New to STR, seeking some advise to kick start
Member since 2021 · 2 posts · 1 vote
Hi, I am looking to start my REI journey with a good SRT around western Washington. Some of the areas in consideration are forks, ocean shore, or any other beach town. Ideally looking for something accessible around Olympic national park. I would really appreciate on guidance around how and where to start narrowing my search and advise on prospects of western Washington (especially the SRT laws)
Good golly @Akram Yadullahi. I live here and I wouldn't invest here myself. There isn't much in Forks unless you get some crazy Twilight people which are much less than they used to be. Ocean Shores is OK but there are a ton of restrictions where you can do STRs.
Longbeach could be OK if you find the right place in the right area.
The Olympia National Park isn't really near either OS or LB.
The park got 2.5m visitors in 2021 (latest numbers). What town/area to buy in will depend on where you think people will want to go. Hurricane Ridge is closes to Port Angeles, but I wouldn't buy in PA. Too much crime. Maybe Sequim?
The Hoh rainforest is closest to Forks. Hoodsport is closest to Staircase.
There isn't a good central area to buy that can access all the park has to offer so you are going to have to choose. Luckily the list is short so you can narrow down your search and make calls about the legality of STRs there.
The main reason I don't invest in Western WA is due to the ever present dislike of owners who rent. Whether it be LTR or STR, everyone thinks we should just give the places away for next to nothing and they should be able to stay even if they don't pay. I don't want to be under our current governments idea of rental rules.
Just my 2 cents. Others invest here and do well.
Good golly @Akram Yadullahi. I live here and I wouldn't invest here myself. There isn't much in Forks unless you get some crazy Twilight people which are much less than they used to be. Ocean Shores is OK but there are a ton of restrictions where you can do STRs.
Longbeach could be OK if you find the right place in the right area.
The Olympia National Park isn't really near either OS or LB.
The park got 2.5m visitors in 2021 (latest numbers). What town/area to buy in will depend on where you think people will want to go. Hurricane Ridge is closes to Port Angeles, but I wouldn't buy in PA. Too much crime. Maybe Sequim?
The Hoh rainforest is closest to Forks. Hoodsport is closest to Staircase.
There isn't a good central area to buy that can access all the park has to offer so you are going to have to choose. Luckily the list is short so you can narrow down your search and make calls about the legality of STRs there.
The main reason I don't invest in Western WA is due to the ever present dislike of owners who rent. Whether it be LTR or STR, everyone thinks we should just give the places away for next to nothing and they should be able to stay even if they don't pay. I don't want to be under our current governments idea of rental rules.
Just my 2 cents. Others invest here and do well.
Good golly @Akram Yadullahi. I live here and I wouldn't invest here myself. There isn't much in Forks unless you get some crazy Twilight people which are much less than they used to be. Ocean Shores is OK but there are a ton of restrictions where you can do STRs.
Longbeach could be OK if you find the right place in the right area.
The Olympia National Park isn't really near either OS or LB.
The park got 2.5m visitors in 2021 (latest numbers). What town/area to buy in will depend on where you think people will want to go. Hurricane Ridge is closes to Port Angeles, but I wouldn't buy in PA. Too much crime. Maybe Sequim?
The Hoh rainforest is closest to Forks. Hoodsport is closest to Staircase.
There isn't a good central area to buy that can access all the park has to offer so you are going to have to choose. Luckily the list is short so you can narrow down your search and make calls about the legality of STRs there.
The main reason I don't invest in Western WA is due to the ever present dislike of owners who rent. Whether it be LTR or STR, everyone thinks we should just give the places away for next to nothing and they should be able to stay even if they don't pay. I don't want to be under our current governments idea of rental rules.
Just my 2 cents. Others invest here and do well.
thanks a lot Michael. I appreciate a local's perspective. Do you have any advise on which places to scout for a good STR? Budget is around 600-700k. Open to out of state if it's a good deal. Looking for cash flow positive with a good cap rate and cash on cash returns. Also open to getting a coach to help guide me. Thanks
That is a loaded question @Akram Yadullahi. Right now, it is hard to find a good cash flowing deal in a lot of areas, but not impossible.
It sounds like you are wanting and investment and do not care if you get to use it or not.
That budget is pretty strong. You might want to look at the greater Orlando area. It is pretty saturated, but a large house with themed rooms seems to be doing well. Gatlinburg/Pigeon Forge are also very popular and have nearly year round occupancy. Myrtle Beach has great returns and you could find a great place for that budget or less.
I would go read the forums and see what others have been discussing. The USA is pretty big with lots of great places to visit. I guess you need to narrow down your ideas of what you want.
Hi Akram! STR's do work in western Washington but it really depends on the cash on cash return you are trying to achieve. Our team focuses on helping investors buy STR here in Washington and for some of them they are happy with a lower cash on cash as long as they can get the benefits of appreciation and accelerated depreciation to offset their W-2 income. I sent you a DM in case you have any questions.
@Akram Yadullahi, not all the areas you listed are STR friendly.
Feel free to reach out and we can discuss which city is STR friendly and which one is not!
@Akram Yadullahi- thanks for the post - 1) get formally pre approved in order to make sure you have the financing step handled ...you can use any hypothetical you want and the process is free ....getting this completed will help get the ball rolling 2) the areas you mention are beautiful but remote so STRs might be a bit of challenge for much of the year ...maybe Sequim or port angeles ?