Investing in real estate is one of the best ways you can get extra income. Grays Harbor is a GREAT place to invest in real estate.
Every real estate market presents different variations of the same investing opportunities. When we first moved home in 2015, for instance, investing in (aka buying) just about anything made sense. Prices were just THAT low. Single-family houses were good for rentals.
Fast forward to now, and opportunities still abound for investing in real estate throughout Grays Harbor. Any property COULD be a good deal, it really just depends on the numbers. If I had to say the TOP THREE ways to invest in real estate throughout Grays Harbor, this is what I’d say:
Buy low and sell high.
Find fixers, maybe motivated sellers, bank-owned properties, tax sales, or auctions. Buy those houses, renovate, and re-sell them within a 3-6 month time frame. That’s a better chance for the market to remain the same while you do the project.
Note: each type of purchase comes with its own risks. Seek advice from an agent or attorney – or both – before purchasing.
There is still plenty of opportunity to buy low and sell high in Grays Harbor. Yes, the prices are all higher, meaning you’ll have to buy the home for more than you used to, but you’ll also be able to sell it for more, too.
Multi-family over single-family rentals.
There’s nothing wrong with single-family rentals. Because the prices of single-family homes are the highest they’ve ever been, it’s becoming increasingly difficult to find cash-flowing deals in the single-fam arena.
Multi-family is on the rise too, but by definition they have greater cash flow, so focusing on multi-family (at least a duplex on up to 8+ units) would be my suggestion for investing in rentals in Grays Harbor.
As long as you adhere to AT LEAST the 1% rule – that is, what you’re charging in rent per month is 1% of the purchase price or more, you’ll be OK. Shoot for 2%, though.
Don’t forget about commercial.
Commercial real estate is still low.
It’s still the biggest risk in Grays Harbor – at least in one sense –
It’s hard to find commercial tenants – businesses that want a physical location AND last for more than a year or two.
But if you can do both – buy commercial real estate AND final the right tenant, you’d be in luck.
Commercial real estate is almost always positioned in prime downtown and other locations. Buy commercial real estate and get a great tenant. Hold onto it forever and it’ll always be in downtown Aberdeen, Hoquiam, etc.
Historically, commercial real estate has always lagged behind residential. Residential in Grays Harbor is through the roof. We’ll either have a crash, bringing residential back down OR we’ll keep rising and NOW’S the time to buy commercial before it skyrockets, too.
If you’re interested in investing in Grays Harbor real estate, don’t hesitate to reach out. SRG does more than help folks buy and sell homes. We help folks build their networth and retirements through real estate.
We’re more than salesman and women – we practice what we preach. Let’s get to work!
Thanks a lot for supporting us. Until next time,2