Hi, I'm currently looking for my second multifamily in the NW. I bought my first in Central Oregon a few years ago and its cash flowing nicely. Now that prices have rebound I'm having trouble finding anything that could cash flow. I live in Seattle and would like it to be within a days drive, so Oregon or Washington. Does anyone have any advice for areas to look in or any other ideas/comments?
Any outskirts to big cities are doing quite well for multi-family. N. Snohomish, Pierce, Spokane Counties - Tri Cities, etc. Low vacancy, rising rents - worth checking them all out as they are within your drive range.
I don't know specifically, but there are a lot of investors on here in the Portland Oregon area that may be able to give some suggestions as well as Seattle Washington. Hopefully the tags of these areas..... will have others jump in and give you some suggestions. Have you thought of living in one unit so you could get a lower rate and possibly less of a down payment? If you don't have an FHA you could go that route with only 3.5% or with a duplex primary and conventional financing you could put just 20% down instead of 25%.
Maybe Brookings, OR or Crescent City, CA? I live in CC in a subsidized 55+ building. CC has about 5,000 residents in town, and it's basically a blue collar tourist town. Brookings is basically the same but larger and has a lot more charm. Don't know about the market outside of just being someone who lives here. I don't know the area well yet, but it seems like there would be limited housing compared to the population numbers.
Anyway, both communities are decent towns, and affordable. Might be worth checking out.
Another town that seems to be doing well, but is under-rated, is Grants Pass, OR.
I live in Grants Pass, and I can attest to the fact that it's a growing area. Real Estate prices have been going up, and it can be difficult to find a place where the numbers work for buy-and-hold. When appreciation is factored in, it gets much more attractive.
If you're interested in getting into this area, though, let me know - I'd love to chat.
I see some cashflow deals in the tacoma area, also say something interesting in Goldbar last week:
Upon further inspection it looked like it had seen a fire... so I passed. There were some interesting commercial properties I saw while driving 2, but probably not something that wouldn't be best as an owner occ type building.
I live in the dalles and may be willing to do some foot work for ya. I would think the two primary areas in my region are the tri-cities and bend.
I live in the Tri-Cities, what size multi family and price range are you after? I get the Listings and have ran the numbers on several here locally.
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