HELLO from Central/Eastern Washington (Moses Lake)

19 Replies

Hello world!

I currently own 3 cash-flowing rental units in central/eastern WA; a duplex and single family home bought specifically as rental income property. I dream of multifamily complexes, my goal is to acquire 100 cash-flowing units within the next 5 years! 

I hope to continue learning from the experience of others here on Biggerpockets, I've found their podcasts to be very enlightening. I also hope to meet other like-minded investors and potential partners that can add value to my efforts as I add value to their own. 

About me:

I am an engineer by trade, and a numbers/finance guy at heart.

Invested in first rental property in 2016

Self-managing 1 unit for self-education, other 2 units are professionally managed.

29 Years old, married with kids.

Originally posted by @Chris Miller :

Welcome to BP. I am also in Moses Lake. Are your properties in the same area?

Hi! Didn't expect to find another Moses Lake investor (so soon)! Duplex is in Walla Walla, SFH in Moses.

Would like to grow my portfolio in Moses, keeping assets close and all... I'm currently analyzing financials for many of the multi's in town. Of course, prices are high, rents are low, and almost all owned by same seller (whom owns them outright and seems to keep rents below market... probably depressing the market a bit). 

I spent the other day driving to look at properties, I'm a little spooked by all of the new apartments being built! I don't know exactly when/how those will impact supply, but it has me thinking maybe to focus on 3br's for now (assuming 2br and 1br will be bloated and rents suppressed for awhile).

Are there any local groups or meetups you can recommend in Moses Lake? Would love to meet more like-minded investors in the area... and potential partners for largerdeals down the road.

Originally posted by @Nate Currier :
Originally posted by @Chris Miller:

Welcome to BP. I am also in Moses Lake. Are your properties in the same area?

Hi! Didn't expect to find another Moses Lake investor (so soon)! Duplex is in Walla Walla, SFH in Moses.

Would like to grow my portfolio in Moses, keeping assets close and all... I'm currently analyzing financials for many of the multi's in town. Of course, prices are high, rents are low, and almost all owned by same seller (whom owns them outright and seems to keep rents below market... probably depressing the market a bit). 

I spent the other day driving to look at properties, I'm a little spooked by all of the new apartments being built! I don't know exactly when/how those will impact supply, but it has me thinking maybe to focus on 3br's for now (assuming 2br and 1br will be bloated and rents suppressed for awhile).

Are there any local groups or meetups you can recommend in Moses Lake? Would love to meet more like-minded investors in the area... and potential partners for largerdeals down the road.

 The MFH market has been stagnant here for awhile and the ones that have sold I don't know how they could even generate a profit.

I haven't heard of any meetups here but there is one that meets in Tri-cities regularly and one I've got an email to in Yakima.

Originally posted by @Chris Miller :
Originally posted by @Nate Currier:
Originally posted by @Chris Miller:

Welcome to BP. I am also in Moses Lake. Are your properties in the same area?

Hi! Didn't expect to find another Moses Lake investor (so soon)! Duplex is in Walla Walla, SFH in Moses.

Would like to grow my portfolio in Moses, keeping assets close and all... I'm currently analyzing financials for many of the multi's in town. Of course, prices are high, rents are low, and almost all owned by same seller (whom owns them outright and seems to keep rents below market... probably depressing the market a bit). 

I spent the other day driving to look at properties, I'm a little spooked by all of the new apartments being built! I don't know exactly when/how those will impact supply, but it has me thinking maybe to focus on 3br's for now (assuming 2br and 1br will be bloated and rents suppressed for awhile).

Are there any local groups or meetups you can recommend in Moses Lake? Would love to meet more like-minded investors in the area... and potential partners for largerdeals down the road.

 The MFH market has been stagnant here for awhile and the ones that have sold I don't know how they could even generate a profit.

