저자: Kevin · 외국인
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시애틀 인근 렌턴(Renton) 부동산 투어 영상. 시장 하락 국면으로 판단하며 최소 6개월 추가 하락 가능성을 언급, 빠르면 2023년 6월 바닥 가능성과 모기지 금리 6% 이하 전환 시 월간 반등을 전망. 단기임대 규제 강화, 빅테크 해고·재택 확대로 수요 약화를 지적. 영상 후반 실제로는 투자 매력이 낮다는 결론에 가까움. 자산 가격 직접 예측 대상(주식·코인 등)은 거의 없음.
다듬은 글
this place called Redington Renton we're going to rent itself yeah okay okay I didn't eat before just the case well we got plenty of nuts uh if you want any uh you know we got cookies spicy nuts he really likes the spices I usually like the salty nuts hey by the way this is one of our shadows if you want to be a Shadow and Shadow me while I explore real estate we have going for Valentine's Day and you'll enjoy getting in for the best price possible why don't you park here and go in the Jet Center look at that it says Boeing Business Jets that's us we're Embraer but you know they almost bought Embraer but they missed out so we'll use their facilities well we made it we are just below Seattle and today we are going to tour Renton Washington this is a town of about 105 000 people the median income here is about forty one thousand dollars per capita which is pretty similar to Gilbert Arizona where the per capita income was about 42 000.
now I'm remember when you hear per cap you think members of household you'd be counting everybody in it right so sometimes those numbers seem a little low but what's fascinating is you have a poverty rate of just five percent so very very low poverty and we are going to go look at basically The Burbs of Seattle let's go it's a pleasure to meet you absolutely this is exciting are these fill or cut Lots out here these are normally filled uh mudslides that would be under flood insurance do you need flood insurance here yeah okay let's go check it out you have a buddy yeah so the Cochran group yeah who does all the construction out in Microsoft okay Microsoft has canceled all of their contracts with them for the next two years no for building out yeah we're building out offices lines like that so that tells me they're not encouraging their employees to come back so if they are promoting them to hey work from home maybe once a week if you're within range right and renton's gonna fall right in that spot ah because then people who still have family here or whatever they're still local but they're out of the same how far to say the Amazon HQ from here down so downtown Seattle like Union from here you're going to be wanting to take the 520 or the I-90 bridge across going 405 or you could take I-5 it's about the same distance to be honest but that's the nice thing about here is your choices to those two points nice from here in rush hour traffic you're looking at about a 45 minute 45 is not that bad oh is that normal so people are used to that then yeah you were going to show me an overview over here pretty much this is the barrier that you want you don't want to be bumped for investment rentals on that side just because of crime and things like that so if you're looking for better schools better communities you want to stay above the hill here ah okay okay and then we also have a five-star hotel like right up on Lake Washington I see here I see so this is kind of where all the development shopping retail is going to be right got it got it so a little more industrial maybe exactly okay and then what's where's Bryn Mawr so Bryn Mawr Skyway is just going to be exactly that right over there more apartment buildings here more apartment more older homes built in the 60s 70s and then going up on top of that Hill is going to be pretty much all of it I would say investment purposes you want to stay on this side this side because one if you go up the hill over here you're bordering into Issaquah school district so Issaquah is you know kind of one of those top highly rated schools and where a lot of tech live as well so if you can get along that border sometimes you can get away okay it can be Elementary Middle High all three of them exactly okay I don't imagine out here you'd have a lot of short-term rentals it's mostly long term if you see rentals here for the most part I mean we're a very liberal State here and so um definitely they are cracking down our short-term rentals they're only going to allow in certain pockets of Seattle where would you usually see those not that would we necessarily want to invest in short-term rentals I always like to know the optionality for both yeah I'm going to say downtown is almost a no-go now like they're eliminating oh wow which is why condos are just sitting out there right now condos in the downtown area 200 days on Market sure because they propped up with the short-term rental market that falls out you can't afford it yeah and now we're starting to see rent shop right now too so it's all it's happening it's all happening yeah yeah when did you all see sort of your Peak your median price people right in April April yeah yeah okay so uh rent for like a 700k or in in Renton a three and two what what are you usually looking at for a rent this one in particular we know this one's a little on the higher end this is 950 2460 square feet three and two uh um do you see people rent The View Homes more or is it more buying yeah they'll rent the viewers okay over in Bellevue Issaquah too A lot of them have rentals out there with lot Big Lots in Bellevue even really because they're like what one four median or something like that uh home price or something like that oh yeah right now okay um and the fact is if they sell they really have nowhere to go so they're either staying or they're moving out of state uh where are people going is it the same thing like Vegas Texas or Texas Vegas these are the two hot spots right now and then Florida's kind of there but not quite got it how um who's coming then if like for example Microsoft's not doing uh offices right who's coming you know I'll be honest with you I've been getting referrals from out of state really okay it would be probably other people maybe from either colleges in Washington or something investors I mean investors are hopping in here those so I would say and it's interesting okay a lot of individual investors or California investors it's always but for the most part retail buyers just on they're waiting out to see what happens with the raids these you said are downtown and these are usually around 500k right those do you see a lot of long-term rentals on those I mean yeah because it's the only place you're going to find affordability and getting access up North 500 for about a thousand square feet five to five fifty is probably going to be the average you find at the bottom of the hill so it's affordable because it's smaller then correct okay not not