as well as the Phinney Neighborhood Center, located at the corner of Phinney and 67th. It has occupied the former John B. Allen Elementary School building, which was built in 1904, since 1981, when the school closed. Phinney Ridge's main east-west thoroughfare is N. 65th Street."

To be notified of upcoming Sunday Tours of Homes, call our free 24/7 recorded real estate hotline at 888-621-4999 x4.

You will find the Sunday Tour of Homes to be much more convenient, efficient and productive than a traditional Open House!

Courtesy of Home Land Investment Properties, Inc.

Latest Housing Market Report

2011-04-06T17:32:00.000-07:00

The latest report from the NW Multiple Listing Service, with specific Seattle stats

KIRKLAND, Wash. (April 6, 2011) – Last month‟s pending sales fell below year-ago totals in Western Washington, but brokers say the market is faring quite well, considering last year‟s activity was boosted by federal tax credits.

The latest report from Northwest Multiple Listing Service shows 7,570 pending sales of single family homes and condominiums during March. That's down about 12 percent from a year ago when members reported 8,605 pending transactions (mutually accepted offers) across the 21 counties in the Northwest MLS service area.

In the City of Seattle, there were 507 single family home transactions in March 2011 as compared to 585 transactions in March 2010, a decrease of about 13 percent.

Most observers consider last year's first two quarters to be an anomaly, as tax credits provided an unusual stimulation to home buying patterns. A comparison to two years ago reveals a double-digit jump in pending sales. Area-wide, the volume is up nearly 33 percent, rising from 5,701 pending sales in March 2009 to 7,570 for last month. For the fourcounty Puget Sound region, pending sales spiked nearly 42 percent compared to two years ago (from 4,266 to 6,049).

Buyers have plenty of choices, although the selection is smaller than a year ago, reflecting fewer new listings being added to inventory. Members added 9,812 new listings to inventory last month, which compares to 12,994 additions for the same month a year ago. At month end, the Northwest MLS database included 33,444 active listings, including 28,146 single family homes and 5,298 condominiums. That's a
drop of 5,272 properties, a decline of 13.6 percent.

Yet, some urban core neighborhoods, such as Greenlake and Queen Anne in Seattle, are seeing very strong demand, and a waning supply of desirable homes for sale.In fact, the $377,000 median sales price of Seattle homes sold in March is practically unchanged from last March median sales price of $377,750.

Distressed properties continue to drag down prices virtually everywhere outside of Seattle. According to research by the National Association of REALTORS®, nearly one of every four home sales (24 percent) in Washington is classified as a short sale or foreclosure.

Northwest MLS members reported 4,590 closed sales of single family homes and condominiums last month. That total represents a drop of 7.7 percent from twelve months ago when members notched 4,972 closings in the NWMLS service area overall. Prices on last month‟s closed sales system-wide declined about 8 percent compared to a year ago. The area-wide median sales price was $242,925; a year ago it was $264,470

In King County, prices dipped about 7 percent ($319,950 last month versus $343,950 for March 2010), although the gap was much narrower in some areas. In the Northwest MLS map areas comprising the Eastside, prices were off about 2 percent ($435,000 versus 444,000), while in the Seattle area, the year-over-year drop was only about 1
percent ($357,500 versus $361,500). I am not sure how the NWMLS defines "Seattle area" as the median sales price I calculated for Seattle proper, was higher than the figures they report here.

Commenting on the latest nationwide report on pending sales, Lawrence Yun, NAR chief economist, said “We may not see notable gains in existing-home sales in the near term, but they‟re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who‟ve been on the sidelines....Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 22,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 21 counties in Washington state.

Installing & Maintaining a GFCI (Ground Fault Circuit Interrupter)•

2011-04-06T16:50:00.000-07:00

Installing & Maintaining a GFCI (Ground Fault Circuit Interrupter)•

I work with some pretty capable and competent real estate professionals, to provide the very best service to my clients. In fact, I use them myself on my own investment properties! The following article is courtesy A-Pro home inspector Jesse Longman:

You may have heard of a GFCI (ground fault circuit interrupter) or GFI (ground fault interrupter). The GFCI is a valuable safety device that should be installed in bathrooms, kitchens and any other rooms with a sink; in the garage; near pools; and at all exterior outlets.

• If your home is fairly new, it already has GFCIs. They have been required in new construction and remodeling for about 15 years. If you are spending the money to remodel a kitchen or bathroom, add GFCI outlets there and at every other spot in your home where damp or wet conditions occur. Hire an electrician to do this job.

• The GFCI uses sensitive circuitry to prevent shocks. A tiny imbalance in the power and neutral line will trip the GFCI. The imbalance indicates the possibility of current leakage that could deliver a shock.

• GFCI outlets or circuit breakers provide a high level of safety for a very small cost. The GFCI outlet can cost less than $10. In most locations, it can be installed in just a few minutes.

• Don't confuse a GFCI with the fuse or circuit breaker in the basement. The fuse or breaker protects the wire from overloading, overheating and burning. A fuse will allow 15 or 20 amps to flow through the circuit before it trips-that's more than enough power to electrocute you.

• Once the GFCI is installed, test it monthly with the test/reset button on the face of the breaker or outlet. Push the test button, and the GFCI will trip. Reset the GFCI by pressing the reset button. Often a GFCI outlet in one bathroom also protects other bathrooms, the garage, and exterior outlets.

