Kitsap County Market

[Aaron Johnson]

Hello BP Community,

My wife and I are newbies, but we have have been learning strategies and about different markets in Washington for about the last two years.

We recently sold our home in Gig Harbor and acquired some decent capital from the sale and are looking to get into real estate investing as another investment vehicle to our portfolio. We are primarily interested in the Washington State, Kitsap Peninsula Market, but are a little discouraged by the price of homes and availability as of late. Doesn’t seem like numbers are quite adding up to make for good cash flow rentals or investments on most properties.

My thought is to wait a few more months to see how the market reacts to COVID_19, but are there any other strategies people are using in this area to be profitable?

Thanks all!

-Aaron

[Steven Jones]

Hey Aaron. Fellow Kitsap County newbie here. I have seen a few deals come up on the MLS that have been pretty thin, but the numbers work. These usually get snatched up pretty quick by hungry cash buyers. I have been using my time and energy over the last couple months to learn how to find off market deals where it is easier to obtain discounted properties.

It is strange times in our world and we will very likely be entering an overdue recession period leading to greater inventory, fewer people looking to buy, more motivated sellers..etc. From listening to seasoned investors - this is the time to get your strategy, systems, and education in place and focus on buy and hold properties with solid cash flow. I wouldn't necessarily wait, but keep pushing forward as much as you can during these uncertain times.