Rental Property Investor · Everett, WA · Member since 2013 · 389 posts · 222 votes
Hey All,
Does anyone out there besides Brandon have experience investing in Aberdeen, WA or Gray's Harbor in general?
I have been researching the area a lot and would love to hear some investment feedback. It seems to be the only place in Western Washington to meet the 2% rule.
Yah- Aberdeen can be tough but it’s kind of a “ neighborhood by neighborhood” thing. Agreed on the traffic driving though- it’s great. I have one Vacation Rental in the area and it’s booked most night.
Overall- I think the future is looking positive for Aberdeen. it may never be “seattle“ but it’s on an upswing!
The contractor I work for will be starting a $32 million renovation project for the local housing authority in March of next year. From everything I'm hearing, this is by far the largest investment in the area in quite some time. I totally agree with the traffic pattern through town. However, one of the biggest obstacles for a corporation of any size coming to town is the lack of employable workers. Unfortunately, the downturn in the area due to the fallout of the lumber industry has taken a huge toll on the local employment market. We've been advertising for weeks for skilled carpenters and laborers and have had little to no luck finding applicants. It does get better as you get closer to Olympia though.
My wife and I had looked at a few properties down there. One in hoquiam and the other in Aberdeen... no matter how many times I pushed the numbers it would work. So we drove down and viewed the properties. The hoquiam 4 plex looked great online the street it was on had 10 of 20 abandoned houses and a drug deal happening in front of us on the property of interest..... the triplex in Aberdeen was in a better part but was over priced for me. I have a lot of family down there and really hope that it starts moving up for the better. The nuclear plant has a new business in it, that’s a big hit in town! Best of luck!
Ps @brandonturner your fancy 4 plex is like 5 blocks from my uncles house! I’m loving the Halloween decorations
I think that’s Overstock in the nuclear plant. Some of us in town have a hypothetical that Amazon will realize the cheap land, abundance of employee housing, and lack of traffic in the area and decide to move out this way (someone in the “know” said they were exploring new locations for another warehouse, but I don’t know how realistic that is.
I was informed by someone who has family in the city government that a big issue with the Aberdeen port is that it is too narrow. They can always dredge it to make it deeper, but it’s too narrow for the large shipping container boats to turn around so that keeps us out of the big time in the port Business. I do know that Aberdeen is using the port to ship all those Volkswagen autos that were recalled overseas, if you drive by the Home Depot you will see them all lined up to ship out.
@Levi McDaniel I took the trek to the area a few years ago because the numbers were so gosh darn appealing! The 20 abandoned houses on the same block were not. I hear ya!
I grew up in Olympia next to Aberdeen and it’s definitely a block by block thing. Curt Cobain’s house that he grew up in has abandoned houses next to it. There are some good cash flow opportunities there though.
I'm a newbie here and to RE investing. I bought my first fixer 10 years ago in Olympia which I'm now renting while I live in Vietnam.
I've been looking at Aberdeen as a city to relocate to and begin RE investing. Most of the threads on Aberdeen go back 4+ years and the opinion was bleak. Now I'm seeing @Brandon Turner saying it's stable and possibly on an upswing. I have heard that there's been some private investing in commercial/historic properties, and a grant to improve/remodel the library (I think). These seem like good indicators for the future. Are there any updated opinions on Aberdeen or the surrounding area?
I personally like the area. My plan would be to buy and renovate properties while living in them-- moving from one to the next over a period of years. I have been a working Home Inspector and spent time in remodel construction so I have some skills to help me be successful.
Are there any RE agents in the area that would like to have a discussion?
@Tim Shea If you're still having trouble finding skilled carpenters you might want to visit with some faculty at Grays Harbor college. They have a 1 and 2 year carpentry program. I would imagine many of these students are serious, hard working, and would value an opportunity to be employed in their trade.
I agree with @Brandon Turner, Aberdeen's future is looking good. I just drove through Aberdeen and Hoquiam last week on the way to the beach with my wife and baby son. My wife and I couldn't help but notice how beautiful the area is-- especially on a sunny and warm day like it was for us. Most of the year the dreary, gray, rainy weather certainly doesn't help, however there is an undeniable sense of gritty optimism in Aberdeen that I really love.
And it's all about location, right? Aberdeen is the gateway to the beach and the Olympic peninsula and the amazing coastline, mountains, and forests there. There will always be tourists coming and going + there are lots of cool old houses that are just screaming for a rehab = lots of potential there for investors like us. I can totally see Aberdeen/Hoqiuam being an Airbnb hotspot for all those travelers, not to mention the Seattleites that need a break from the big city from time to time.
As more people come to visit, then businesses will thrive, and Aberdeen will be a hot market on the rise! (take notes Shelton)