Foreclosure Inventory

2011-03-31T11:23:00.001-07:00

Sometimes it's hard to find some valuable good news to report. On those days I just have to report on the jaw-dropping news that makes you go hmmmmmm.

A new report from Lender Processing Services revealed that foreclosure inventory levels were more than 30 times that of monthly foreclosure sales volume last month. And the average loan in foreclosure has now been delinquent for an astounding (record) 537 days, while 30 percent of those in foreclosure haven't made a mortgage payment in over two years (lots of free rent). The numbers indicate a huge foreclosure backlog, exacerbated by the ongoing robosigning scandal, which should put downward pressure on home prices for some time as mortgage lenders are forced to sell them on the open market.

Additionally, February's data showed that foreclosures related to option arms increased 23 percent over the past six months, making them the worst types of loans out there at the moment.

--Submitted by Katherine Swanberg of TriStar Finance

Top Ten Zip Codes for Real Estate Transactions in Western Washington

2011-03-27T16:02:00.000-07:00

Below are the top ten zip codes with the highest number of real estate transactions in Western Washington in the last six months. Beside each zip code is the major city, the number of transactions that occurred in that time frame, and the median single family home sales price:

1- 98012 Mill Creek 314 $319,700

2- 98387 Spanaway 267 $180,000

3- 98391 Bonney Lk 240 $251,200

4- 98059 Renton 199 $375,000

5- 98052 Redmond 198 $506,500

6- 98513 Olympia 195 $217,995

7- 98115 N Seattle 179 $465,000

8- 98375 Puyallup 178 $205,000

9- 98374 S Hill 174 $221,250

10- 98338 Graham 174 $234,425

Real Estate Investing Risk Management

2011-03-24T14:54:00.000-07:00

Minimize Risk with Multiple Exit Strategies

In a recent blog, we stressed the importance of taking action as an investor. Taking action means making offers to sellers.

Before you make your first offer to a seller, you will have done your due diligence, inspected the property, estimated repairs and negotiated price and terms. What you negotiate will depend very much on the exit strategies you intend to use. Having multiple exit strategies will minimize the risk you take in making an offer.

Multiple exit strategies? You mean, I need to have more than one?

Yes, indeed! If Plan A fails, what is your Plan B? Better yet, if Plan B fails, what is your Plan C?

If your success is dependent on only one exit strategy, then you are at risk to fail as an investor.

Let’s look at some examples of multiple exit strategies. For example: Let’s say you have no cash, and no credit. So you decide you are going to wholesale property. Wholesaling means you find property at below market value and you sell it below market value. Typically, in order to sell low, you must first secure the property by successfully negotiating a purchase and sale agreement with the seller.

Along with many other savvy investors, I typically wholesale EVERYTHING. I will put an ad up on the internet offering the property for sale which I have just gotten under contract. If I get calls on it, then I know I have a good deal. No calls, well, then maybe it is not such a good deal….

If it is not a good deal, or I may have made a mistake, I’d better have some contingencies in my purchase and sale agreement that allow me to back out without a penalty. Inspection or financing contingencies are often used in this fashion. They allow the buyer to back out, or to renegotiate on price and terms. These are reasonable exit strategies if there are unpleasant surprises early in the contract phase.

But if it looks like a good deal, I have several possible exit strategies: I can go ahead and wholesale it at a price acceptable to me, or I can find the financing to keep it and develop it myself.

If I decide to keep the property, what are my options? Should I fix it up and flip it for quick cash? Or should I hold it and rent it out? I’d better sharpen my pencil, and see which of these options make the most sense, and what I need to do in order to succeed with either option.

If I keep it, I will need financing. Again, I need to have multiple strategies. Can I qualify for low-cost conventional bank loans? If I have no money, and no credit, probably not. Can I partner with another investor, the seller, or another private lender to raise the capital I need? If I decide to borrow hard money, how long can I afford to hold it until I can sell or refinance? What happens if I cannot sell the property within that time frame?

Working through multiple options will minimize the risk of moving forward on any investment. Typically, the best deals afford multiple exit strategies, all profitable to the investor. Remember Andy Heller’s “buy low, rent smart, sell high” approach to investing? If he bought at the right price, it did not matter whether he wholesaled the property, rented it, lease-optioned it, or sold it immediately. He made money either way.

A savvy investor will always ask him/herself, if this exit plan doesn’t work, what else can I do? And there had better be an answer besides “I don’t know!” If you always have a back-up plan, you will never be afraid to make an offer on a really good deal.

Looking for a Cash Buyer!

2011-03-03T12:17:00.000-08:00

Awesome views of Lake Washington.

Two days on the market, and no offers yet. Phones ringing off the hook for the listing agent. Over a dozen real estate brokers through on the first day of listing. Bank-owned and priced to sell.

Definitely a "hot" deal. Definitely will go fast. Houses in this part of Seattle do not come on the market often; at least not ones where you step out your door and immediately onto the linear park that runs along Lake Washington Boulevard between Stan Sayres boathouse and Seward Park.

This house is priced well-below tax-assessed value, and at $340,000, significantly below Seattle's median home sales price of $375,000.

So what is wrong with it? It is a 1938 house in pretty much original condition. It is a major fixer. But in a neighborhood of million dollar homes and million dollar views, there is room to invest a substantial sum and still retain big equity, even in today's market.

