Rural Washington Market...Mult-family or Small Apartment

Multi-Family and Apartment Investing
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Rural Washington Market...Mult-family or Small Apartment

Jorge Barboza Jr.
Investor · Yorba Linda, CA · Member since 2016 · 114 posts · 32 votes

Hello Team!

Looking to learn more about the Boise market. I have a rental in Southern California that has some equity and am thinking about selling it to get a better return on the equity that is just sitting there. Would like to learn more about a few markets within the rural Washington State Market. Looking at Port Orchard, Kennewick, Spokane, Olympia, and Redmond. Who can help? 

Thanks!


Jorge

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Shelli Nemec
Spokane · Member since 2019 · 9 posts · 5 votes
5y

Washington state is on fire. I WISH it would slow down. 

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  • Nicholas Zaharevich
    Rental Property Investor · Spanaway, WA · Member since 2016 · 82 posts · 41 votes
    5y

    @Jorge Barboza Jr. I currently own and manage multiple SFR and one small multi-family in the Pasco - Kennewick - Richland area. I'd be happy to connect if you're looking in the area.

    0Reply
  • Jorge Barboza Jr.
    OP
    Investor · Yorba Linda, CA · Member since 2016 · 114 posts · 32 votes
    5y

    @Nicholas Zaharevich

    That would be great! Thanks!

    0Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    @Jorge Barboza Jr. I'm sure lots of people can help out. You could join wa landlords and attend meetings which are starting up again. Today it is a very tough market here. If you are willing to invest OS the numbers and laws are more in your favor elsewhere. All the best!

    0Reply
  • Jorge Barboza Jr.
    OP
    Investor · Yorba Linda, CA · Member since 2016 · 114 posts · 32 votes
    5y

    @Bjorn Ahlblad

    Thanks for the insight, do you have specific states you suggest?

    0Reply
  • Jake DeAtley
    Realtor · Olympia, WA · Member since 2017 · 155 posts · 57 votes
    5y

    @Jorge Barboza Jr. I am in the Olympia market. I currently own and self manage 16 doors here in Thurston County. I am expecting to tie up another 5 units before the end of the day today. opportunities are definitely less than they were a few years back, but are still out there if you know your numbers and can be ready to pounce when an opportunity arises. Feel free to reach out if you'd like to discuss my market more!

    Regards 

    0Reply
  • Jacob Mack
    Realtor · Spokane, WA · Member since 2020 · 32 posts · 20 votes
    5y

    @Jorge Barboza Jr.

    Hey Jorge, I'm a realtor in Spokane and would love to talk sometime about what kind of investing you're looking for and answer any questions about the area. It's a hot market (where isn't right now?) but still cheaper than a lot of places. Lots of job growth in this area with high rental demand.

    0Reply
  • Kevin Romines
    Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
    5y

    @Jorge Barboza Jr. One of the best rural markets to consider is Grays Harbor County. It was 9th on the list last year for most growth in the nation. 

    I hope that helps?

    1Reply
  • Brandon VukelichBusiness Member
    Real Estate Broker · Tacoma, WA: 🏢 27 LTRs 🏡 3 STRs · Member since 2018 · 549 posts · 458 votes
    5y

    @Jorge Barboza Jr. you've mentioned all rather hot markets but FYI, none of those would be considered "rural" IMO.  Our office has brokers investing in Moses Lake, which I would say is more rural than those mentioned.  You're going to see crazy market pressure in Spokane, similar to Boise.  Out of the areas you listed, Kennewick may be the most affordable but rents/appreciation won't be as strong as those you have on the West side of WA or Spokane. As mentioned by others, you may want to read up on landlord-tenant laws.  WA is getting worse by the month.  Best wishes in your search!

    Broker at Multifamily Properties519 Reviews
    WebsiteView Page
    1Reply
  • Susan Carson
    Member since 2021 · 4 posts · 2 votes
    5y

    Hello, I live and invest in what was once considered “rural Washington “, central Washington. The areas like Spokane, Tri-Cities, and the Peninsula are no longer considered rural. I will say Washington State is a challenge for anyone who is coming in from out of state to invest. We have an economy that was once thriving across the state that has truly gone into the dumpster due to our State government. We are having a mass exodus that is happening. Personally, I am waiting for the economic crash before buying any more properties because if this rental eviction moratorium ends and people realize the Governor has diverted funds that were suppose to help renters and landlords,  to his pet projects,  people will be homeless and landlords will have to sell due to hardship. I know our prices in Central Washington have slowed down on the increase, which still won’t help the high rental prices compare to the local hourly wage for most of its residents. I would invest in Idaho, Texas, or even Montana because this is where many long time  Washington residents are moving to or wait and sweep up later in the fall here in Washington when everything crashes. 

    0Reply
  • Chris Miller
    Residential Real Estate Broker · Moses Lake, WA · Member since 2016 · 49 posts · 22 votes
    5y
    Originally posted by @Susan Carson:

    Hello, I live and invest in what was once considered “rural Washington “, central Washington. The areas like Spokane, Tri-Cities, and the Peninsula are no longer considered rural. I will say Washington State is a challenge for anyone who is coming in from out of state to invest. We have an economy that was once thriving across the state that has truly gone into the dumpster due to our State government. We are having a mass exodus that is happening. Personally, I am waiting for the economic crash before buying any more properties because if this rental eviction moratorium ends and people realize the Governor has diverted funds that were suppose to help renters and landlords,  to his pet projects,  people will be homeless and landlords will have to sell due to hardship. I know our prices in Central Washington have slowed down on the increase, which still won’t help the high rental prices compare to the local hourly wage for most of its residents. I would invest in Idaho, Texas, or even Montana because this is where many long time  Washington residents are moving to or wait and sweep up later in the fall here in Washington when everything crashes. 

     Haha I don’t know what hole your head has been in. We can’t find enough land and builders for all the growth. 

    0Reply
  • Cody Harris
    Nampa, ID · Member since 2017 · 67 posts · 24 votes
    5y

    @Jorge Barboza Jr. I’m a Realtor/contractor in Boise, ID. The market here is hot like everywhere else but there are still deals to be found depending on what your goal is and property type you are looking for. I’d be happy to help you out and answer any questions you have. Feel free to message me

    0Reply
  • Susan Carson
    Member since 2021 · 4 posts · 2 votes
    5y

    Chris Miller, very professional response. You must be like one of the many lazy agents I have dealt with in Eastern Washington. I can find land all day long. I can find investment properties all day long. I actually bring my Western Washington agent over to handle any listed properties on the mls because they will hustle and get the answers I need while handling themselves with professionalism. Maybe check your attitude and people will actually come to you with properties before they hit the market. Even with this in mind, it still doesn’t make a transaction a good deal just because of this short term frenzy. 

    0Reply
  • Shelli Nemec
    Spokane · Member since 2019 · 9 posts · 5 votes
    5y

    Washington state is on fire. I WISH it would slow down. 

    1Reply
  • Kristel DaughertyBusiness Member
    Real Estate Broker · Bremerton, WA · Member since 2018 · 127 posts · 71 votes
    5y

    I'm local to the Port Orchard market - just listed a few duplexes this morning. Would be happy to chat with you about anything in this area!

    [email protected]360-317-0113
    Revival Realty LLC53 Reviews
    WebsiteView Page
    0Reply
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