Our team of local professionals at Mynd Property Management are different than other Vancouver property managers. Servicing the greater Long View, Woodland, and Camas areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.
Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Shipping and energy production once was Vancouver’s greatest investments, now, it’s residential real estate. It’s time to make your real estate investment work for you.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Whitley is your local Washington Portfolio Manager
Many Vancouver residents derive their incomes from tech or service industry jobs, while a large segment commutes to neighboring Portland for work. Combined, this creates a large pool of potential tenants.
Mynd’s property managers will make sure to nab you're the cream of the crop by conducting thorough background checks and face to face interviews. We’ll also conduct regular property maintenance to keep you and your tenants happy. During turn over periods we’ll handle repainting and deep cleaning. We’ll also keep track of zoning regulations so that you never incur any fines and so that, in the event of an emergency, you collect the insurance you’re owed
5608 17th Ave NW
Seattle, Washington 98107
Vancouver is no stranger to cold winters, experiencing temperatures so cold that tree limbs and power lines freeze. This sets the stage for outages and weather damage. Explore our resources below to learn how Mynd’s Vancouver property management company closely monitor weather conditions to minimize property loss. We know how to handle Vancouver rental properties!
Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.
Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?
Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.
Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive. Cash flow opportunities are better in Tacoma because the prices of homes are not as high.
Median home price: $354,019
Home prices have gone up 9% in the past year.
Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.
Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.
Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.
Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.
Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.
Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.
If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.
The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.
Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.
Knowing the trends and statistics for the area is key to your success as an investor. Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate. Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.
They take care of the day to day operations required when you own a rental property such as:
Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them. If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:
There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.
Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws. Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.
As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision. Having a local partner like a property manager makes this process easier.
Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses? Are you only interested in appreciation or debt paydown? Your strategy must be defined before you start looking for a property.
Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.
The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.
Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.
When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area. They are also more likely looking homes with multiple bedrooms for their growing families.
Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:
These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.
If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.
It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.
You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).
If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.
The rent amount will vary depending on the property type, square footage and number of bedrooms. When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.
When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow. Should you continue to do this yourself or does it make sense to hire an Everett property management company?
If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time. Keeping up with all the laws you must comply with can become a heavy burden. Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself. You thought you were gaining free time and ended up having a second job.
It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.
Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.
They take care of the day to day operations required when you own a rental property such as:
You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord? There are things you can’t ask on an application or during the screening process.
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them. If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.
Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold. There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.
If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager. Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.
A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.
On August 31, 2020, California Governor Gavin Newsom (D) signed AB 3088 into law, providing state-wide protections for tenants and landlords in the face of the ongoing coronavirus pandemic. The safeguards extended to tenants worrying about evictions and to landlords concerned about foreclosures.
AB 3088 limits a landlord’s ability to evict a tenant for non-payment of rent. To make use of this protection, the tenant must submit a declaration signed under oath of financial hardship due to the financial burden experienced between March 4 – August 31. A valid declaration will prevent evictions from occurring before February 1, 2021.
For hardship stemming from the coronavirus pandemic between September 1, 2020 – January 31, 2021, tenants are expected to pay 25% of expected rent to avoid eviction by January 31, 2021.
The expectation of rent has not been eliminated. Instead, unpaid rent cannot be the reason for eviction for tenants that have experienced financial hardship and submitted a valid declaration. Tenants will still be responsible for paying back rent to landlords, who can begin to recover their debts through a civil small claims lawsuit on March 1, 2021.
The jurisdiction of small claims courts will be temporarily expanded to allow landlords to recover unpaid rents.
Unpaid rent isn't waived under AB 3088. Instead, it's converted into consumer debt collected in small claims court as early as March 1, 2021. If a tenant cannot meet the 25% rent minimum, AB 3088 would only provide eviction protection until February 1, 2021. If a landlord attempts to use extrajudicial self-help, such as shutting off utilities, threats, or coercion, to generate an eviction, then the landlord may face penalties as high as $1,000 to $2,500.
The following legal and financial protections will be extended to tenants:
AB 3088's protections are extended to most tenants if they sign a declaration that they've been financially impacted due to the pandemic. What constitutes "COVID-19-related financial distress" includes:
When a landlord delivers an eviction notice for failure to pay rent, a financial distress form must be provided. The tenant has 15 days to sign and return the financial distress form. The economic distress form does not cover months to come, so that the process may be repeated on a month to month basis. The declaration is signed under "penalty of perjury,” so if a tenant provides knowingly false information, they can be charged with perjury.
