Long time lurker first time poster. I first invested in real estate in 2013 after many years of interest. I had moved from a northern California market that appeared very difficult to break into to a more affordable market in Central Washington (Yakima). In the past 2 years I've acquired 154 units spread over 6 complexes ranging from fourplexes to a 90 unit complex. I've used BiggerPockets to answer many questions along the way, thank you to all of the outstanding posters whose wisdom has helped me out along the way!
Wow! That's some pretty impressive accomplishments!!👍👍
Welcome to the site!
It's great to have you here!
Good luck and happy investing !
Welcome to the BP community, @Jon Alke ! Glad to have you and thanks for sharing!
Very impressive stats. I hope I can find my way to be so successful in the coming years. I am interested to hear how the rental
Market is in Yakima. Seattle is so expensive
Welcome Jon that is awesome stuff!
It is a very different market from Seattle. You can certainly find cash-flowing deals, with or without a property management company. Strong demand, if you take care of your units you will run very close to zero functional vacancy. I don't expect much appreciation, if any, going in. I count on cash flow, principal buydown, and modest NOI growth to generate my return. Since I buy and hold and am new to the game I can't tell you much about exiting deals on the backend yet.
@Jon Alke @Julie Macd - The exit on that side of the mountains (specifically in the larger cities (Spokane, Tri, Ellensburg, Yakima) has been gaining traction quite rapidly over the past few years - for multifamily anyhow. Initially, there wasn't as much demand on that side of the mountains, but then savvy WA (and outside) investors started learning the stats on growth for that side of the mountains (Tri-Cities in-particular has a very attractive growth story) and have since become more interested. We've seen cap rates dip a bit, but as you mentioned, no where near as low as Seattle. Overall, the multi-family sector still has a high demand. Commercial hasn't quite picked up, and from what I read residential seems to be doing just fine over there (though I don't actively research or play in that world).
@Zach Schwarzmiller thanks for the info on Eastern central Washington. I will consider expanding my investing area in that direction.
Jon, congrats for coming out of lurkdom, now stay involved on the site! I've found key word alerts to be a great tool.
You expanded very quickly, kudos to you! Our little portfolio definitely looks like very small potatoes compared to what you'd up to, great job!
A few things that you posted sound exactly like my market:
"You can certainly find cash-flowing deals, with or without a property management company. Strong demand, if you take care of your units you will run very close to zero functional vacancy. I don't expect much appreciation, if any, going in."
Looking forward to hearing how things progress over time.
Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you