The Best Western Lakeway Inn: Situated right in the middle of town, just off of I-5, the Lakeway Inn is not your average Best Western. They’ve got a high quality restaurant, conference space, a nice indoor pool, and a great bar (Poppe’s ) with live jazz and one of the best Happy Hours in town.  It is about a 10-15 minute walk to downtown and has easy access to everything.  They also happen to offer special rates to clients of mine who are in town to look for homes… 714 Lakeway Dr Bellingham, WA 98229 (360)671-1011

The Lakeway Inn

The Fairhaven Village Inn: Nestled in the heart of the Old Fairhaven historic district, the Fairhaven Village Inn is a cozy (22 rooms) and inviting slice of Bellingham history.  The Inn is across the street from the Fairhaven Village Green Park, which features a farmer’s market, outdoor movies, and several shops and restaurants nearby.  You won’t have to bother with a car here, as everything you’ll need is within easy walking distance. Dozens of unique and boutique little restaurants, shops and walking paths are right outside the door. If you do feel like a drive, downtown Bellingham is just 5-minutes to the north, as is Western Washington University, with the fabled Chuckanut Drive beginning it’s long and winding road just a few short miles to the south. 1200 10th St, Bellingham, WA 98225 (360) 733-1311

The Fairhaven Village Inn

The Chrysalis Inn and Spa: If you want luxury and unparalleled pampering, try the Chrysalis Inn, also in Fairhaven.  Overlooking Bellingham Bay, the Chrysalis features the very finest of everything. The restaurant and wine bar, Fino, is fantastic, and the views are breathtaking, looking west over the Fairhaven boardwalk, Bellingham Bay and the San Juan Islands.  And then there’s the spa….Spending a day here will add years to your life, leaving you feeling younger and more vibrant than ever, like a real-life Benjamin Button… a character whose movie, ironically, took away what felt like years of my life…(Awwww…I kid David Fincher. It was pretty good…but 2 1/2 hours? Really? I finished college in less time than that!) 804 10th Street Bellingham, WA 98225 (360) 756-1005

The Chrysalis Inn & Spa

The Hotel Bellwether: Well, you can tell right off the bat that this place is pretty swanky…the name just sounds fancy.  Anytime you say the word “hotel” before the actual name, you know it’s gonna be nice…and expensive. the Hotel Bellwether is both. Situated on Bellingham Bay (almost literally) the Bellwether is a classic luxury hotel in every way.  With grand rooms, an outstanding restaurant,  the popular Harborside Bistro (whose talented young chef happens to be a close friend) and a location that defines the word “exceptional”, the Hotel Bellwether is the kind of place you’ll want to include in your boring family slide-shows for years to come. Stay there for the weekend…remember it for a lifetime.  One Bellwether Way, Bellingham WA 98225 (360) 392-3100

The Hotel Bellwether

Follow these links to read Part 1: Breakfast, Part 2: Lunch, Part 3: Dinner, Part 4: Dive Bars, Part 5: Live Bars, Part 6: Classy Pubs

Thanks for reading!  Please leave your comments below. If you have any questions about Bellingham, WA or real estate, in general, please feel free to email me directly at rob.leroy@exprealty.com or call me at 206.883.6668

This post simultaneously published by Rob LeRoy at theRealEstateNovelist.com

Rob LeRoy is a Seattle real estate agent and social media marketing coach with eXp Realty.

I went to Western Washington University, here in Bellingham, so I will use it as an example, though the numbers would likely look quite similar in just about any college town. Rates per person at Western’s dorms run roughly $500 (3 kids in a room) to $800+ (single occupancy) per month, NOT including food expenses.  Rental rates anywhere near campus run about $400-600 a month per room, depending on the number of rooms.  Studios and 1-bedrooms are commonly $700-900/month, whereas you might find a decent  3-bedroom for $1400.   Let’s be conservative and say it’s about $600/month on average, per room. Over 4 years (48 months) that’s almost $30,000(!) that you will NEVER get back.  As Everett Dirksen famously said,“ A billion here, a billion there…pretty soon you’re talking about real money!”

Consider this:  Right now, you can buy a 1-bedroom, 600 square foot condo, built in 2006, less than a half-mile from Western Washington University, for $140k.  With 20% down at 6% interest, the monthly payment, which includes taxes, insurance, and HOA dues (W/S/G) comes to about $925, leaving only electricity and cable for expenses.  Sounds like kind of a lot, doesn’t it? Let’s take a closer look.

• Similar units in this building are currently renting for between $725 and $800.

• You can write off some (maybe  all) of your interest payments , giving you roughly 25% back at tax time, depending on your bracket, making the effective monthly expense closer to $700. Make sure to talk to your accountant about this and other creative write-offs you might find…

• As an owner, your monthly expenses remain fixed over time.  According to Cory Walken, a colleague who studies rent growth in the area, rents near Western have increased at an average of about 6% per year, over the past 5 years.  Assuming that trend were to continue, the monthly rent on that same unit would go up  to almost $900-$1000 by the 4th year of your student’s education. Over 4 years, that would cost you between $38000-$42000 in rent! Gone, flushed….never to be seen again…

• Don’t forget about appreciation! Even in these tough times, most analysts are expecting the market to have corrected itself in the next couple of years, meaning there is a good chance the value of your investment will begin to increase during the 4-5 years that your student will live there.  That’s right, you might even MAKE money on this thing! Worst case, you can always hang onto it to make sure the kid doesn’t try to move back in with you after college…

This is just one example, of course.  There  are several other condo opportunities I can point you toward.  There are also houses and duplexes, etc… The numbers can look even better if you buy something with more rooms. Then, you can collect $500-$700/month of OTHER PEOPLE’S money! That ‘s the best kind of money, after all…

If you’d like to look more seriously at this type of investment, keep in mind that there are all kinds of different programs available, requiring anywhere from 3.5% to 20% down.  You can buy as an investment property, as a second home for yourself, or possibly as a first-home for the kid, which means eligibility for the $8000 first-time buyer tax credit. Each of these options has it’s own credit and income requirements, as well as unique tax implications.  Again, I would suggest consulting your accountant, as well as a mortgage professional, to make sure you understand clearly these particular details. You can talk to me if you want to know where to find these properties.

I can be reached on my cell at 206.883.6668, or by email at rob.leroy@exprealty.com

This post simultaneously published by Rob LeRoy at theRealEstateNovelist.com

Rob LeRoy is a Seattle real estate agent and social media marketing coach with eXp Realty.

South Hill is one of Bellingham’s affluent neighborhoods and is famous for its sweeping views of Bellingham Bay and large, well kept variety of character homes that range from Tudors to Craftsman and grand castle-styled homes at some corners. Because of its proximity to Fairhaven, WWU, Boulevard Park, and Downtown Bellingham, the location is extremely desirable. The neighborhood is strictly residential, with homes on the hill and condos on the main strip along the water, Boulevard and South State. The condos also boast great views of the bay and some can be purchased at a very reasonable price tag.