Lawful eviction that has nothing to do with unpaid rent caused by the coronavirus pandemic can move forward as early as September 2, 2020. That means landlords will be able to pursue:
Evictions for unpaid rent will resume on October 5, 2020, for tenants that do not submit a financial distress declaration.
Evictions for reasons other than nonpayment of rent cannot be performed as retaliation against nonpayment of rent due to the coronavirus pandemic.
Individual cities may have their own eviction moratoriums, and tenant and landlord protections that may be more robust than that provided by AB 3088. For this reason, it's critical to consult both the stipulations outlined by AB 3088 and the stipulations, if any, of one's local jurisdiction.
If a locality passed a new moratorium after August 19, 2020, then it cannot take effect until February 1, 2021. Ordinances that expire before February 1, 2021, cannot be extended until February 1, 2021. Finally, if a local jurisdiction establishes its repayment period, it must begin on or before March 1, 2021.
Given the complicated nature of the law, it's advised that tenants contact an attorney if a landlord provides notice of eviction. There are many free legal aid foundations to reach out to. The Legal Aid Foundation of Los Angeles, for example, offers free legal services to over 100,000 residents of the greater Los Angeles area.
AB 3088 does not protect landlords from foreclosures, nor does it require banks to provide forbearance. Instead, mortgage servicers must contact borrowers before pursuing foreclosure proceedings with forbearance options.
Dual tracking, when a provider initiates foreclosure proceedings while considering loan modifications with the borrower, is also forbidden.
If forbearance is not an option for a small landlord, then the mortgage servicer must provide a written explanation. These protections extend to January 1, 2023.
Due to AB 3088, California will keep a dramatic increase in residential evictions at bay through the early part of 2021. Although, further action by the federal government is required to ward off the true extent of the pandemic's effects.
If you have rental properties, your property manager should be able to support you in navigating the changing regulations around tenant protections. To learn more about Mynd Management's services, contact email@example.com
Seattle investor and regional director at Mynd, Enrique Jevons, joined Steve and Alex to talk about how Seattle is doing amid the spreading coronavirus. How is this going to impact residents and investors with properties in the area? Let's talk through it.
Repairs are a given when owning a property—especially when owning a Seattle rental property. From roofs to appliances, something will eventually need repair. Our guest today is Enrique Jevons. Enrique is the Regional Director for Mynd for the Seattle Property Management division and is here to discuss that investors should expect to save for when owning a rental property in Seattle and the Pacific Northwest, overall.
Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I am joined here today with Enrique Jevons who is the Regional Director of the Pacific Northwest Property Management Division of Mynd. Enrique, thank you so much today for joining me. I appreciate it.
Enrique Jevons: Yeah. Thanks, Steve. Good to be here with you.
Steve Rozenberg: So what I'd like to talk about today is, if I'm an investor and I'm looking at buying a property, what can I expect are the normal things—average that will break in a rental property? Now, I say that with it with a grain of salt because we all know as investors, things break all the time that we don't expect. But you know there are going to be some standard things that we know are going to be of challenge that maybe we want to put in a reserve amount contingency fund knowing that that's probably going to be an expense for us down the road. Can you give me a couple of things that you think are standard that are going to need more attention than others in the Seattle area?
Enrique Jevons: Yeah, so a couple of things along those lines. One that I always highly recommend to people is, you have got to make sure you budget in enough money for repairs. Don't ever think that even—let's say it's a single family home where you use your primary residence, you lived in it. And you lived in there for 10 years and nothing ever broke and so you think that nothing's ever going to break in the future. The reality is, stuff does break. Especially anything mechanical anything that has moving parts.
Steve Rozenberg: If it has an on or off-swing, it’s going to break.
Enrique Jevons: It's going to break, yeah. So, appliance-wise, my experience is dishwashers, as far as appliances go, dishwashers seem to be the first item to give out. And then I would say, second to that is refrigerators and hot-water tanks. Hot-water tanks definitely have a certain life expectancy. You can't expect a hot water tank to live on forever. So these things are going to happen. But if you're budgeting, I would always recommend 5% set aside for repairs and another 2% for capital improvements.
So capital improvements, the roof, the hot water tank, other—flooring, things like that. You always also want to set money aside for that in order to have a reserve available. A reserve can either be cash in the bank. It could be a line of credit. Just make sure that you've got it available so an emergency happens, when something big gives out on you, that you have that money to be able to get it repaired.
