Clarkston, Washington/Eastern Washington

Clarkston, Washington/Eastern Washington

Anaheim, CA · Member since 2015 · 45 posts · 10 votes

I have listened to about 53 out of the 173 podcasts. I have come to the realization as a Southern Californian living in Orange County that it makes more sense to buy out of state.  Yes, I realize the appreciation in California makes more sense, but when 1 bedroom crappy condos in bad parts of Anaheim and Santa Ana are going for $235,000 there is no way the 2% rule would work today unless you put some huge down payment.  

When I hear success stories on the podcasts of investors like Dawn Anastasi buying properties for $35,000 and renting them out for $700 a month or Ryland buying properties in Tacoma for $65,000 it definitely has enticed me to look outside California.  I know Brandon Turner also invests in Washington so if either Brandon or Ryland have any thoughts on Clarkston Washington or cities close to this area I would love some advice.

I wanted to know if there are any real estate investors who have bought buy and hold properties in Clarkston,Washington or close to that area.  My mother and father in law are originally from Orange County, California but relocated to Clarkston, Washington about 10 years ago.  They live about 35 minutes from Washington State University.  I wanted to see if there are any real estate agents that know the area.  My wife and I are going to be visiting for a week in June and I was hoping to scout the area and see if I could find any deals to buy and hold.  I could have my mother in law be the boots on the ground. She has excellent social skills and would do a good job of PR to find tenants to occupy the property.

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Investor · Lewiston, ID · Member since 2017 · 3 posts · 1 vote
6y

@Alan Reza

Well, Alan. There aren’t too many investors in the LC Valley that are also on Bigger Pockets it would seem. My wife and I are actively buying and managing rentals her in Lewiston and Clarkston. Honestly, it’s a pretty great market for rentals. Rents keep climbing because inventory is so low for rentals. Vacancy of rentals in the valley was recently reported to be at zero percent. It looks like it’s been a while since you were last looking for real estate here in the LCV, but I’ll say that now is an even better time to start investing out here in my opinion. My wife is a licensed real estate agent in Idaho and Washington. We also manage properties for other out-of-town investors.

If you are still interested in the LCV, I think we should definitely talk.

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  • Seattle, WA · Member since 2015 · 500 posts · 243 votes
    10y

    @Alan Reza - If you intend on investing long-term, I recommend looking into setting up a system such that you do not need to involve your parents as property managers in any major capacity (tenant locating qualifies as such in my mind). In your online ads, you can include your phone number/email and if they pass the pre-screen and screening, you can look to try creating a relationship with a local real estate agent who can do the showings for you.

    If your parents intend to invest as partners with you, that changes things entirely and I would then recommend setting up some kind of corporate structure to help maintain that family-business separation.

    Finally, if you end up purchasing property in Clarkston, it may make sense to pursue student housing as the returns can be very attractive and a lot more manageable than a lot of folks think.

    Cheers, and here's to success!

  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    10y

    @Alex,

    That's good advice. Thank you! Your right in not mixing business with family. 

  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    10y

    @Alan Reza thanks for the mention!

  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    10y

    @Dawn Anastasi

    No problem, glad to see you guys are finding good deals that are generating good cash flow. Do you invest in other buy and hold properties outside of Milaukee? 

  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    10y
    Originally posted by @Alan Reza:

    @Dawn Anastasi

    No problem, glad to see you guys are finding good deals that are generating good cash flow. Do you invest in other buy and hold properties outside of Milaukee? 

     No just Milwaukee!

  • Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Alan Reza  If you have the capital you might also consider investing in notes.

  • Rental Property Investor · Kirkland, WA · Member since 2016 · 60 posts · 19 votes
    10y

    Hi Alan, do you have any updates for your researching investing in Washington?

  • Member since 2018 · 7 posts · 0 votes
    7y
    @Alan Reza Hi,Moving to the Washington area. How did it go
  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    7y

    @Salvador Garza what part of Washington are you moving to? 

  • Member since 2018 · 7 posts · 0 votes
    7y

    Specifically Tacoma/Bremerton area

  • Member since 2018 · 7 posts · 0 votes
    7y
  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    7y

    @Salvador Garza I am not too familiar with oos investing in Tacoma we were looking in Clarkston Washington, Lewiston Idaho and Moscow Idaho. Price to rent ratio was not very good 

  • Member since 2018 · 7 posts · 0 votes
    7y
    @Alan Reza If i can ask Mr. Reza.. I am 23 just starting out, And i notice a trend on bigger pockets podcasts where 90% of these people have money, i.e pulling equity,savings," i suddenly was dropped into a deal"type of situations...My way to gather funds is to get my CDL for state-2-state trucking for a year..Then invest. My question is How did you actually jump into the game and suggestions for me.. Money and lack of "skin" is what hold me back. Thanks alot sir for the response.
  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    7y

    @Salvador Garza I'm assuming your young, not married, not kids yet.  You're in a perfect situation to house hack! Check out Scott Trench's book, "Set for Life" or  Brandon Turner's book, "The Book on Rental Property Investing", both available here in BP.  Or just go into threads and learn about House Hacking.  Basically the premise is that you buy a small property (maybe a 2-bedroom or a duplex) and rent out the portion you don't live in.  That way someone else is helping you pay the mortgage!  From there, you start to snowball the profits and upgraded to bigger opportunities.    