Even in today's market, I suspect there will be a bidding war for this property, multiple offers, and that it will go for more than the list price. The successful bidder will likely be a cash buyer, who does not need bank financing (or who will get bank financing AFTER paying cash for the house). Nevertheless, proof of funds or a prequalification from Wells Fargo are required to even submit an offer.

Deals are out there, especially for cash buyers. Cash is king in this market, and NOW is definitely the time to buy....

PS. Please call me IMMEDIATELY if this property is of interest....

Real Estate Investors Take Action

2011-02-25T09:45:00.000-08:00

One of my first real estate gurus counseled me that in order to be successful, I had to get face-to-face with sellers every day. Investment speaker Anthony Youngs preached that if you are not making offers, you are not in the game. National speaker Brian Buffini claims that the number one reason investors fail is for lack of leads. Leads can be people, property or partners.

The bottom line is: If you do not take action as a real estate investor, you will remain an investor wannabe. Real estate investors become successful by taking action. You will note that many national speakers seem to pay an inordinate amount of attention to attitude. That is, the attitude that propels you to take action towards your goals.

This is critically important, not just in real estate investing, but in all aspects of life. First and foremost, you must know what you want. And you must want it badly enough to pursue it through good times and through bad. That is why most trainers begin with goals, vision, motivation, and planning. Real estate investing is a numbers game, and there will be more no’s than yeses in the pursuit of success. Fear of rejection, failure or anything else should not prevent you from moving forward.

Your membership in your real estate investors association is a first step in your journey as a real estate investor. Your success as a real estate investor will blossom in direct proportion to the effort you put into getting the most out of this association. Networking, education, resources, training, contacts. They are all here for the taking.

The Real Estate Association of Puget Sound (REAPS) is the largest real estate investors network in Washington state. We at REAPS want to see you succeed, and we will help you find the tools to do that. This is one reason we are hosting a FREE orientation to REAPS, your real estate investors association, at the Lake City Library in Seattle on May 21. Details to follow in an upcoming newsletter.

But attending meetings with other real estate investors is only a first step in taking action. You will need to prepare yourself in many other ways. Read as much as you can about real estate and real estate investing. The REAPS newsletter and the REAPS library are great starting points.

It is not enough to sit in meetings and read books, but that is where we all begin.

Once you have defined your focus, figure out where you can find properties, people, partners and resources that help you target your area of focus. Talk to others who have done it, are doing it. Look for mentors, and opportunities to apprentice or learn. Put yourself in the path of progress.

Move beyond your comfort zone. Speak up. Ask questions. Talk to sellers, buyers, lenders. Ask for partners. Practice on family and friends. Find some deals. Or what you think are deals. Ask someone more experienced what they think. The Kitsap satellite of REAPS devotes a portion of most of their meetings to doing deal analysis on deals that their members bring to the meeting. Take advantage of these opportunities.

Don’t let ignorance hold you back. If you don’t know something, go find out – or find someone who does know! Your investor association is not responsible for your success or failure – YOU are!

And start making offers!

A future blog will focus on Minimizing Risk with Multiple Exit Strategies. So you will have no excuse for not taking action….

Wendy Ceccherelli is the volunteer membership coordinator for REAPS. She has been a full-time real estate investor for the past six years, and is the designated real estate broker for Home Land Investment Properties, Inc. Prior to her career in real estate, she spent twenty-five years as a government arts funder. More information on real estate topics may be found on her website at www.HomeLandSeattle.com

What is Title Insurance?

2011-02-23T12:52:00.000-08:00

Today's guest blog was submitted by First American Title representative Julie Satko.

Title Insurance… What is it?

Title is a bundle of rights in real property. Protecting purchasers and lenders against loss is accomplished by the issuance of a title insurance policy. Usually, during a purchase transaction the lender requests a policy (commonly referred to as the Lender’s Policy)while the buyers receive their own policy (commonly referred to as an Owner’s Policy).

In short, the policy states that if the status of the title to a parcel or real property is other than as represented, and if the insured (either the owner or the lender) suffers a loss as a result of a title defect, the insurer will reimburse the insured for that loss and any related legal expenses, up to the face amount of the policy subject to exceptions and exclusions contained in the policy.

Who is covered?

Typically there are two (2) policies issued. The Lender’s Policy insures the lender for the amount of the loan. The Owner’s Policy insures the purchaser for the purchase
price.

Seattle Market Recovery?

2011-02-09T20:21:00.000-08:00

CNN Money just named Seattle and Tacoma as being among the top three housing markets poised for recovery.

And just look at these stats on single family home sales in King County:
2010 - 16,728 transactions/ median sale price $ 380,000
2009 - 16,650 transactions/ median sale price $ 377,500

Looks to me like we may have turned a corner....

Hike. Swim. Sail. Climb. Welcome to Western Washington.

2011-02-04T16:22:00.000-08:00

Motivated Buyers Returning to the Washington State Housing Market

2011-02-03T12:08:00.000-08:00

The NWMLS just released their January statistics:

KIRKLAND, Wash. (Feb. 3, 2011) – Dramatic increases in open house activity and shrinking inventory are fueling optimism among members of the Northwest Multiple Listing Service. Many believe that the bottom of the local housing market has been reached.