necessarily because I mean it might be desirable to be downtown here or well no um just partially the crime crime's been kind of so it's not desirable downtown yeah not this Auto downtown it's on this side of the hills oh that's okay okay so so this is like the cutoff get on the hill okay okay okay go get on the hill yeah yeah get on the hill and they don't do short-term down there not that anybody would maybe even want to yeah nobody okay get on the hill okay interesting so get on the hill for Renton uh for other surrounding suburbs is it a relatively a similar thesis yeah like even downtown Seattle even downtown Seattle you want to be east of the I-5 east border okay or closer to the water side which is Far West Edmonds this is a three into 1956 950 000 because of the view probably about 200 000 bucks for the view there this has been on the market for you know I apologize the printout might not be telling you that but 245 days oh that's interesting your client detail doesn't show days on the market oh status date July 2022 but it doesn't give you the Dom that's interesting the MLS took the Dom away because it's too embarrassing now the market has shifted see in the hot Market it's always zero days one day but that's okay look it's it's cyclical Market's a cycle so you got the original 50s cabinets here I actually don't think I've seen the original 50s cabinets with this diagonal to it these are actually great cabinets usually uh you can adjust this a little bit uh but this is incredible that's that's actually pretty neat okay so uh I didn't have water through here in a while usually I like the other water is off interesting okay so let's see so yeah traditional three and two I actually really like the three and two model bedroom Master no is that a closet yeah okay yeah closet closet closet okay so too bad here so the master to be found oh it might be downstairs let's see what we got so maybe that was a two in one this was originally a two in one maybe and then we've got oh wow this this this is much larger this really changes the whole uh sort of two in one 1950s although you wouldn't get too many two in ones and and given that this block is here this brick this was probably already built out back then but this is a really nice amount of space it's on the expensive side because of the view so it's not something that would be right for house hack but it really gives you an idea you've got this is the perfect size yard I'm not the biggest fan of the chain link with with sort of the rubber in it or you know plants are growing out there uh but this is a perfect size yard it's got plenty of uh of concrete here minimal maintenance that way it'd be nice to have the green patch greened up so that way you contrast a little bit from the concrete but okay this feels what is this originally part of the basement I wonder it heaters on over here yeah see this feels like it was built out of the basement uh just because of obviously what we see here but what I like about this is I could see that judging by this I'm going to go ahead and say that the house has been 80 rewired I do see the original Romex here as well as an original 240 line here but that one's cut off you have a a little splice here you could kind of see that tape right there that's uh sort of your original Romex but we've got a nice new uh panel over here you've got the arc faults those are those with the uh before we look at that take a look on screen here we've got the largest flash sale on a percentage basis that we've ever had 69 for any of the programs I'm building your wealth and this includes the stocks course real estate courses income courses and even the shadowing EXP experience which is really incredible now which one's right for you well I'll tell you this most people get started with eithen fact a lot of people use these flash sales to bundle up between the both of these programs this is how you're getting great pricing on both of these together now the stocks and psych group is coming with a new trading challenge where my team and I work together to take all of the research that we do and then think of what we think as the best and most likely to succeed trades and so we'll be posting those regularly for those of you in the stocks on psychology money group starting this week which is very exciting you also get updates and insights into my personal moves am I selling Tesla have I sold Tesla what am I buying you get that trading Intel fundamental analysis short-term long-term trades real estate you get if you look if you're looking for your first house your first rental property you want to use a property manager zero to millionaire real estate this is how you get the best wedge deals my opinion a lot of knowledge in this course you want to go into managing properties yourself you don't just get me you get professional property managers interviewed in this course as well ruined by tenants want to grow your income as a real estate agent as a social media content creator or you want to grow your income as an employee or other self-employed person check out the elite Hustlers group remember a lot of these programs are tax deductible check with your CPA you can also Shadow me now I don't sell Transportation remember that you're not paying for transportation so if you want to come Shadow you've got to pay to get yourself out here obviously if I go drive somewhere you can come with me it's incidental to what you're paying for you're paying to Shadow me right you're not paying for transportation if we go fly somewhere then that would be included as well now I want to be very clear you're paying to Shadow me that's it should be very obvious anyway with these programs though you get lifetime access to all of the new content that's added to them as well but hopefully you've appreciated this breakdown and take advantage of that 69 off flash sale through Valentine's I was with the uh CI arc fault circuit interrupter test button here that's a sign that this uh was probably done post 2008 I would probably actually say it was done within the last few years here but Arc faults are great looks like a lot of the actual systems of the house have have been well improved and this is actually quite impressive so this is your your grounding ground bonding connector for the gas line and this is a very impressive setup I mean even how they cable tied some of it uh they did a very nice job so I I'm those are the things you want to see you want to see systems that are installed really well and uh and then ideally cosmetically it's not great like frankly the the 50s cabinet upstairs but then these systems so great kind of like that now also interesting that you have an exterior door here