Quick answer: A rental property in Spokane can build long-term wealth, but it works best when the numbers make sense on day one and you have a plan for managing it. Before you buy, look closely at the rent the property can realistically bring in, every expense of owning it, and whether you'll manage it yourself or hire a property manager.
If the property only works when everything goes perfectly, it may not be the right one.
"My wife and I live out of state and Chelsea found us this newly constructed duplex to add to our investment portfolio. She truly knows the market and made great recommendations for us."
Nicholas A., Redfin review
If you're selling one investment property and buying another, a 1031 exchange may let you defer capital gains taxes. It isn't complicated when you know how to do it, and I've helped many clients through 1031 exchanges over the years, including out-of-state investors. You'll also work with a qualified intermediary and your tax advisor to make sure the timing and details are right, and I'm happy to recommend a local 1031 specialist.
For example, I helped a couple who sold a property in Southern California use a 1031 exchange to buy two new-construction investment properties here in Spokane, and helped facilitate the purchases from start to finish.
| Self-managing | Property manager | |
|---|---|---|
| Cost | Saves the management fee | Monthly fee, often plus leasing fees |
| Time | You handle calls, showings and repairs | They handle day-to-day work |
| Tenant screening | You set and run the process | Done by the manager |
| Legal compliance | You need to know Washington landlord-tenant law | Managers stay current on the rules |
| Best for | Local owners with time and a few units | Busy, out-of-area or growing investors |
Many investors start by managing one property themselves and bring in a manager as they grow. Washington's landlord-tenant laws are detailed, so whichever you choose, make sure someone on your side knows them well.
"She helped me buy a duplex, which turned out to have a lot of unknown obstacles and she kept finding great solutions to our problems and was encouraging throughout the whole experience."
James W., Redfin review
It depends on the property, the price and your goals. Running the numbers on each specific property is the best way to know.
Not necessarily. It comes down to your time, how close you live and how comfortable you are handling tenants and repairs.
Yes. Living in one unit can open up owner-occupied financing options. Ask your lender what's available.
I'm happy to help you look at properties through an investor's lens and walk through the numbers together.
Call or text Chelsea: 509.565.1581
Email: chelsea@mcfarlandprey.com
Office: 1402 S Grand Blvd, Suite 201, Spokane, WA 99203
Disclaimer: This page is general information, not legal, tax or financial advice. Laws, rules and programs change, so please confirm the details for your situation with the right professional, such as a real estate attorney, tax advisor, lender or the county. Chelsea McFarland is a licensed real estate broker with Prime Real Estate Group.
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