Year-over-year pending sales were down somewhat, the volume of new listings declined more than 23 percent, sales prices continued to slip, but the number of closed sales increased slightly across the 21 counties in the Northwest MLS service area.
Last month’s pending sales lagged totals for the same month a year ago, but only by 186 units system-wide, a decline of about 3.3 percent.

Members reported 5,393 pending sales (mutually accepted offers) of single family homes and condominiums during January. That compares to 5,579 pending sales for the same period a year ago, and marked a big gain from both January 2009 (4,353 pending sales) and January 2008 (4,499 pending sales).

Closed sales rose a modest 2.1 percent from a year ago, increasing from 3,142 transactions to 3,207 sales. Prices on those completed sales were down about 6.3 percent. The overall median price for last month’s closed sales of single family homes and condominiums was $243,500, which compares to the year-ago selling price of $259,903. For single family homes (excluding condominiums) the median selling price was $250,000, down about 5 percent from a year ago; for condos, last month’s sales had a median price of $200,000, down 16.7 percent from twelve months ago.

Only four counties (Clallam, Cowlitz, Kitsap, and Okanogan) reported year-over-year price gains.

In King County, the median sales price on last month’s sales was $333,500, a drop of 4.7 percent from twelve months ago when it was $350,000.

Figures from the National Association of Realtors® show distressed homes rose to 36 percent of sales of existing homes in December, up from 33 percent in November and 32 percent a year ago. Such homes are typically discounted by 10 to 15 percent, according to NAR research.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

For more information on this report, contact the Northwest Multiple Listing Service.

5 Tax Tips to Save You Money in 2011

2011-01-25T16:52:00.000-08:00

This month’s guest article is contributed by attorney Linda A. Winslow, J.D.

1. Investment Income: The capital gains and dividend tax rate will stay at 15% until at least the end of 2012. For any non-tax deferred investing you plan on doing, make sure you take advantage of the low 15 percent capital gains tax rate now, because the chances of it staying this low past 2012 are not great. If you are planning to reduce your real estate holdings taking advantage of this low capital gains rate will substantially increase your return on investment (ROI).

2. Small Business Capital Asset Deduction: Small businesses can benefit greatly from a few tax changes in 2011 by investing in fixed assets and equipment before December 31st, 2011. The Small Business Jobs Act signed this past September doubled the expense limitation from $250,000 to $500,000. The major advantage here is that these expenses can be fully deducted from the business' taxes if they are purchased within the year 2011. Eligible investments include office furniture and equipment, machinery, and computer software. If you flip properties, this deduction is available for any equipment you purchase. This deduction is not available for purchases of appliances for real property but can be used for such independent incomes as coin laundry equipment.

3. Roth IRA Conversion: A new change in 2011 tax laws will let anyone (no matter their income) convert a traditional IRA to a Roth IRA. In the past, there were income restrictions on who was allowed to convert a traditional to a Roth, but that has changed in 2011. If you believe that you'll be in a higher tax bracket at retirement, then converting now definitely makes sense because a Roth IRA takes in taxable money, which is then not taxed when withdrawn at the retirement age. This is a fairly complex decision, however, requiring both a good financial planner and a qualified tax professional.

4. Estate Planning: The new tax cuts and changes for 2011 can significantly save your estate money if you complete the correct estate planning. Starting in 2011, couples can add the unused estate tax exemption of their spouse (up to $5 million) to their own estate tax exemption (also up to $5 million), meaning they can transfer up to $10 million tax-free to family and heirs. For individuals with significant assets this can allow them to save big time. Remember the exemption is not automatic, individuals must plan their estate to take advantage of these exemptions before they expire. A qualified estate planning attorney can assist you with drafting your wills and trusts but the best result occurs when the estate planning attorney and your tax advisor work together.

5. Health Savings Accounts (also know as “HSAs”): HSAs are a great tool, which allow individuals and families to cover the cost of medical and health care expenses that would otherwise not have been covered by their health insurance plan. Best of all if you don’t use all the funds in any year you can keep the funds in the account until you need them. In effect, these Health Savings Accounts are tax advantaged medical savings accounts that you own. The funds that you contribute to an HSA are contributed on a pre-tax basis; that is they are not subject to federal taxes when you deposit them. Like an IRA accounts, you can contribute to your HSA account during any calendar year, through April 15th of the following calendar year.
The IRS Contribution Limits for 2010 and 2011, to a HSA plan, are $3,050 for a single individual and $6,150 for a family. If an individual account holder or the owner of a family HSA is age 55 or older, an additional “catch-up” contribution of $1,000 is also allowed.

Because any funds in your Health Savings Account not used during the calendar year, can be rolled over into the following year and continue to roll over, the balance in your HSA account can grow significantly over time.

King County Real Estate Forecast

2011-01-24T18:32:00.000-08:00

I attended a fabulous luncheon today at the Rainier Club to hear a talk by Spencer Rascoff, CEO and one of the founders of Zillow.com. He gave a fascinating talk about his work in starting two successful internet companies, Hotwire and Zillow; and then focused on his prognosis for the future of the housing market in the Seattle area.

Housing prices in our area are down 28% from their peak. Most of the rest of the country has experienced an average decline of about 33% peak to trough. If Seattle follows suit, then prices will roll back to approximately the April 2004 level. Mr. Rascoff expects the Seattle market to continue to decline through the 3rd quarter of 2011, and then remain flat for the next two years or so.

