Looking for suggestions on where to find MFRs for cashflow in WA
Hi all,
I'm an interested investor currently living in the greater Seattle area. With the Seattle market as it is, I'm looking for the suggestions on where to hone my searches for multi-family properties for cash flow. If people are having success with these numbers in Seattle, that's great, but I'm also thinking looking elsewhere is worth it--to areas like Spokane, Tacoma, Yakima, etc. While I'd love to jump straight into a 30+ apartment complex for economies of scale, I figure it may be better to bite off a smaller 2-4 unit property to start, which will help me learn the ropes, build the systems to scale, and establish a track record. I have some equity and conventional loan pre-approval already, so I'm ideally targeting properties under $600k (preferably much lower, as I don't want to blow all of my equity on the first buy), 2-4 units, mostly cosmetic facelifts (will entertain more thorough work, but don't have an established team in said area yet, obviously). Since I'm working full-time w/ W2 income, I'll need to use a PM.
Thanks in advance.