Our perspective on moving forward towards profit in a tight market. Mark Melsness, Designated Broker at Spinnaker Property Management, talks through some of the challenges in the South Sound Property market.
If you’ve been looking for multi-family investment properties lately in the South Puget Sound you’ve undoubtedly had this reaction…SHOCK!
Shock at how few multi-door properties are available.
Shock at the quality of the options.
And shock at the prices that are being asked.
This shock isn’t just in the multi-family properties, single-family potential rentals are also more expensive.
The law of supply and demand is especially true in the real estate world. Smaller demand creates a seller’s market that drives prices higher. For example, some properties in the 20-year age category with a ‘B’ level quality have risen from $190,000 per door to now around $225,000 per door in just the last 5 years.
So what is an investor to do? I suggest you make sure Spinnaker Property Management is in your corner.
How Our Background Works for You
Spinnaker is unique in the property management world because we are not just managers, we are owners and former owners of properties ourselves. We have skin in the real estate game and are not just people who have read a few books.
Our value to investors is we can find the value of the potential investment over and above the initial cost. We are able to give you a pro forma to project how any given property should perform.
Additionally, we will even go check out properties with you so you can hear how we think before you act on any new investment.
Plus, we know how to direct you towards financing options to leverage every dollar you spend. We work with a group of lenders and underwriters, so we know how to partner with these professionals to make sure your fees are low and profits are higher. Our years of experience have exposed us to many programs lenders have created that can help investors like yourself. This is true whether you have your own lenders or are open to meet a few of the lenders we have worked with over the decades.
You Are Now Prepared
When you walk into a financing meeting prepared with a pro forma from Spinnaker, you will feel more confident and so will your lenders. You will be seen as a serious investor who has done their due diligence to make sure this business thrives. This pro forma will show net income and expenses and project out those numbers into the future.
You have more peace of mind…your lenders have more peace of mind.
And, if our current clients are to be believed, the money you pay us will be recouped in paying less in expenses and being able to charge a higher rent.
Don’t think of working with Spinnaker Property Management is an expense…we are an investment.
The market for properties might be tight now, but that doesn’t mean there aren’t great options out there. Contact us and let us help you discern which ones you can make a profit from. It’s complimentary whether you choose to work with us or not.
Fill out this form, or call 253-830-5160.