Out of state - Ocean Shores, Gray Harbor County, Washington market Information

[Sarah Becker]

I am curious if any other Bigger pocket members have explored this are and can comment as to the market conditions and recommend any professionals (contractors, agents, inspectors, handymen, property managers, attorneys or JV partners) in the area.

I am a broker and investor in California I have been traveling in the pacific northwest more recently.

As we all know California can be a pricey market. I have done very well as an investor in CA and while I do not plan on fixing what's not broken, I am considering exploring and expanding into out of state cash flow markets.

My past experience with out of state investing was not a positive one (mind you that this was 10 years ago) but I learned a tremendous amount from my mistakes. Whew... Education is  sure expensive when learned the hard way. I will leave it at that. :)

I have been reading bigger pockets like a crazy woman and I have found a wealth of information. @Brandon Turner's posts  have been a tremendous help regarding Grays Harbor County.

My overall thoughts on the area are as follows and I would love feedback or additions to this from BP members:

 The market is depressed. Foreclosures are high. This reminds me of some of my northern CA markets about 3-4 years ago when I really wish I had been able to by and hold way more properties.  While the market may not be poised to turn around quickly  my thoughts are to purchase properties with positive cash flow and hold for 2-10 years.

Anyone who can weigh in on this market place is greatly appreciated.

[Sarah McConnell]

I would not recommend Ocean Shores. My parents are pretty savvy investors and own several multi-family units. They built a house on spec in Ocean Shores and put a lot of their own cash into it. Big mistake. They lost it during the downturn and never made back the cash they lost on it. If you want to invest in WA state, I recommend Tacoma. It was recently featured as one of the top 20 cities for real estate investors. There are also decent management firms in the area. 

[Dennis Osorio]

Hello,

Im new to BP but just got back from Ocean Shores yesterday and looking to invest there. Has anyone had any experience with nightly rentals? I found that they were outlawed in 1993 but from what I see this is rarely enforced and there are many on AirBNB and VRBO. Looks like a great place to have a vacation house that can be used and leveraged, any insight would be great.

thanks

[Jay Hinrichs]

@Dennis Osorio   I think the money vacations in Puget sound.

those areas the weather is so poor ... I just would be reluctant to put any money in that area personally.

[Dennis Osorio]

@jay hinrichs i know the nice weather season is short but there are also festivals and smaller seasons that may attract renters. Where in the puget sound would you recommend a nightly vacation rental? Thanks for the info, I am just looking for something i can rent and possibly use.