which somewhat implies that at some point this would have gone to the outside and they sort of Cinder blocked it in made a wine cellar or something okay cool so so I would obviously check that permits have been pulled for something like this what are you saying monkey what do you think about this place interesting layout um it is it's kind of pulled the fireplaces upstairs in the exact same spot so these kind of one chimney baby one chimney only one place with Santa to come two fireplaces one chimney yeah yeah this a lot of this must have been converted from the uh there's no traditional Master a lot of this must have been converted from the uh from the basement but okay and it's been here for a while judging by some of the molding yeah this this was all done later you can see this was panel drywall did which is neat so it's somewhat I mean it was an original two-on-one and they probably would you have seen two in ones originally here in the 50s yeah okay so I because I'm guessing this was a two-in-one and then most of that was the basement downstairs with these I mean although the fireplace looks like it could have been there but the other areas look like they've been added on so you would have seen two and ones from the 50s yeah okay is it common to do basements out here it's very common very common okay this is a euro style but we're gorgeous I love these I think HD Supply sells in them it's so wet out here their main panel is actually in the house and then this is just an emergency breaker for the fire department little 200 amp breaker in our area it's so dry you have everything outside which I always think is weird I like the main panels being inside I don't want somebody coming messing with my Breakers Christian's asking you know how much further for the bottom it we won't know really until we see the signals I'll tell you the biggest red flag I just got for you know what are we in runville or Renton and it could be a red flag that maybe we aren't a problem yet is you need people moving into the area right and so the drop-off of buyer referrals referrals I really respect him providing us that Insight I think he's he's very knowledgeable of his market and I'm very very happy that we're working with him he knows what he's doing and that's what you want you want the agent who's going to give you the straight scoop because look that might short term be bad but in the long term who am I going to call for the straight scoop when I want to go buying right this is very very smart and and uh there's absolutely a risk of more downside at minimum I think we have uh another six months of downside minimum the earliest bottom I could see for the real estate market would be June uh that would be uh your your first month after the mayover month May comparisons and maybe then we start seeing month over month positive if if mortgage rates maybe Trend under six percent right that would be the soonest I'd say and that's also kind of what we've been targeting I mean quite frankly since like January 2022 we're like I don't know hopefully the summer of 23 we may be able to go shopping and so then we launched house hack and we kind of built everything around that thesis so so far it's aligning uh and of course we'll we'll see what happens this is interesting these are newer so remember new is nice new does not mean no Ed new has potential we just need to spray paint some mold in and then all the other buyers go away oh we're still rolling oh God do you see a lot of evictions out here or uh no just because the I mean the politics politics out here they favor the tenants so I mean they've been giving them every break that they can yeah that's very familiar um there's also the possibility that for investors they're going to start attaching more fees uh for more purchase property owners yeah ah yeah so is it like City business licenses that you do for investors out here then exactly yeah yeah so more City licenses yep okay I mean eventually you got to be able to get someone out right yeah yeah but it's like six nine months probably it's for sure you know doing a sheriff's eviction back in the day it used to take like three months but yeah now it's taking yeah six to nine yeah okay wow maybe backlogs too we used to be nine or uh three months in Cali and yeah now it's six nine but let's just play Never to have an eviction are you seeing a lot of layoffs right now yeah uh Amazon just did a round of I think 10 000 employees or something and that must not have been fulfillment that was yeah a lot of it was fulfillment and recruiting out here oh we're recruiting out here there's centers out here Microsoft it wasn't a huge amount of layoffs there but they're not bringing employees back so everybody's gonna be just either moving further out or just staying right in this pocket uh Nintendo's over out uh towards Fall City Issaquah they had a small amount of layoffs and then but for the most part nothing crazy nothing out of the ordinary but I am worried about tech uh moving forward are you seeing uh a lot of real estate agents unfortunately pull out of the industry right now too yeah yeah I mean even people at my own company like so they completely removed like some of us were paid on salary and things like that salary's gone I'm not 100 Commish right now wow this community will fall under the Issaquah school district so you basically just drive 10 minutes down that road thanks dude sorry 10 minutes down the road oh thank you and you're getting the the eight plus star rated schools I'm clearly like Joe Biden here I gotta get my that's what we're doing we're modeling Joe oh no too small for my giant feet a whole size six and a half over here uh so sorry 10 minutes away for the school yeah so 10 minutes from the Issaquah school district Liberty High School just down the street Maywood Middle School all eight star rating plus nice yeah and then um and on top of that too a lot of home homeowners around here in the area do just use addresses that you know oh they do that here I know a lot of people who will commute charity 45 minutes to drop their kids their kids wow so it's that desirable yeah so I saw the island Mercer Island yeah is that is or did you like is it is it bad no Mercer Island is the nicest Community maybe Across the Nation I think per capita wow the wealthiest people live there oh my gosh but what's so your median list over there it's gonna be ridiculous huh 2.5 yeah okay yeah done done with that like I said look like in that super nice areas around here like so close yeah this is a 2006 for 7.99 four bed two and a half bath 1956 square feet I swear I thought that was the year for a moment this was listed August 11th a day after Lauren's birthday 2006.
