New investor joining BP from Wenatchee, WA

27 Replies

Hi, I’m new to BP from Wenatchee, WA.  My husband and I have been custom homebuilders in the Wenatchee valley and surrounding areas for the past 15 years.  We are ready to start investing in or building multi-family units and pursuing waterfront  rentals in the Chelan area.  Our customers are many Seattle area residents building vacation and soon to be retirement homes in our area.  We are ready to start diversifying and going in a multi family direction and looking for others with a similar path.  We’ve owned single family rentals in the past and have had experience in that area as well.   I have a wealth of knowledge when it comes to construction costs and design.

@Joy VanAssche Welcome to BP! I went to school and worked in Seattle for a few years before moving back to Hawaii...one of my biggest regrets was not venturing east to explore the rest of the state! Well, that and not going to a Hawks game.

Anyway, wife and I are planning to purchase our first multifamily unit in Clarksville, TN by the end of the year and, like you, are always looking to connect with like-minded people. We're real estate newbies, so a lot of research, reading, and networking at this point! Please keep in touch!

Joy, welcome and you probably want to network? Two vehicles we use are the BiggerPockets monthly get togethers which take place at Ramblin’ Jacks in Olympia, and the Washington State LL association which meets monthly at a larger meeting facility. That will give you a start.

Hello Joy,

Welcome to BP.  There is a ton of information on this site and if you do not find what you are looking for just ask and all the helpful people will point you in the right direction.

I am from you neck of the woods also, infact I was in Wenatchee on Friday.  I am working on my property and own land already North of Wenatchee.

I would be very interested in conversing with you about the work and service you provide.  Please feel free to PM me or text.

I wish you all the success in the world on all that you do.

I am looking forward to hearing from you.

Congratulations on finding BP! With your background, @Joy VanAssche , you will have a competitive advantage in whatever market you decide to work in, I'm sure you will discover excellent ways of leveraging that.


Do you know where you want to buy? Are you looking for residential or commercial multifamily?

Joy,

Welcome to Bigger Pockets!

I'm from the area and have similar interests as you and and your husband in regards to multi family opportunities and single family rentals!

Let me know if you would ever like to grab coffee sometime and we can chat Real Estate!

Happy Investing!

- Elliott

@Joy VanAssche

Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

Wishing you the best!

Hi @Joy VanAssche ! I’m from the Richland in the Tri Cities area of Washington State so we are pretty close. I am working on a BRRRR currently and find it interesting what you said about Chelan. I have always thought it would be extremely profitable to own homes on Lake Chelan as either rentals or Air BnB’s. I have my Real Estate license and would be interested in hearing more about your path you e taken and where you want to go.

Hi guys!  You're definitely a ways away, but if you ever find your way out in Bellingham, I'd love to meet with you over coffee and talk shop!

Thanks everyone for the welcome!  I'd love to meet up with some of you locally.  I am also hoping to join in some Washington investing groups and trek over to Seattle for some meet ups.

hello Joy and welcome to bigger pockets. Sounds as if you have a few of the bases covered. I am a Spokane Washington Real Estate brokers whom work with out of state buyers. Take a look at the Spokane vacancy rate, currently.5 and under, a great market to get involved in. Shoot me a message would love to discuss your goals etc....

Thank you,

Tyler Barranger

Hi Dustin, that is great to hear.  I have been looking for property in the Chelan area with this in mind.  I’ve mainly been looking on the lake though and you’re right with the Airbnb multifamily property.  Prople just want to vacation there and this is a great opportunity.

Another company that is heating up in Chelan is Vacasa, a lot of people are using their services to manage their rentals in that area.

Little late to the thread here but I can verify that Chelan WA is one of the best vacation rental destinations in the Pacific NW! I'm continually blown away by how well many of our properties there perform. Especially the waterfront ones. If you have a waterfront 4+ bed home, you'll have 100% occupancy during the summer (with fixed turnovers!), mainly from large family groups coming from Seattle.

