Invest in Spokane this summer? Looking for a duplex or tri.
Hi friends!
I am ready to move into a new market within the next 6 mo. and Spokane is of interest. Interested in a rental duplex/triplex. Does anyone have an insight on how the local economy and planned growth there? Are people moving into/out of Spokane as a result of the pandemic? Open to insight on specific neighborhoods or to make connections to discuss.
Last question- Is anyone doing STR or AirBnB out there (and could share insight)?
Thanks!
Christina - I have been working with several clients buying in Spokane area and all ae commenting that its much harder to land a deal due to competition and also seeing prices increasing at a fast pace ..... get pre approved ( if financing is needed) make sure you are familiar with the differences between 2plex and 3 plex transactions ..thanks
Hey Christina! I’m an agent here in spokane, and yes there are lots of people moving here. The market doesn’t seem to be slowing down for the foreseeable future. Duplexes and triplexes are a hot commodity right now everything is going for much more than asking price.
Local economy is doing well, planned growth depends on what dimension you want to look at.
We currently have 2 STS units, and we are seeing a surprising number of people who are staying to 'determine if they want to live in Spokane'. This ties well with the ~15% pre-to-post pandemic rent appreciation that we are seeing and the hot market that Dave and Trevor are mentioning.
Hey Christina, I'm a Spokane agent, like the others have said above pre-approval is crucial right now. We are seeing a good amount of multi units coming on the market (personal interest of mine so I keep a close eye on them) they just go quick. One nice thing at the moment as an investor is that the vacancy rate in Spokane is ~1% so keeping units filled won't be a challenge for the near future unless something big happens. Still a good amount of out of state buyers/renters coming into the area keeping the market hot.
@Christina Z.- hi there - checking in to see if you have any current loan questions or needs ....Are you still considering buying in WA ?