What's a Good Area? Looking to Purchase First Investment Property

[Sailin Li]

Hey Everyone,

Canadian here looking at purchasing my first investment property in the states this year. Hoping to get some expertise and guidance on where you think is a good area. Price range of around $300k US, and ideally a location with strong STR and LTR potential.

Huge proponent of the BRRR strategy, renovating to add value or even purchasing land and building something from scratch and building equity.

Im currently drawn to the Ashford or Packwood, WA area for STR. Close to Seattle, Portland and the Rainier National park. Considered buying a piece of land and building a cabin or even glamping (somewhere we'd love to visit often and use). Concern here is definitely the lack of long term rental options should any ordinance come down against STR.

Also considering Gig Harbor as an area that has both LTR and STR potential, although 300k is stretching it thin that area.

Thanks in advance!!

[Michael Haas]

Hey @Sailin Li - I agree with the strategy, although cabin prices have risen significantly your money can still go much farther if you focus on STR's. I sold the Ashford Lodge & other properties and Packwood and Ranier as STR's, and think those markets are just undervalued and under-discovered enough to have a good run of appreciation and increased rents ahead of them. Happy to talk more, and connect you with the community of STR investors in Ashford (Ashford Lodge, the Millards Cabins folks, etc. are young and passionate STR owners that are revitalizing that community!)