Originally posted by @Jon Latorre :

Little late to the thread here but I can verify that Chelan WA is one of the best vacation rental destinations in the Pacific NW! I'm continually blown away by how well many of our properties there perform. Especially the waterfront ones. If you have a waterfront 4+ bed home, you'll have 100% occupancy during the summer (with fixed turnovers!), mainly from large family groups coming from Seattle.

 Couple of questions:

Lk Chelan is great during the summer months but what is the vacancy rate like during the rest of the year?  I've been going to Chelan for 40+ yrs but I've only once stayed during the winter months and I wouldn't do it again (Leavenworth has much more appeal during the winter season).

Also, the fire season has been trending worse over the last decade or so.  Have you seen bookings increase for the June/July months to avoid the dreaded August fires and smoke?

Hi @Joy VanAssche welcome to BP!

Gotta love Chelan and Wenatchee! Wenatchee is an under-appreciated submarket in Eastern WA in my opinion. Average markets are up over 40% since 2010 in Wenatchee / East Wenatchee, vacancy sub-5.00% marketwide, limited rent concessions, and a job market that's added over 12,000 jobs since 2012. Forbes recently named Wenatchee as the #10 Fastest Growing Job Market in the US.... https://www.forbes.com/places/wa/wenatchee/. Plus - multifamily supply growth is relatively stagnant (other than Dean Weidner's new deals near the River) - and skyrocketing single family home prices in the Wenatchee Valley are making high end new multifamily apartments relatively more attractive. 

Reason I can rattle this off - we did the Freddie Mac acquisition financing on the The Rylee Ann Apartments - a 105 unit multifamily deal a few blocks northeast of the Old Wenatchee Bridge (and future Hale Park) in 2019 and have been active in the market over the years.

Let me know if you ever need any market data that would help with your planning (CoStar / Yardi / REIS / Axiometrics / Appraisal), rent/sale/expense comps, entry/exit construction / bridge / takeout planning, or stabilized operating budget assistance. We work with a few institutional developers building in Walla Walla, Tri Cities, Boise ID, Bend OR etc. and frequently get called on to help out with this sort of thing. 

Originally posted by @Ian Stuart :

Hi @Joy VanAssche welcome to BP!

Gotta love Chelan and Wenatchee! Wenatchee is an under-appreciated submarket in Eastern WA in my opinion. Average markets are up over 40% since 2010 in Wenatchee / East Wenatchee, vacancy sub-5.00% marketwide, limited rent concessions, and a job market that's added over 12,000 jobs since 2012. Forbes recently named Wenatchee as the #10 Fastest Growing Job Market in the US.... https://www.forbes.com/places/wa/wenatchee/. Plus - multifamily supply growth is relatively stagnant (other than Dean Weidner's new deals near the River) - and skyrocketing single family home prices in the Wenatchee Valley are making high end new multifamily apartments relatively more attractive. 

Reason I can rattle this off - we did the Freddie Mac acquisition financing on the The Rylee Ann Apartments - a 105 unit multifamily deal a few blocks northeast of the Old Wenatchee Bridge (and future Hale Park) in 2019 and have been active in the market over the years.

Let me know if you ever need any market data that would help with your planning (CoStar / Yardi / REIS / Axiometrics / Appraisal), rent/sale/expense comps, entry/exit construction / bridge / takeout planning, or stabilized operating budget assistance. We work with a few institutional developers building in Walla Walla, Tri Cities, Boise ID, Bend OR etc. and frequently get called on to help out with this sort of thing. 

Thanks for letting our little secret out, Ian. LOL   

I could not believe the Rylee Ann (Vince and Lorre's daughter) deal at $199k per unit. Assessed at $7.5M, sells for $21. Even if rents are averaging $1400 each... wth?  Complete insanity IMO.  Can you spell cap rate compression to treasury rates? 

Anyway, cool insights you have.  I don't see these larger MF valuations as being sustainable by any stretch, especially given that 500 additional units are in various stages of development and we aren't silicon valley cranking out IPO insta-millionaires. Our staples are Ag and hydro energy. 

I remember the dark days. It was the Rylee Anne's that were offering 2 months free + a tv to entice renters while my b class rents skyrocketed.  I'll still be here when the music stops and these absentee corporate landlords are looking for chairs. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

We hate spam just as much as you