Starting New Construction In a Housing Shortage

[Christopher O'Morchoe]

Currently in the Kitsap county market we are experiencing an extreme shortage of inventory which is projected to continue for the foreseeable future.  At the same time, building ordinances in Seattle, in combination with the general overpopulation and density of the city, causes more and more families to seek alternative housing locations. We find ourselves in the "San Francisco-ization" of the Seattle area. That means in an area with little inventory but high demand, new construction becomes the only option. But the options are no good. Our developers are more concerned with getting the biggest bang for their buck by building as many large, boxy, cookie cutter homes and packing them in so they resemble the cans of sardines that my grandfather spread on his toast NOT neighborhoods suit for young couples and aspiring professionals. Where are the developers concerned with building quality homes on 1/4 acre parcels? 

I don't mean to rant... But I guess I just did. So let me get to it. 

In this world of build 'em fast, build 'em cheap I want to do something different. I want to build neighborhoods that are as much focused on bringing in new communities as they are on supporting and sustaining the already established and thriving community.  But I have no idea how to start, how to find the like minded investors, how to prove our potential success, how to take that first step. How would you go about finding the right team to put something like this together? Where would you look for contacts? Let's stop Washington from becoming the overdeveloped landscape that so much of California has become and reinvent housing standards for all Americans.

[Franklin Romine]

The cost to build will continue to increase.  Government control will continue to make it more difficult to build, more costly to build. 

My plan since 2008 hasn't change...

Purchase existing older homes in and around Fresno, purchase below replacement cost, add value, rent and accumulate more good debt.

Here is my formula.....

Purchasing property below replacement cost x good debt x rent x common sense - people in my way - newspaper talk = $$,$$$,$$$

Frank