Steve Rozenberg: Let me ask you this. With all the moisture in the Seattle area, is mold something? Mold remediation. Is that something you have got to be cognizant of when you're buying a property? And do you get an inspection? Can you explain that a little bit?
Enrique Jevons: Yeah, so definitely mold is something that is probably not necessarily unique, but certainly more of a challenge. And in wet locations like Seattle, you get a lot of rain. And so, as a result, you get more mold than when I was in the Bay Area.
And also water intrusion. So in basements. That is a bit more common of an issue that you’ve got to deal with. Also, mold is now, nationwide, a big issue. So just as, years ago, it was asbestos. Asbestos was the big scare and you had to make sure that you never touched it. Always divulged it, type of thing. Well, now mold seems to be the big issue. And then we get tenants who call and say, “I've got black mold.” And we get there, you realize, it's just surface mold, meaning that it's just in the shower or wherever—underneath the kitchen sink, a wet location where the individuals allowed condensation to occur. Or maybe it's a window and they've allowed condensation to occur on the window and they don't clean up.
So it's really more a matter of educating the tenant on how it's their responsibility and they need to clean it up so that does not become a problem. But if it’s another source, So, if it's a roof leak and the water is coming in from the outside or it’s a basement leak and you have got water coming in, then that’s the mold that you start to see on the ceiling, basement, wherever it might start appearing, that you go to attempt to clean it off, it doesn't clean off, or it's in a location where you realize that I really shouldn't be having mold problems, living room type thing, then you have got to make sure you're remediated.
So you got to get rid of the source of the water. Somehow waters getting in, you have got to first attack that and then make sure you do a good job of cleaning up because the worst thing that could possibly happen is you try and just paint over it, cover it up. Then the individual gets sick. If that individual gets sick, they go to their doctor and they say, “yeah, I reported mold to my landlord.” And the doctor says, “well, yeah, you've now got asthma or you've got breathing problems as a result of prolonged exposure to mold,” holy cow, you're going to be in a world of hurt as far as the potential liability of somebody suing.
And certainly, having documentation from a doctor that you have asthma now and having documentation that you submitted a maintenance request to have mold taken care of and it wasn't promptly taken care of…
Steve Rozenberg: Mold definitely has to be taken seriously. I've learned there are about 200 different types of mold. Some people say black mold. It's not normally the black mold that they're afraid of. But because mold typically is black, it is black mold by color, but it's not the black mold that everyone is afraid of. However, you're right.
And my recommendation is, and I know we kind of got a little bit off things, but it's important that if you do have mold or a situation, get a professional in there, in my opinion, and find out exactly where it is. What is the cause of it? Because sometimes, as you know, that comes down rafter lines. And it may not be where you think it is. It may be starting up on the flashing of the fireplace and running down the line. So you’ve really got to be careful. Water, I think, is the most dangerous thing in a rental property that can hurt you and from my experience.
Enrique Jevons: Yeah, no matter where the water is coming from, whether it's a shower curtain not properly closed all the time and it starts to make the linoleum start turning into a deep purple color and you wonder what's going on there. Well, that is because you’ve got mold growing on the backing of the glue and such on your linoleum. Which is then a problem because then you’ve got the bigger problem spot underneath.
So the whole moral of the story is, make sure you have funds always available to use that you can take care of these problems and make sure you always attack the problem professionally. Attack it right away. Don't delay. If your tenant, your property manager contacts you and says, “hey, this salt water tanks leaking,” saying to the person, “well, I need to get three bids on replacing the hot water tank.” You know what? That maybe is not the best decision because maybe you could save $100 here or there, but the reality is, chances are it's going to be so much more expensive of repair because you didn't get somebody out there immediately to care of the issue you were trying to nickel and dime.
Steve Rozenberg: You may have a property code issue. Some states have, and some locales have, property code issues of timelines that you have to get certain things fixed in. You don't have the ability to wait two, three weeks to get bids. I know in, for example, Texas, you have 72 hours when a hot water heater goes out. Otherwise, you have to put them up in a hotel.
Enrique Jevons: Okay, so Washington State is even a little more restrictive in that respect because there's two things. It's hot water and heat. The repair must be started within 24 hours. It doesn’t say completed. But those two items, specifically, are mentioned in Washington State law in the residential landlord-tenant act. And so again, you have got to know the law. You’ve got to make sure you take care of things right away. Otherwise, yeah, paying for a tenant to stay in a hotel.
