Multi-family land around Seattle

[Darren Chang]

I'm thinking of buying a vacant land (or a rundown building) and build a small multifamily on it, maybe a triplex or quadplex. Then I will move into one unit and manage the rest as rentals. Any ideas/suggestions on how to locate the land? Areas that you recommend? Any comments on construction, costs, permitting process will be welcome. 

[Nik Moushon]

Originally posted by @Darren Chang:

@Nik Moushon Hi Nik, what did you find attractive about Wenatchee? Could you share your thoughts on the place or any other less looked-at place east to Seattle?

Well first, I live here. So theirs my main reason for investing here. Its local to me. 

Other things that are good about the area is that its a much cheaper market than Seattle with good returns. Its not like mid-west cheap but its still a lower mid tier market to enter. There are still cheaper markets in the state but the only other markets I would even consider looking into (as an out-of-town investor) are Tri-cities and spokane. But what wenatchee has over the other two, IMO, are some really solid economic factors (not saying the others dont I just think its better overall here). This is a hot spot for Seattle retirees. The agriculture business here is huge and tech industries keep coming in for the cheap power. It located perfectly for outdoor recreation of all kinds. We even have a skii resort just outside of town (10min drive from my house and Im in the city limits). Its also close to two big tourist cities Leavenworth and Lake Chelan. The one big issue here is the availability of land for development. Land that is developeable isnt cheap. You can get could returns but at a higher entry point. Still not as high as Seattle but its not cheap. 

If you are looking east of the mountains wenatchee, tri-cities & spokane are the three major cities I would look at and their suburbs of course.