so I really like new construction well it's two thousandths plus it's like newer 90s plus newer if I could pick 80s I'll take 80s uh you know this obviously it's like a 400 stove well probably not with inflation eight hundred dollars it's doubled everything's double but uh yeah this this uh this is kind of your sparkly white quartz over here I actually like how they cut the edges to give you a little bit more room in the smaller kitchen they put poles on older cabinets these are older cabinets that have been painted and uh they did a pretty good job I don't see any crazy runs you know they they painted right over their hinges oh here's some running but you get that all right well at least it's not so much on the outside but uh yeah this new one of the other reasons newer is usually nice is because you have good floor plans so you've got a little breakfast nook here uh family room dining it could be here uh just nothing in the breakfast up here this let's see here see normal floor plan uh we were what was it in Salt Lake that ridiculous Second Story in and just some of the Oddities that you see when you get to newer you don't have that issue you have a traditional here that looks like it's probably the master you've got traditional four bed and it's nice you've got plenty of Windows plenty of like I actually really love how they did these windows now the reason I say that is because my Builder uh built in 2008 for my home put Windows on almost every wall and I can't I can't use the wall which is annoying I want to hang Nerf guns or something for the kids but I can't because they're Windows everywhere here they sandwich them into the corner and they give you wall space which is functional very good I like this place so obviously the goal would be to get something like this that looks a little more 90s for example if the entire property still looked like this where well this is this is actually still pretty nice uh but uh you know you've got a formica top over here a little Wood Lamp if let's say this was delaminated and and the Cabinetry was you know water damaged and you've got the linoleum floor over here and you came over here to the bathroom and it was mildewy right and now all of a sudden you can actually take a 2006 home and get something that is a wedge deal and now you have 2006 bones that three wire electrical system the better Plumbing the the the copper repex water lines the sewers better everything's better right better for earthquakes if you're in those areas they're insulated so it costs the tenet less money uh to live there again functional layouts new is is very very nice uh these are just two more bedrooms over here then we'll go over to the master this kind of this is great if and if this this kind of thing is in the perfect School District great absolutely great what do we have over here so again hello sorry Mikey this is our room I keep going right back into the closet again uh yeah and I mean okay so functional usually while we kick out the door over here I was thinking no door for the toilet that's okay it works you got the door over there by the shower and uh you know a little bit you know clearly 2006 original Builder grade Master vanity here nothing wrong with that missing a little bit of mold and something like this would work really well especially if this is in a super desirable School District uh I like this yeah this this is very functional two-story two don't no three levels no never three stay away from three stuff like this if I find them as a fixer it's so easy because you go in with 15 20K you're not doing structural you're not doing Plumbing electrical it's just the Cosmetics yeah it's like these guys they painted the cabinets throwing a new countertop done you know and that's what everybody's looking for right now uh yeah this is what they want so we'll give the people what they want what people do in real estate is is they think they can squeeze everything into a weekend and people have to remember that your brain can only process so much and you're gonna get exhausted you're going to start playing on your phone more you stop paying attention to the area you stop asking intelligent questions uh as Mikey's on his phone and I mean intelligent well I don't have to don't get it it's it's really important for markets that you're considering to be there often meet different agents get different perspectives uh and and really become somebody who's part of that community so that's what we're doing we really see house hack over time becoming a national brand what's beautiful is we we have really a public Archive of not just sort of our opinions and what we're asking but the information we're receiving which which some people might think is is like anti-competitive you're giving it away people forget there are so many deals to be had out there I've never in my life had a shortage of wedge deals in any City I've gone into if they just don't sit on the market you just have to be fast and I'm fast this looks nice by the way really nice contrast with the white trim and the new white vinyl windows the darker color looks great unlike this one which looks a little older which is perfect and one owner home too so ooh I know what that means that's great that's exciting so um do you get moss growth on roofs here that's very common that's very common yeah and does that take a good chunk of Life off or because yeah I mean a 30-year roof out here closer to 18 20 years okay because you're I mean there's with the asphalt shingle there's no really cleaning it you go wash it away I mean you can you acid bath it maybe I've never heard of people acid bathing out here mostly it's just maintenance just getting a guy just blow everything off oh just blowing it off yeah okay I mean everything out here is pine needles for the most part I see okay um but as far as moss growth like yeah when we get heavy rain Seasons it happens and it just dies off in the summer maybe oh okay okay and then you can blow it off there are people I I don't know what kind of solution it was but it's kind of like a white powder that people come and put on the roof to kill this stuff okay yeah any kind of growth and Roots traps moisture and then you get mold and and you really just Decay the wood underneath the shingle it's got a tombstone over here that's awesome this is great uh and then so this is a three bed two and a quarter bath 24 32 square feet been on the market since September 8th it was listed for 860 000 now only 700 000.
