New Investor from TriCities, WA

[Dallas Reilly]

Hi everyone this is my first post. I'm a nuclear-related scientist and I reside in Kennewick, WA (The Richland, Pasco, Kennewick area also known as TriCities). I haven't had the guts or opportunity to invest in any real estate with the exception of the house I live in (DIY bedroom addition and various finishing/remodeling has made this a good equity investment though). My goals are to build wealth for retirement. 

Thus far the main obstacle I'm running into is the market in this area...it seems very difficult to find any properties that banks are willing to budge on since even at ridiculous prices they don't stay on the market long. Housing is in high demand and following the 50% rule, I can't find anything really worthwhile even if I were to get the local foreclosures at a 10% discount. Another goal is to meet some other investors in this area or hear any advice anyone might have on my situation or specifically this region. Thanks!

Dallas

[Lisa Gerard]

Welcome, Dallas.  This market does make it difficult for the numbers to work.  I've gone to look at multi-family properties and had 15 other investors there.  There is a lot of competition and the prices are getting too high to make it work effectively. 

We do have a meeting periodically for Tri Cities real estate investors.  I would recommend contacting David Fritch here on BP to get on the email list.

Good luck to you!