Reasons for his forecast are that vacancy rates remain high; their is a shadow inventory of foreclosures yet to hit the market (currently at 17% of all sales in our area); there is a pent-up supply of houses from individuals who would like to put their houses on the market, but have been waiting; and he also expects mortgage rates to increase.

I have a copy of the real estate market overview from December 2010, put together by Zillow's chief economist Stan Humphries, and will try to include excerpts in future blogs.

Investor Offer on Ballard Bungalow

2011-01-21T11:23:00.000-08:00

Here is a case study of a typical investor deal in Seattle. The subject property is a 1911 bank-owned one-bedroom, one-bath 590sf bungalow on a 3300sf lot in the highly desireable Ballard neighborhood of Seattle. It was listed on the NWMLS for $185000 for seven days, until which the bank was accepting offers. Offers were due by midnight yesterday.

My clients are investment partners who decided to submit an offer of $155,000 on the property with no inspection contingency, no financing contingency and no escalator clause. Their exit strategy was to secure a conventional mortgage with 20% down, clean up the property, replace the roof, and then rent it out for $1100-1200 per month. They estimated their monthly payments at $1076.

Last week we learned that there were five offers on the property. But while the agent shows the listing as pending, the bank has asked each of the bidders to submit their "best and highest offer." My clients have already done that, but I suspect that the bank was unhappy with the bids received. I suspect also that there may have been a number of low bids with escalator clauses, and the bank has now asked that bids be submitted without the escalator.

My clients have decided to hold tight. Will they be the successful bidders on this property? We will find out tomorrow!

But there are many such deals that investors can find on the NWMLS today, many short sales, pre-foreclosures, distressed properties, and REOs, in all price ranges in Seattle. A savvy buyer can find some fantastic bargains, especially those willing to do a bit of sweat equity. The biggest competition is in these lower price ranges, but a successful buyer makes offers!

If you want to jump into the game, be sure to drop me a line here or give me a call, text or email. Let's make some deals!

Who is My Customer?

2011-01-19T11:26:00.001-08:00

Home Land Investment Properties, Inc. specializes in single family homes in Seattle priced under the median home sales price, currently $375,000 in King County. Who is our typical buyer in this price range?

Our target buyer actually consists of two categories of buyer. One typical buyer would be a first-time homebuyer, aged 25-35, buying a starter home in a good neighborhood where they plan to stay long enough to start a family. They plan to have or have 1-2 children under the age of six-years old. They want the excitement, richness and diversity of urban living, but would like to be in a safe neighborhood with room for property value appreciation. Their favorite home is a 3 bedroom 2 bath older home of approximately 1200-1500 square feet in a good working class or better neighborhood. They love the idea of community, and the ability to walk to cultural and other amenities, including parks, trails, library, community center, stores, groceries, and other shops and businesses. They like short commutes, support public transit, but want easy access to freeways and highways. They are educated, young working professionals, most likely members of the creative class that includes knowledge workers, designers, developers, innovators, and inventors. They are attracted to the creative and technological energy of Seattle, and most likely work in downtown Seattle - or maybe across the bridge, at Microsoft. They are willing to do some cosmetic work to build sweat equity in their home.

Another typical buyer would be an investor, looking for urban fixer properties, the closer to jobs and the urban core as possible. They are looking for homes priced competitively to acquire, most likely for under $200k, that require a great deal of updating, remodeling or renovation. Their favorite home is a 3 bedroom 2 bath fixer of approximately 1200-1500 sf in a good, working class neighborhood or better. They are looking for quick cash homes to fix and flip; or homes to keep that would make great rentals. The typical investor is a young male with some construction experience aged 23- 40.

The typical seller is our first time homebuyer above, 7-10 years later. They want to get a bigger house in a better neighborhood, possibly moving to the East side for better schools.

Another typical seller has been in their home for more than ten years, and has lots of deferred maintenance, which is attractive to first-time homebuyers or investors. They do not have the resources to fix up the house, and may be upside down in their mortgage. They tend to be elderly, and facing medical or financial problems. They just want to be done with the house, tend to be highly motivated to sell, and anxious to move on with their lives.

Each of these clients are looking for solutions that help them transition to a new phase in life. Home Land Investment Properties provides solutions by facilitating real estate transactions, offering property management, or guaranteeing sales through cash purchases of these properties.

Improved Land with Sunset Water Views - FSBO

2011-01-08T16:41:00.000-08:00

Beautiful, private, wooded lot with west-facing views to Rocky Point tidal waterfront. Enjoy serenity and tranquil evening sunsets!

Includes a 754 sf three-car garage with a two-car door, and one-car door (already rented) both with shop space; and an additional 225 sf tall carport with concrete pad for RV parking. Mostly level site, has sloping meadow that contains neighbor's drainfield.

Deep water moorage at Bremerton Yacht Club is 1/2 mile away.

Buy this buildable lot, to put in septic and build your dream home with water views, or hook up your RV! Zoned UL ("Urban Low Density"), which allows for 5-9 units per acre; Indigo Septic Design says parcel will support a standard 3-bedroom septic system.

Owner financing is available, for $8500 down. Ask about terms.