they missed the 69. damn oh it's perfect I love it already uh I don't like split level I will say uh but we'll let's start with upstairs so you've got the older carpet it smells like insecticide the second I get into it so that's a great thing um the more you can turn off first-time home buyers the better Thomas you were saying to trition that there are a lot of tech guys who want to throw money at real estate but they they're not into work like doing the fixer-uppers and stuff like that so the gentleman who's buying my uh auction property yeah he's a Microsoft guy and he's just like hey like I want to like start investing but like I don't really know what to do and so I'm help setting up with contractors things like that he's actually getting hard money loan through our private lender wow so you got the acoustic ceiling built in 78 typically uh uh you could have asbestos uh it's still in the asbestos era 78 was really the last year but you could still get asbestos going into 79 80s homes because people would use stock supplies they still had they just really stopped selling uh the the product then you know you've got the formica tops here you've got the older Cabinetry you've got the classic uh diffusers over here uh clearly 70s when you see this kind of uh fireplace the stone fireplace is super common obviously uh look the split level it'd be tough for me to get convinced on a split level but condition wise this is perfect uh it is though I mean the more I look at it the more it's it's not sometimes you get like a tri-level split this is really just a split in the mid by the front door and then you only have half a staircase for up and down so I could actually be convinced by that usually I wouldn't be all the original Cabinetry doors this is a single owner property we found out uh Thomas let us know but this is your classic Reef floor repaint new electrical switches Outlets you've got to make sure you you prime these really well Hollow core doors here Prime this paint it scrape the ceiling this is one two I think we said this was a three oh this is a three bed okay so three bed and then what is good this is your master here we've actually got oh these are like the worst so these are the old uh panel kind of showers here and they always mildewy on the inside which is actually great right you can glaze these but I you often end up replacing these and going for fiberglass the lifespan isn't so great on these and oftentimes you go underneath them if there's an underneath and you start already seeing uh leaking this is uh this actually looks like a decent deck it doesn't look that old I think this is um sort of a man-made wood like a vinyl right which is what you want in this kind of weather because you're going to have a rot like crazy out here you've got your gutters here you do have obviously your typical Lumber and framing but there's not actually a lot of rot here this is it looks like actually a pretty decently maintained home and they actually painted the lumber out here with what looks like an eggshell or it doesn't quite like semi-gloss but eggshell is actually what you're supposed to well eggshell or something else is generally where you're supposed to paint Lumber most people go flat though because it's cheaper now you could do a lot by just trimming a little bit back here obviously keep the trees they look amazing but you could do a lot by trimming back here I love uh the feel of sort of the moss growth I mean I could really see this as like living here like a little Zen Garden or something like that but I don't get personally attached to my property so I wouldn't like be installing Zen Gardens I have something to show you oh I would love to see it I don't know if you've already gotten this but let's see it it seems exciting oh here we go 2500 the ugly ah I missed it I missed it it was the curtain and you know what it's look what it's covering up yep what's it covering up brand spanking new window brand new vinyl window here they probably pull permits for all this stuff too look this is like the definition of wedge old cosmetics new bones like I said outside very little rot well maintained the deck looks like it's upgraded and newer wood copper plumbing right there although in the 70s they were probably built with copper plumbing actually it's a nice opportunity to open up this wall a little bit here assuming it's not load pairing uh that's what it means did you what did you say this would be is going for fixed up right now it's fixed up right now you can get a mill easy for it it's crazy really that's incredible uh and uh that's not made pricing that's like now pricing yeah and that's just because they got 20 21 new construction cops just literally down the road over there wow that sold for about 1.35 130 for new construction okay so one here remodeled the older part of the neighborhood but maybe a little larger lot or RV parking or whatever maybe you're not getting that there so you're sitting in the middle you're thinking yeah wow that's awesome oh yeah this would all be one consistent flooring because look at that you got three floors right here together right just luxury vinyl plank you know something typical yeah so one of the downsides though of the the older floor plans again is that it's tight tight but this looks like laundry over here yep laundry again new windows surrounded by old a lot yeah this is good this is good oh my gosh there's a whole could you miss a lot larger did you make this two bedrooms at uh literally make it an extra hallway two bedrooms yeah right yeah yeah you could these are plenty of plenty big rooms to make two more bedrooms here absolutely yeah and then you take it from a three bedroom to a five bedroom yeah you don't need two massive family rooms if somebody wanted it as a playroom then you have two rooms next to each other that are playrooms it's not a bad idea yeah you have uh vents for both of them you've got electricity you've got windows for each of them you know right right yes right here right over here yeah exactly yeah this is great I mean this is this is like walking into what a wedge deal would be I uh offer it to this house listed at 700 what offer would you put in I mean I would probably start with like a verbal at 6 25 cash close in three days or whatever right you know they might tell you go pound sand or they might counter against 650 you know I think this is the kind of person that uh is selling that is exactly what we would want to buy from but it's it's look it's not selling right now because even at 700 it's overpriced well they dropped it from eight yeah well how long ago 8 20.