  • Southern Indiana · Member since 2017 · 51 posts · 7 votes
    7y

    @Salvador Garza I'd do exactly what @Alan Reza is suggesting if I were in your situation. Find something that fits your budget in case it's not rented for whatever reason, and then when it's rented you'll be living for free and most likely even making money while working. I'd keep doing this indefinitely. I've got a family so a bit hard for me to do this but I would've loved to instead of paying rent in an apartment to someone all those years in school. I'd find a good realtor there and ask them to help you find properties that fit your budget, analyze them yourself - don't just trust the realtor, bank etc., and go look at them. You'll start to get an idea of where you'd be willing to live and where you wouldn't after you walk through enough. I was worried realtors would get annoyed just showing me houses but they want your business and you learn so much walking through them that it's silly not to in my opinion. Good luck!

  • Specialist · Yakima, WA · Member since 2018 · 13 posts · 2 votes
    7y

    @Alan Reza Have you looked into the Yakima Tri-Cities area?

  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    7y

    @Christopher L Hall I have not looked in Yakima Tri-Cities yet.  I have only looked at Clarkston/Pullman Washington and Moscow/Lewiston Idaho because my in-laws live in that area.  I am not familiar with Yakima.  I will have to check out realtor.com and see whats on the market.  Thank you!

  • Rental Property Investor · Spanaway, WA · Member since 2016 · 82 posts · 41 votes
    7y
    @Alan Reza I have multiple homes in the TriCities area (Richland, Kennewick, and West Richland) as well as one in a small rural place called Waitsburg. The TriCities area has picked up significantly over the past few years. I have a 2/1 SFR that was purchased for 96K in 2010 that now would sell for over 160K in that area. The cash flow is great on each of the properties. There are lots of great properties, if you can find a deal that works. Newer apartments and a lack of available rentals drive rents up. I've never have a vacancy in 7 years unless it was self-inflicted (voluntarily upgrading properties). Developers are building, and the cities are expanding fast. I haven't done the homework as to what exactly is the driving factor behind all the growth in the region. Hanford hasn't exactly expanded, but something is going on. More people = more services = more jobs = more homes. My wife believes the LDS Temple that was built also had an economic impact on the region.
  • Anaheim, CA · Member since 2015 · 45 posts · 10 votes
    7y

    @Nicholas Zaharevich Wow no vacancy in 7 years that is outstanding! What do 2/1 SFR's typically rent for out in the Tricities?

  • Rental Property Investor · Spanaway, WA · Member since 2016 · 82 posts · 41 votes
    7y
    Originally posted by @Alan Reza:

    @Nicholas Zaharevich Wow no vacancy in 7 years that is outstanding! What do 2/1 SFR's typically rent for out in the Tricities?

     Mine is renting for $1125, which I feel is slightly under market. I increased the rent on the last lease renewal, but not as much as I probably should have. Property taxes spiked this year due to the increase for public schools. I could easily rent it for $1175-1200.  I also allow pets, which brings tenants from the apartments who don't allow pets. 

  • Ryan GarrisonPro Member
    Rental Property Investor · Olympia, WA · Member since 2017 · 234 posts · 83 votes
    7y

    @Alan Reza What about vacation rentals in the Anaheim market? I have heard it does well down there. I am sure you have looked into it, but I am just curious what you found.  

  • Investor · Lewiston, ID · Member since 2017 · 3 posts · 1 vote
    6y

    @Alan Reza

    Well, Alan. There aren’t too many investors in the LC Valley that are also on Bigger Pockets it would seem. My wife and I are actively buying and managing rentals her in Lewiston and Clarkston. Honestly, it’s a pretty great market for rentals. Rents keep climbing because inventory is so low for rentals. Vacancy of rentals in the valley was recently reported to be at zero percent. It looks like it’s been a while since you were last looking for real estate here in the LCV, but I’ll say that now is an even better time to start investing out here in my opinion. My wife is a licensed real estate agent in Idaho and Washington. We also manage properties for other out-of-town investors.

    If you are still interested in the LCV, I think we should definitely talk.

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