Feel free to drive by, get out and walk the property! Located between 2525 and 2527 Rocky Point Rd NW. Owner/Agent.

Why Didn't Your Home Sell?

2011-01-05T10:20:00.000-08:00

If your home has just come off the market and hasn't sold, don't be discouraged. The reason it didn't sell may have nothing to do with your home or the market. In reality, your home may have been one of the more desirable properties for sale. If your listing has expired and you still want results, before you put your home back on the market, take a step back and review your situation.

Q Where should you begin?

A. Start by making a commitment to do what it takes to market your house to get it sold. With the right system, the home sale you want is still well within reach.

Q. Why didn't your home sell?

A. Review your previous selling plan and you'll discover that an expired listing usually reflects a problem in one or more of these four major areas:

1. Teamwork,
2. Pricing,
3. Condition of Your Home, and
4. Marketing.

❶ TEAMWORK
Your home is a major financial investment, and your relationship with your Broker should be a full partnership where your needs and wishes are heard, and you receive detailed and dependable feedback on the progress of your sale. Your broker has a responsibility to source this feedback from the agents who have shown your home, and to communicate this to you so together you can make the right decisions about what to do next. How well did this occur the last time you had your home up for sale?

❷ PRICING
Did price work for or against you?

The "right" price depends on market conditions, competition and the condition of your home. Pricing it too high is as dangerous as pricing it too low. If your home doesn't compare favorably with others in the price range you've set, you won't be taken seriously by prospects or agents.

You'll get the facts when you see the statistics!
To help you to establish a realistic selling price for your home, ask your agent to provide you with an up-to-date competitive market analysis to give you:

- a review of comparable homes recently sold or currently for sale,

- an idea of how long other homes have been listed, in order to calculate an average time in which a home can sell in today's market,

- a review of homes whose listings have expired, to understand what issues were at play.

Note: There is no mention of how much you paid for your home or its improvements. Like any other investment, the market value is determined by what a willing buyer will pay and a willing seller will accept.

❸ CONDITION OF YOUR HOME Show Case Quality!

Is your house someone else's idea of a dream home? When buyers enter are they inspired? Do they think, "I love this house!" Remember, the decision to buy a home is based on emotion, not logic.

A house in move-in condition invites a sale. You need to consider: - fixing all the little squeaks and cracks - keeping it clean for all showings - making it uncluttered - brightening it up - what your home shows like from the street concentrating on outside curb appeal.

Plus - Consider taking care of major items, such having your home painted. Offering an allowance to your prospective buyers, so they can have painting completed is not the same as having done it for them. Now, as they're trying to imagine what that new paint job will look like, they may also be discounting the price even further because of the less-than- perfect look of those walls.

Remember....
A house that presents well, sells for the best price because it outshines the competition.

❹ MARKETING
....Marketing Your Home To Sell! Some Questions You Should Be Asking!

One of the first steps in your marketing plan involves finding an agent who will best represent you. When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers. Compare, too, how much money each spends on advertising the homes s/he lists, in what media (newspaper, magazine, etc.) and the effectiveness of one medium over the other. Remember, it's not just how much they spend, but how they spend it.

Say goodbye to any real estate agents using old, traditional methods to sell your home because they don't work in today's market!

To be competitive in today's marketplace, agents who use new and innovative, non- traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.

For more information on homeselling tips, visit my www.HomeLandSeattle.com website.

Great Seattle Real Estate Newsletter!

2011-01-01T18:03:00.000-08:00

The latest version of our HomeMarketWatch Insider newsletter
is now available on our website at:
http://HomeLandSeattle.com/redir.asp?page=gold_newsletter.asp&t=sicNews

Each month, we publish a series of articles of interest to
homeowners -- money-saving tips, household safety checklists,
home improvement advice, real estate insider secrets, etc.
Whether you are currently in the market for a new home, or not,
we hope that this information is of value to you. Please feel
free to pass these articles on to your family and friends.

This month's features...

FEATURE REPORT:
- Should You Have the Air Ducts in Your Home Cleaned?

ALSO THIS MONTH:
- Don't Pay Another Cent in Rent To Your Landlord
- 10 Questions To Ask When Choosing A Financial Planner

-----------------------------------------------------------------
*** THERE'S MORE ON THE WEB... HomeLandSeattle.com ***

FREE Quick Over-the-Net Evaluation:
http://HomeLandSeattle.com/redir.asp?page=homeeval.asp&t=sicNews

Find Out What the Home Down the Street Sold For:
http://HomeLandSeattle.com/redir.asp?page=gold_findout.asp&t=sicNews

How To Beat Out Other Buyers to Hot New Listings:
http://HomeLandSeattle.com/redir.asp?page=vip_buyer.asp&t=sicNews

Ask One of Our Experts Your Real Estate Question:
http://HomeLandSeattle.com/redir.asp?page=gold_askexpert.asp&t=sicNews

Find Out How Much You Can Afford In Your Next Home:
http://HomeLandSeattle.com/redir.asp?page=silver_mortgagecalc.asp&t=sicNews

Unlisted! Eastlake Duplex FSBO!