I can't remember yeah but look if they dropped it from eight any more than three days ago and they still don't have any offers it's not a seven either so something like this this size even if you made it that five bedroom like you said it'd be interesting what the what you could actually get in rent out here you definitely run some numbers but yeah you'd probably still be at I don't I don't think you can get more than four four five four or something like that so ideally if you can get it like six six hundred even that's nice you know I know a lot of people in the midwest they're like oh one to one Kevin one to one but like remember we want wedges that's where the big money is coming from for house hike is the wedges uh not this like 10 cash on cash return Although our actual returns could be in that neighborhood or even substantially more with uh with with the wedge process because you know we were talking about this the other day how the rates of Returns on a wedge deal year one could be you know 150 year two you got on like 50 30 20 you know you kind of you scale down because you're spread you're buttering out the wedge over multiple years basically if you want to learn how to become a millionaire in real estate coupon code before my birthday because the price will change good job man thank you for reminding me McKay is actually one of our course members you've been a course member for a long time I got this job that's crazy that's wild I took the YouTube course oh wow that's awesome yup is it good loved it I'm here because of it you tell me am I good you're great man all right let's go so the rents definitely fell so that that hits the numbers a bit and then that also makes me think you still have some time to go because 26 if you can't break three on a 700k or it's a little weak and and one of the problems you find is when you start getting larger sometimes you start getting that squeeze 2400 square feet maybe oh yeah so it's been sitting for another month and a half already yeah yeah thank you for that yeah yeah I think exactly so so 700 is even way too high and and with the rents you wouldn't even go 625 you'd go I mean at that rent you've got to be you know in the fives um yeah and then even then you want to evaluate how much of a wedge am I getting here uh cosmetically perfect numbers TBD but then again we're not ready to buy see what needs to happen is we need to get to where we think the market is at that bottom because then we can actually sit down and say okay this is what rents are now the last thing you want to do is buy Thinking you've got you know a nice big wedge and you're going to rent it for something and you actually look down and you're like crap that's a lot smaller than I thought a little tough to tell right now but very very rural out here rural is nice for for a lot of people they like that but for house hack it's a lot of Maintenance you're dealing with a lot of wildlife you're dealing with larger Lots we don't want to deal with larger Lots uh it's a lot of burden to put that Landscaping on the tenants it's harder to rent when you're in a rural area because you have less demand for these homes again this is why the best home is a tract home we should really narrow start narrowing them down to to track McKay was talking about the agent's brokerage a little bit about how this is uh a sort of almost like an eye buyer brokerage they remind me a lot of the Redfin agent mod model where they pay their agents potentially and I don't know this I'm speculating a little bit of a lower commission but they do all the advertising for the agent so this is why the agents get a lot of the volume and their website sunday.com s-u-n-d-a-e.com actually looks a lot like what potentially the future of house hacks website would look like where we could just directly have a website where people can sell a home directly at a house like if they wanted to we could in theory advertise that way if we needed to or if somebody from YouTube wanted to submit a deal for us off Market or whatever now potentially we can we can be our own source of deals as well as using agents but yeah the the sunday.com website sell your dated house as is for the best price I mean basically they're just looking specifically for the kinds of deals that we are looking for and that's the kind of relationship that we want to build so we would want to use them as well as do things like that on our own so this is great if your clientele here is Tech and Tech is getting laid off and there's absolutely no reason to live here for the weather and your job is gone and Microsoft is canceling contracts with office Builders first of all short steel case second of all it's a problem I mean these this looks like like an 86 neighborhood um it could be 90s oh it looks so cute with like the steam coming out of that that's yeah I mean that's nice I I'd be this could be newer than I think they are they've already got new dual pane windows but those are retrofits they've got the older aluminum windows this has to be an 80s neighborhood uh that's a newer garage that's actually a nice garage door and I love the lights they put up which house are we looking at where's the house oh we are looking at the one with the nice garage doors oh great the price reduced signs that's a throwback to away when was this bill so this one's built in 1984.