I haven't heard of any meetups here but there is one that meets in Tri-cities regularly and one I've got an email to in Yakima.

relevantbuildings.com/   check these out this is my aviation partners new business.. he is building a 8 plex in St. Helens OR 

I think this has some merit in your areas were new construction cost out strip what rents will garner plus these are literally bullet proof  :)

maybe you grab some dirt there that is not too expensive and set these up maybe like a little MHP type thing.. his 8 plex I believe he is stacking them.. very common in Denmark they stack them 10 high.

Also I have been picking up lots in Richmond CA  ( formerly and presently the hood) with ideas of putting these on the skinny lots.

@Nate Currier Welcome! Glad you found BiggerPockets. 

I have properties in the Richland, WA and West Richland, WA area that have had little impact from the massive amount of apartments and homes being built. If anything, I have been able to increase rents as some of the newer 2BR/1BA units rents are increasing.  Demand is still high in that area.  If anything, the typical apartment renters are moving into the surrounding rental homes because they want a little space but cannot afford to buy. 

Originally posted by @Kory Thaut :

@Nate Currier Lots of multi construction in Moses Lake. I live and invest in the Portland, OR area but have a duplex in Moses. Who is managing your SFR there?

I'm self managing the SFR for now to gain first-hand experience. I've hired a property manager for my duplex in Walla to get experience managing a manager as well. My plan going forward is professional property management for any new deals.

@Nate Currier , welcome to BP! Saw you owned property in my area just wanted to reach out and say hello.  If you don't mind me asking, you mentioned hiring a PM in WW how did that go and is it still working as you hoped?  And if I may whom did you hire?  If you are ever back over in the area feel free to reach out as I always enjoy meeting with other like minded investors.  Best of luck to you in the future!

Originally posted by @Tony Wooldridge :

@Nate Currier, welcome to BP! Saw you owned property in my area just wanted to reach out and say hello.  If you don't mind me asking, you mentioned hiring a PM in WW how did that go and is it still working as you hoped?  And if I may whom did you hire?  If you are ever back over in the area feel free to reach out as I always enjoy meeting with other like minded investors.  Best of luck to you in the future!

Hi Tony! Yeah I hired welcome home properties to manage my duplex, it's specifically in College Place. Interviewed the owner/property manager on the phone, and I had my dad meet him in person to get a feel for him. Seemed knowledgeable and like he knew what he's doing, owns his own properties and manages others alongside them for additional income.

Have not had him long enough to gauge whether this will be a success of a failure, but there are some red-flags that I didn't notice when signing the contract. IE: PM receives all late fees and application rather than owner, 1 year management term. His staff immediately asked my tenants to submit a new application with fees attached. Suspicious, or an administrative error? They apologized and we haven't had an issue since (2 months).

I'm actually listing my college place duplex for sale right now, would rather move to my local town where I can better see and protect my assets and manage the manager... another red-flag, is it normal for a property manager to demand remaining management "commission" upon sale? IE: our contract lists 1 year management term, and he's telling me that this means I would owe him the remaining management commission for the year upon sale, unless new owner decides to hire him as well.

Hello Nate. How's it going In Moses Lake? My name is Jonathan and I'm in Walla Walla.  I am just starting out with real estate and looking for properties in the area. I would be willing to check out your duplex if it is still on the market. 

Originally posted by @Jonathan Hickerson :

Hello Nate. How's it going In Moses Lake? My name is Jonathan and I'm in Walla Walla.  I am just starting out with real estate and looking for properties in the area. I would be willing to check out your duplex if it is still on the market. 

 Hi Jonathan!

I don't think we're allowed to advertise in our posts without being BP members, so I'll PM you the info! It should have just hit the MLS, one of the few duplexes in College Place so it's hard to miss. : )

@Nate Currier Welcome! I have interest in the Moses Lake area as well. I should be on your side of the mountains once quail opens up if you want to grab some coffee/beer and chat. I have family that owns a place by McCosh park.

Not sure if I can be of help, but I'm always looking to meet other like-minded investors & potential partners.

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