2010-12-31T16:36:00.000-08:00

Ten Best Buys in Eastlake Priced under $800K! Get a FREE list with photos:
www.NSeattleDeals.com

Here's an example: Classic Eastlake Duplex, not yet listed for sale on the NWMLS. These two side-by-side townhouse-style units are loaded with classic 1920’s Old World Charm, featuring tall coved ceilings, big picture windows overlooking Franklin Avenue with views towards Lake Union, hardwood flooring throughout, vintage light fixtures, fireplaces, designer paint colors, spacious living areas, big bedrooms and large walk-in closets.

Each unit is approximately 1300 sf, and has two upstairs bedrooms with walk-in closets, a fireplace in the master bedroom, and a hall bathroom. The north unit includes additional square footage in the basement, laundry and storage area, family room and bedroom. The south unit currently rents for $1600 per month, and the north unit for $1995 per month. Live in one unit, and rent the other to help cover payments! Or buy for long-term expansion as it is zoned multifamily!

There are two main living areas, including living room fireplaces, formal dining rooms, remodeled kitchens, and bath. Radiant hot water provides a traditional and efficient heat source. You’ll love the architectural details and the convenience of living here.

The prime Eastlake location is one block from Louisa’s Bakery and Café, and from the shops, restaurants, clubs and businesses of Eastlake and South Lake Union. Parks, playgrounds, and houseboats are all within a few blocks. Easy bus transportation or highway access to downtown, South Lake Union and I-5. Perfect location, walk to everything. City and Lake Views.

The neighborhood contains a mixture of residential buildings, both houses and apartments, and small businesses, especially on Eastlake Avenue. Though populated by all manner of Seattleites, Eastlake is a particularly attractive location for people with ties to the University of Washington, which can be reached quickly by a number of bus routes.

Eastlake is a wonderful neighborhood with fabulous access to downtown MINUS the traffic!!!! Even if you don't decide on a houseboat, you can still launch your kayak right down the street! Watch the seaplanes coming in or taking off, check out the Olympic Mountains, Gasworks Park, and more, plus keep your finger on the pulse of all of Lake Union.

Showings are by appointment only. Please reply to this email. Serious enquiries only! Broker/owner holds a financial interest in this property.

Washington Wilderness Retreat - Pocket Listing!

2010-12-30T13:31:00.000-08:00

FREE LIST WITH PHOTOS OF PROPERTIES WITH ACREAGE PRICED UNDER $200,000 IN WESTERN WASHINGTON!
www.HomeLandExperts.com

Here is another unlisted property, being marketed privately before listing on the NWMLS:

Private, wooded retreat with Hood Canal view, and over 5 acres of buildable land, approved for a 4-bedroom septic system. Property currently houses a small sleeping cabin, a heated carpentry shop with office space, bath and shower, a wood-fired sauna at the edge of a vernal stream, a garden shed, cistern, two pump houses, and harvestable timber. The property is served by electricity and a spring-fed water system. Camp out in your private retreat getaway near Hood Canal, while making plans to build your dream home here!

For more details and photos, see
http://www.postlets.com/res/4888754

Currently offered at $170,000 without real estate commissions. Will go on the market in the spring at a higher price, so get it now! Contact me privately at HomeLandInvestment@gmail.com if interested.

Desirable Seattle Pocket Listing!

2010-12-29T09:35:00.000-08:00

Beat Other Buyers to the Hottest Properties in Ballard and Phinney Ridge!

Free list with photos of the ten best buys in Ballard and Phinney Ridge, priced $400,000 - $550,000!

www.NSeattleDeals.com

This featured property pictured above is offered at a special pre-listing price of $510,000!!!

Artists' private residence with plenty of storage and work space, classic Ballard/Phinney location oozing Old World Charm! Big fenced yard, with storage sheds and lots of recently finished interior square footage. Roomy, spacious, and close to Ballard/Phinney buslines, shops, restaurants and amenities. Three bedrooms, two baths, and over 2200 sf of finished interior space on three levels!

Hurry! Beat other buyers before this property is listed on the NWMLS! Showings by appointment only, as owners are still making improvements prior to listing. Property is located between 65th and 70th NW Streets, just off 3rd Ave NW.

HomeSellers: Pass Your Home Inspection!

2010-12-28T08:37:00.001-08:00

My website www.HomeLandSeattle.com offers many free special reports and resources for both homebuyers and homesellers. Over the course of the next many blogs, I will be sharing many of these reports. This one identifies the 11 most common inspection concerns, of interest to both homebuyers and homesellers:

Homebuyers Want to Know Your Home Inside And Out

While homebuyers are as individual as the homes they plan on purchasing, one thing they share is a desire to ensure that the home they will call their own is as good beneath the surface as it appears to be.

Will the roof end up leaking? Is the wiring safe? What about the plumbing?

These, and others, are the questions that the buyers looking at your home will seek professional help to answer.

According to industry experts, there are at least 33 physical problems that will come under scrutiny during a home inspection. We’ve identified the 11 most common of these and, if not identified and dealt with, any of these 11 items could cost you dearly in terms of repair.

In most cases, you can make a reasonable pre-inspection yourself if you know what you’re looking for. And knowing what you’re looking for can help you prevent little problems from growing into costly and unmanageable ones.

11 Things You Need to Know to Pass Your Home Inspection

❶ Defective Plumbing.
Defective plumbing can manifest itself in two different ways: leaking, and clogging. A visual inspection can detect leaking, and an inspector will gauge water pressure by turning on all faucets in the highest bathroom and then flushing the toilet. If you hear the sound of running water, it indicates that the pipes are undersized. If the water appears dirty when first turned on at the faucet, this is a good indication that the pipes are rusting, which can result in severe water quality problems.

