New to Flipping, whats avg for price per sq foot in Seattle Area

[Reeve Normandia]

Im trying to figure out the average price per sq foot in Seattle Area for rehabs.

Read a book and said heavy remodels is $50 per sq ft but I know for a fact it’s going to be different in Seattle. Anyone here in WA know?

[Michael Haas]

Everyone's definition of "Heavy" is a little different - I talk to client sometimes who will walk into a house and say "this is way too big a project, I don't want a heavy rehab" when I know for a fact that I could finish that project in 3 weeks LOL. 

That said, if its the Bigger Pockets book that you're referencing know that those numbers are not accurate for our market. Many of the "estimating rehab costs" books are written by flippers working with Texas, Florida, or similar 1990's tract homes - for those flippers 1970's is "OLD", while in Seattle 1910 is "OLD". Much more expensive to fix up a 1910 house than a 1970 house.

Relying to much $/sqft estimates is a great way to lose money as a flipper haha, but here's you some rough numbers to get started: $45/sqft is cosmetic, $65/sqft is cosmetic+major systems, $85/sqft is full gut, $105/sqft is full got on a high end flip, or on a very old (1910) house. 

You didn't ask this question, but I like making money and I'm guessing you do too, so here goes - Flippers are loosing their shirts in this market, so be careful. If you came up to me and said "Hey Michael, I'm new to real estate investing and excited to get started! What should I do?" I would not tell you to start flipping. The blunt truth is that Seattle is a highly competitive market, and unless you have strong connections in the construction industry, sourcing off market deals, or some other competitive advantage you're as likely to lose money as make money as a newbie.

That said, there are a ton of ways to make money in a declining real estate market - DM me if you want to talk about those! I flip properties, but in this market I'm focused on other, more profitable strategies, and am not actively doing flips. 

Just my two cents. Hope that helps a bit, and good luck!