yes got it uh 57 days on market for solicit in November originally at 7 20 down to 695 for 6.96 right oh yeah okay all right perfect so the nice thing about this location is you have a major hospital just down that road where we're just at ah Valley Medical so it's one of the biggest hospitals here on the east side so you're away from that Tech demand exactly I'm good yeah it's just old it could be the Christmas tree pie I don't know here's your kitchen let's see we've got see these are actually newer cabinets and initially when I was turning the corner they looked uh potentially like 80s darker but these are newer uh this is these are actually nice these are like your espresso colored cabinets uh not the biggest fan of the lining on the inside but that's okay uh nice cooktop yeah okay I mean this um it says some new elements right they've done some upgrading to this it's still mostly 80s uh they've done some Cabinetry work but uh yeah definitely a little bit more on the dated side and I love it when carpet starts losing its stretch that's just a perfect sort of wedge deal uh sign I it's it's not damaged enough to really be a heavy wedge but you do see most of the windows have been replaced at least downstairs you um in the older doors the older paint I mean the classic stuff that we look at what I like though is understanding this neighborhood because apparently it's close to a hospital so you've got a different kind of uh buyer or tenant than you would somebody who's maybe commuting from Seattle although I wonder probably about what 45 minutes from Seattle yeah okay so about the same if we can Market through YouTube exactly what we're looking for What markets we're looking in and uh you know people maybe watch the channel because they've fallen in love with all the value we're providing on all these trips well now hopefully people are watching our channel that are in areas like Gilbert Arizona or let's say here Renton uh Washington or wherever we want to buy and people are watching going oh this is interesting going to all these different cities we're actually building a network of people who are interested in in real estate and they might end up knowing people who want to self extrappers and they might refer those deals to us and then so what we can do is say hey if you refer a deal directly to us at houseac.com we'll give you some kind of finders fee right so we can basically pay anybody we want a finder's fee we have to make sure we're compliant with like state laws everywhere but generally that's not a problem and uh and then we can find wedge deals directly rather than going through that auction process that's the downside as we were just talking about about Sunday is you're now one person on a list of maybe a hundred other investors so what they're doing is they're purposely listing them low to get a ton of offers which is fine you can still get a wedge deal in that model but the seven day minimum weight sucks like I like it when properties come to me and and I get the calls because I've got the relationship with the local agents yo Kevin this deal is coming up we're going to list it on Thursday we're letting you know about it three days in advance can you be here to see it Wednesday yep perfect we'll we'll send somebody from our local team more will not report it is really what we'll do in the future is we're not going to hop on a jet every single property right uh it won't make sense unless me Kevin is paying for it like me Kevin is paying for a lot of the Jet right now right that's important you know I don't also don't want people thinking like oh my gosh this entire jet househack is paying for this is not even the case at all houseac hasn't been built a dime for the jet in the future we will once we pick our areas it won't be an issue to just be there a week later and bundle all of our purchases and go look at 10 properties in a day and they're all properties we have offers on or that we're under contract on best case scenario and we give them that rubber stamp which we should know the area so we we should never have to go to a property to sign off on an offer or or really even close the deal we will uh but uh we shouldn't have to because we should become so expert in the neighborhood we already know everything about the neighborhood oh my God I just fell in the mud well this is the last stop this has been on the market for 98 cumulative days original is priced 720.