❷ Damp or Wet Basement.
An inspector will check your walls for a powdery white mineral deposit a few inches off the floor, and will look to see if you feel secure enough to store things right on your basement floor. A mildew odor is almost impossible to eliminate, and an inspector will certainly be conscious of it.

It could cost you $200-$1,000 to seal a crack in or around your basement foundation depending on severity and location. Adding a sump pump and pit could run you around $750 - $1,000, and complete waterproofing (of an average 3 bedroom home) could amount to $5,000-$15,000. You will have to weigh these figures into the calculation of what price you want to net on your home.

Your home should have a minimum of 100 amps service, and this should be clearly marked. Wire should be copper or aluminum. Home inspectors will look at octopus plugs as indicative of inadequate circuits and a potential fire hazard.

❹ Poor Heating & Cooling Systems.
Insufficient insulation, and an inadequate or a poorly functioning heating system, are the most common causes of poor heating. While an adequately clean furnace, without rust on the heat exchanger, usually has life left in it, an inspector will be asking and checking to see if your furnace is over its typical life span of 15-25 yrs. For a forced air gas system, a heat exchanger will come under particular scrutiny since one that is cracked can emit deadly carbon monoxide into the home. These heat exchangers must be replaced if damaged - they cannot be repaired.

❺ Roofing Problems.
Water leakage through the roof can occur for a variety of reasons such as physical deteriora- tion of the asphalt shingles (e.g. curling or splitting), or mechanical damage from a wind storm. When gutters leak and downspouts allow water to run down and through the exte- rior walls, this external problem becomes a major internal one.

❻ Damp Attic Spaces.
Aside from basement dampness, problems with ventilation, insulation and vapor barriers can cause water, moisture, mold and mildew to form in the attic. This can lead to prema- ture wear of the roof, structure and building materials. The cost to fix this damage could easily run over $2,500.

❼ Rotting Wood.
This can occur in many places (door or win- dow frames, trim, siding, decks and fences). The building inspector will sometimes probe the wood to see if this is present - especially when wood has been freshly painted.

❽ Masonry Work.
Rebricking can be costly, but, left unattended, these repairs can cause problems with water and moisture penetration into the home which in turn could lead to a chimney being clogged by fallen bricks or even a chimney which falls onto the roof. It can be costly to rebuild a chimney or to have it repointed.

❾ Unsafe or Overfused Electrical Circuit.
A fire hazard is created when more amperage is drawn on the circuit than was intended. 15 amp circuits are the most common in a typi- cal home, with larger service for large appli- ances such as stoves and dryers. It can cost several hundred dollars to replace your fuse panel with a circuit panel.

❿ Adequate Security Features.
More than a purchased security system, an inspector will look for the basic safety features that will protect your home such as proper locks on windows and patio doors, dead bolts on the doors, smoke and even carbon monoxide detectors in every bedroom and on every level. Even though pricing will vary, these components will add to your costs. Before purchasing or installing, you should check with your local experts.

& Structural/Foundation Problems.
An inspector will certainly investigate the underlying footing and foundation of your home as structural integrity is fundamental to your home.

When you put your home on the market, you don’t want any unpleasant surprises that could cost you the sale of your home.
By having an understanding of these 11 problem areas as you walk through your home, you’ll be arming yourself against future disappointment.

For more information on selling your home fast and for top dollar, visit my www.HomeLandSeattle.com website.

King County Apartment Vacancies Decline

2010-11-12T18:21:00.000-08:00

Tom Cain of Apartment Insights reported that the apartment vacancy rate on 50+units in King County declined to 5.6% in the third quarter of 2010, down from 6.1% in the second quarter. The strongest submarkets with just under 4% vacancy included Bellevue East and Capitol Hill. Class A properties have the best occupancy rate, and are only 5.1% vacant in King County.

The median monthly cost of housing in the Seattle metro area was $1320 in 2009, compared to the national median of $922. The Seattle metro area ranks in the 70th percentile nationwide in monthly housing costs.

Big house! Big corner lot! Big price drop! (and open tomorrow)!!!

2010-11-06T17:24:00.001-07:00

In anticipation of tomorrow's FREE Sunday Tour of Bargain Homes, this seller has just dropped his price by $20,000! Hey buyers, you snooze, you lose! Grab an extra hour of sleep tonight, then join us at 2 pm tomorrow at 6503 48th Avenue South in Seattle for our Sunday Tour of Bargain Homes in Columbia City!

THIS HOME FEATURED ON OUR SUNDAY TOUR OF HOMES, NOVEMBER 7:
Price just reduced $20K!!! Many Many Updates! This is a great value in an up and coming area. Move-in ready with room to grow. Major systems updates include electrical and plumbing. Fresh paint, carpet, flooring, appliances, cabinets and granite counters. New Roof. Unfinished basement offers the handyman quick equity. Mother-In-Law apartment? This huge lot could be a great in-city garden with fruit trees or build a legal accessory dwelling unit. 1 mi to Columbia city. Bus to city. Walk to Seward Park. And cheaper to buy than rent!

For more info, call my 24/7 recorded real estate hotline: 888-621-4999 and follow the prompts.