Best Place in Washington State for BRRRR Investing?

[Kirsten Crotts]

Hi all,

I recently completed my first house hack and am looking to start buying my next rental properties. Seeing as there are so many cities in Wa, I don't know how to start evaluating different areas to see where may be a good place to start looking for properties. My main goal is cash flow, does anyone have suggestions on how to begin the process of evaluating different potential locations? I already know the Greater Seattle Area is going to be out of my budget.

Thank you!

Kirsten

[Sherief Elbassuoni]

@Kirsten Crotts, congrats on your first house hack deal. 

The greater Seattle market still has some low priced properties, but we may need to be creative in financing them.

A couple of questions, how did you finance your first deal (FHA or something else)? How many months ago was that?

Let me know and I can think about something for you based on your answers.

Thanks,

[Kirsten Crotts]

@Sherief Elbassuoni thanks for your response! I bought the home 2 months ago with an FHA loan - it was $375k in Orting, Wa

[Justin Frank]

@Kirsten Crotts,

Cash flowing SFRs in Washington state is pretty difficult to find. Deals are out there. They are just tough to find. Our real estate prices are so darn high and though our rents are higher than a lot of other areas of the nation, they just aren't high enough to cash flow well unless you find yourself something way undervalued. BRRRR is such a great strategy. I would look around Thurston and Lewis county. They have a bit lower price point than King and Pierce county. Centralia area is growing quickly and home prices have been run up over the last few years but there is still some good potential in the area.

[Spenser Harding]

We have flipped some houses in Centralia.  I will say, most of the home are 100 years old so they rehab is quite expensive.  There often is old wiring and no insulation.