now listed for 680 000 four bedroom two and a quarter bath in Benson Hill area of Renton Benson Hill yeah Valley Medical literally three minutes down the road over there you got Ikea five minutes down at the bottom of the hill I'm in I love Ikea uh I also love that that person spent all that money on a metal roof uh that's a sign they want to stay here that's a great sign because that is a rip-off that's a good sign this is gorgeous although mismatched color that doesn't work and the edge is involved that's okay just kind of quit during the project it does feel that way different luxury vinyl planks and hamster smells huh okay oh like you just put down like the new stuff for the hamsters you're right yeah the bedding or whatever and then there's that flooring it they ran out of flooring maybe okay um interesting they put the white baseboard next to the cabinets which is a problem because they probably went either primed baseboards are not painted or Ultra Pure White next to the white cabinets which are actually an off-white and now they make the cabinets look yellowed especially with these yellowed lights so I wouldn't have gone with that baseboard move but they did that over here as well this actually could be Ikea feels like Ikea it's not Ikea it's um pretty close oh no these are the Lowe's ones I'm pretty sure I'm gonna figure out how to put it back now the Ikea ones are easier to put back ah oh did it no why why why do we do this to me you know they actually have outlet covers that would cover the actual Outlet too and a new face plate that's like 4.99 on Amazon and then it would make the whole thing look like not a big fan of the multi-colored flooring nice backyard it's got that family friendly backyards back here oh I love the maple too big though probably too big for houses way too much here too much yard too much house smaller houses are better for house hacks smaller newer all right let's get some coffee let's take a quick look this is like 99 cent flooring dude the amount of flooring they chose I swear they took remnants of flooring because it's like every room is a different floor it's a terrible idea what's this one heck of a it really looks like somebody stopped after this project hey honey can you go paint the medicine cabinet today sure I'll bring the rag it's sad because uh you know this is like an insult to real estate you know these things are like 12 bucks and they left the rusty one I mean at least it's not wobbly but yeah it's the cheapest tile you can get um did okay I mean they did they didn't wash the grout off it doesn't surprise me let's go get coffee what what do you think for rents out here ballpark if you had to say you'll get three thousand yeah yeah okay thank you so much for showing us these properties out here in Renton Washington can you shout yourself out your company out tell us about yourself anything you want to pick yeah my name is Thomas and I work with Sunday real estate we're the off-market property platform we work with sellers selling their properties as is getting them cash advances and getting them into good situations and we represent a group of investors that buy homes with heart so definitely call me 206-466-3041 and love to get you guys set up and on to your next stage in life how's the area around here we're new from here where are you from California yeah what California Ventura under Santa Barbara I don't know San Jose why'd you move here oh New Orleans the best yes why don't you go back where's my business here because the business here if you could move it over there would you do it yeah yeah well a couple years oh oh you're already planning to move wow everyone's leaving everyone even the Espresso shop is leaving I'm really getting that Vibe out here that you've got you know a lot of kind of farmland and then you got infill of like 70s and 80s neighborhoods not too much new construction out here which is fine we like 70s and 80s you know it's all right you know like Ventura is not all brand new either but I don't know how I'm feeling on the rankings versus like Gilbert Arizona boy that was that's nice and I think the biggest thing that's killing me is uh everyone's eating it's concerning I hear that I'm going to keep hearing it oh the toothpick dude that's so bad what do you think about this this place this city I like it it's very very rainy would you move here depressing me personally it's too depressing the rain all year round I agree or anything no no black large black yeah me too yeah Arizona Rock Bottom I don't like Seattle you don't like it I don't like it does people want to leave cold too much land is he okay but everything here very high for low class people here very helpful we're living here and then Tech is doing layoffs I hear yeah Easy Living how Cheapo flights very easy to believe you know yeah but here okay low cost remote tape that's why you see homeless people everywhere here problem is tenants if everybody wants to leave and you're constantly dealing with people gtf owing because it's like you got High Cost of Living and this weather why would you live here I I don't get it it makes sense if it's a job like Oh Come be the CEO of Google you just have to work in Seattle I'm like oh okay I mean I I like YouTube but but like sure right yeah but like otherwise why this is one of the tech centers like I think when I think Tech in in the US I think San Francisco and like Silicon Valley I think Austin I think Seattle yeah but yeah that's the thing also see now they're starting to move South you get that Tech that's like okay people want maybe some sun right so so how long is Tech going to be Central to the the sort of liberal West Coast you know what happens if Microsoft's like let's pick a cheaper place for everybody to move to you know we can do so much remote now great Exploration with Thomas for Renton I have to say I'm not convinced on the Seattle area yet I'm not gonna rule it out maybe it's worth checking out some other areas I did like some of the properties we looked at uh definitely looked like we were looking at potentially an overpriced wedge uh which is okay you can negotiate down some of the newer construction was nice especially in that Special School District but I don't even know if I could track in on employees if this is what the weather is like 90 of the year that's what folks are telling me I gotta be where the sun is and if I lose any tenants because of the weather I'd rather not I'd rather be investing somewhere people want to move to not from we got a lot of insights here that a lot of people unfortunately are moving out and excited to get out not many people coming in real estate agent isn't getting a lot of referrals of buyers coming in more referrals people going out it's a red flag so that's a rat thanks for watching
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