Steve Rozenberg: Well, Enrique if somebody wants to talk to you more in depth about mold or things breaking or having Mynd manage their properties or just have a conversation with you because you're like the most interesting man in the world, how does someone get ahold of you?
Enrique Jevons: Ah, yeah. I feel like I've had everything happen over the years. Right now we've got over 900 homes and apartments that we're managing in Washington State. We're taking on additional several hundred and in this next year. So I have a tremendous amount of experience. I would say just about every situation. So please do reach out to us. Feel free to email me, I'm at firstname.lastname@example.org. I’m happy to reply to your emails. I know you've got a Facebook page going that I really enjoy so you can reach us there, as well.
Steve Rozenberg: Our Facebook group is Mastermynd Real Estate Investment Club on Facebook. Enrique and I are both members up there. We post good information. We have properties on there, hot properties. We break down deals. We do webinars, all of that in there for free exclusive to our group. Again, Mastermynd Real Estate Investment Club. Also, if you want to know more about Mynd Property Management, go to M-Y-N-D.C-O. I am Steve Rozenberg, and I'm here with Enrique Jevons. Enrique, thanks a lot. I appreciate your time today, buddy.
Enrique Jevons: Yeah, thanks.
Steve Rozenberg: Talk to you guys later. Bye-bye.
Enrique Jevons: Bye.
Saving for inevitable repairs and maintenance in Seattle is the smartest decision a property owner can make. As such expenses are an inevitability, having funds available to make those repairs immediately can save thousands in the long run.
And while appliances and other mechanical repairs are inevitable, preventative maintenance can save money, as well. Likewise, as certain repairs, like hot water heaters, have to be replaced or have the work begun within a certain amount of time, every investor should keep up-to-date on laws to stay ahead of the game and keep their tenants happy, overall.
Last Modified 09/11/2020
With such a diverse economy, Seattle and the Pacific Northwest, generally, are a great place for any new or seasoned investor to consider. Today we are speaking with Enrique Jevons, Regional Director for Mynd in the Pacific Northwest, about the reasons why he thinks Seattle and the Pacific Northwest is a great region to invest in real estate now and going forward.
Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg with Mynd Property Management and I'm joined here today with Enrique Jevons who is the Regional Director for the Pacific Northwest for Mynd Property Management. Enrique, thank you so much for joining me today, buddy.
Enrique Jevons: All right. Good to see you again.
Steve Rozenberg: Good to see you. So today I want to talk about being an investor and buying properties in Seattle Pacific Northwest. Now, you and I are both investors. We love owning real estate. You've got, I don't know, 4000 properties. I don’t know what you own. You've got a lot of real estate that you own. You're a big believer. I am, as well. Tell our guests, why do you think Seattle Pacific Northwest is the area to own property. What are some reasons, in your opinion, that it makes sense?
Enrique Jevons: Yeah, it definitely makes sense and, obviously, yes I am always purchasing. Right at the moment I happen to have 73 homes and apartments, but I've had up to over 200. So I've done things—I've partnered with other folks in the past. That 73 I own, those are currently ones that I personally own by myself without any partnerships. But I have partnered before. I've also repositioned and sold properties and so it just depends on, as the market has gotten really good, I've actually been more on a selling spree than buying spree.
But there is money to be made in either market going up or down. Seattle is a great area to buy in, as is the entire state of Washington. So the beautiful thing about Seattle, as is true of a lot of other cities—with San Francisco Bay Area, Portland others, you know, Austin, Texas—there's all sorts of cities throughout the United States that are booming and doing really well. So Seattle is one of the cities that is doing exceptionally well. Amazon has been on a huge hiring spree for many years now and continues hiring away like crazy. So thank you to everybody out there who is purchasing items on Amazon.com because that's benefiting myself indirectly and personally.
But because there's such a high demand, there's a couple of reasons to purchase rental properties. One is for cash flow. And certainly that's what's important for a lot of people is they want or need that immediate cash flow. And the secondary purpose is appreciation. And that's where cities that are doing exceptionally well like Seattle, appreciation is a huge play.
And it's a combination of both in many cases.
So the closer you get to the central nexus, the central hub of Seattle, of course, the property is going to be much more expensive. It's less likely it's going to cash flow; however, the appreciation is going to be there. However, when you buy the property, just because it doesn't cash flow today, doesn't mean it's not going to cash flow five years from now. And that's what I think a lot of people disregard or don't think bout is that, in the rental business, it's much more of a long-term play.
