Pacific Northwest Real Estate Investment Market Report: October 2020
Beware: How to Avoid Hard Money Lender Scams
For many real estate investors, private lending can be a very useful tool. Hard money lending makes it possible for investors to quickly and efficiently fund deals when they need creative financing solutions or conventional lending is not an option.
While there are many reputable hard money lenders in the industry with years of experience and excellent reputations, unfortunately, there are also malicious players offering deals in the space. If you’re in the market for a hard money lender, it’s important to know how to differentiate legitimate lenders from scams. Below are a few standard hard money loan scams—and tips on how to avoid them.
Keep readingMarket Activity
For the first two quarters of 2020, the Seattle multifamily market remained resilient. In September, King County’s rent collections fell to 76.4 percent compared to 81.2 percent in September 2019. 70 percent of regional apartment stock is located in King County. As many areas have experienced a decline in rental rates, concessions have been on the rise. Meanwhile, Pierce and Snohomish counties saw an increase in rent of 4.6 and 2.5 percent, respectively.
Market Activity
The Portland multifamily market continues to show its strength. However, occupancy in Portland has dropped by 2.8 percent to 90.5 percent. Occupancy in Clackamas and Clark counties increased by 0.8 and 2.8 percent, respectively. Slow rent growth across the region has caused concessions to double downtown and in surrounding submarkets.
Market Activity
Idaho ranks third in small business growth compared to states across the U.S. Over the past four years, small business jobs in the state have grown by 20.7 percent, a favorable indication for office properties and the local economy as a whole. With that, back in August, Idaho had the highest rate of net migration in the country at 194 percent. During the pandemic, more people moved into the state than out, according to Colliers International.
