Choosing which neighborhood to invest

[Laura Graves]

This is my first post, new to BP here. I am an accountant and have always been interested in fixing up houses and in building a business one day. My husband is an electrician now and use to lay carpet when we first met. We liked the idea of rehabbing, but like the idea of stable passive income more. We have finally decided to go for it and are waiting for the sale of our primary residence in Portland to finalize and we are going to be purchasing back in our hometown of Spokane, WA. We have two little girls and want to get them started in the Mead school district. We want to start off with a duplex and I have been trying to learn how to analyze deals, but from what I can see I'm not sure if the numbers will make sense.

How do you each pick the area you will invest in? Are you picking the best area of town, or do you just run the numbers on each deal in any part of town? Spokane is a smaller town (550K people in the metro area).

[Andrey Morgunov]

@Laura Graves  

Hello Laura,

Glad to hear you are looking to invest in Spokane Market! I believe we can help you pick the best areas to invest in and identify how much rent you will be able to get from your Rental Units. 

In Spokane, you almost have to evaluate each deal on a case by case basis because you may have similar deals in the same neighborhood, but one block north or south can make a big difference. We do evaluations of rental properties on a daily basis and see the mistake of so many newer investors purchasing their rental properties without first consulting with Investment Brokers or Property Managment Companies who know the areas well. 

Our Property Management Company in Spokane manages just over 540 units. Call us with any deal that you are looking at for a free evaluation of your potential investment property. We would be glad to chat and share our experience in the best places and types of rental properties and how much we think you can get rent for the units! 

We do Specialize in South Hill and Brownes Addition areas. I recommend to start looking there first. Mead area has been doing well for our investors as well! From our experience, Spokane Valley is a bit over saturated with new construction and the market is not as good. I would really recommend doing good research before investing in Spokane Valley.  

Hope this helps. In case you have further questions or would like to connect. Please give us a call or message me. 

Guenther Property Management.