And so if you can purchase a property, add equity to the property by rehabbing it, repositioning it, getting those rents up and then you can refinance it to pull some of your money back out. It may not be cash flowing initially, but five years from now, as the market goes up, you're able to raise the rents appreciation goes up. Now it's going to cash flow. And it also makes it a great selling opportunity. So very much like flippers try and buy, rehab, sell within six months, well, I do a lot of the same, but I'm doing it in much slower pace, right? I'm buying, rehabbing, raising those rents, refinancing, but then also at that 5-10-year mark is when I'm also starting to sell properties.
Steve Rozenberg: So you are kind of doing a long-term flip. It’s like a simmer, I guess you could say. We'll call it a somersault. Not a flip maybe. But if you were to think of properties 30 years ago in the Seattle area, if you would have bought 10 properties in downtown Seattle 30 years ago, I think all of our lives would be different right now, right? It's safe to say. I grew up in Los Angeles. Same conversation.
The answer to me is that Seattle is a highly appreciating area. So you're not going to get the cash flow. You are going to get the appreciation, in general. And you and I both know, statistically, you don't normally get all of these. You don't get cash flow, equity capture, appreciation. You're only going to get a mixture of variation. Seattle right now is very much an appreciation play.
Enrique Jevons: Right, in the center core of Seattle. But the farther you get out, so you start getting an hour away, you actually can, today, purchase properties and they do cash flow.
Steve Rozenberg: Because you're in Yakima, you have a lot of properties in Yakima, right?
Enrique Jevons: Yeah, so I’ve got stuff in Yakima and that’s like two-and-a-half hours away from Seattle. And that is cash flowing day one. And it's appreciating so it's great. But it's more on the cash flow side. Also close to Seattle is the city of Tacoma. Tacoma stuff will cash flow day one and we're just talking about an hour drive south of Seattle. So there is stuff still. It starts to appreciate less but cash flow more the farther you get out, but, certainly, it's a combination of both. It's not an either-or. The other beautiful thing about Seattle and in some other major cities is that they have so many sources of income. So it's not just a one-business town. It’s not just Amazon. It’s not just Microsoft.
Steve Rozenberg: It’s stable. Different drivers coming in.
Enrique Jevons: Boeing is a huge employer. There’s a lot of little companies. But there’s also lost of shipping—huge shipyards with shipping coming in from China and such. And there's just so many other sources of income.
Steve Rozenberg: Tourism. You’ve obviously got a lot of tourism there so that’s stable.
Enrique Jevons: Tourism, yeah. And the cruise ship industry taking cruises to Alaska. Things like that. Yeah. So all those are things that you want to look for because that's going to be an indicator of how successful that city is going to be in the long run. And so, Seattle is one of those cities that has all of that.
Enrique Jevons: Best way is going to be by email. So go ahead and pop off an email to me at Enrique.email@example.com. So it's e-n-r-i-q-u-e.j-e-v-o-n-s at m-y-n-d.c-o. Or just google it because—
Steve Rozenberg: —because he's famous.
Enrique Jevons: Yeah, you'll find me.
Steve Rozenberg: You'll find him. And for anybody that wants to know more about investing, I ask that you please join our Facebook investing group. It's called the Mastermynd Real Estate Investment Club on Facebook. People like Enrique and myself are actually on there, engaging and having conversations. We are investors just like you and we are in the “heat of battle.” We buy stuff. We deal with stuff. We are conversing and learning just like everyone else is.
Also, if you'd like, go to our website, mynd.co. M-Y-N-D.C-O and you can find out more information about us there and all the other markets that we service. I am Steve Rozenberg and Enrique, thank you so much today for being on the show. I appreciate it.
Enrique Jevons: Yeah, thank you very much. Really appreciate it.
Steve Rozenberg: All right. And we will talk to everyone later. Bye-bye.
Enrique Jevons: Thanks. Bye.
Seattle and the Pacific Northwest, overall, are an attractive region for both new and veteran investors. For those developed and more cosmopolitan areas such as the central core of Seattle, a purchased property may not provide an investor with much cash flow; however, the value of that property will inevitably appreciate over time. Likewise, in areas away from urban cores, such as Yakima, properties are likely to provide investors with cash flow immediately.
With so many major and minor companies in varying fields such as tech, shipping and tourism, the Pacific Northwest boasts a robust and stable economy that is great for anyone looking to jump into the investment game or simply expand their portfolio.