All Forum Posts by: Loren Buchanan

Hey All- I'm trying to educate myself on the process of buying a lot and/or tear down SFH and then build up toe homes in place. This is a hot trend in Seattle now and so Im trying to figure out how these deals are analyzed. Are there any rules of thumb and/or calculators out there? I'm a buy and hold guy but interested in expanding to other development projects. I'm super green on this and looking for any pointers on where I can find the best resources to get educated. Thanks! Loren

Hey Kyle-  I still have my eye on Spokane.  I think it has some potential to be a good long term market with the med school being developed.  Spokane hasn't really seen much capital appreciation in the past but I think that can/will change.  Let me know if you find anything interesting- always enjoy discussing deals to see what makes sense.  -Loren

What areas of Spokane will/are benefit the most from the Med School? I'm looking at Small Multi-Families (4 Units or Less). Anyone have ideas on Cap Rates, COC Returns, Vacancy Rates, etc?

Hey E WA investors! I grew up in Spokane Valley and moved to Seattle 15yrs ago. I'm actively researching the Spokane market as Seattle is out of control right now! I think the development of a Med School will be a huge catalyst for growth; Spokane has the opportunity to be a great market! Anyone actively investing there? If so, what type of Cap Rates and COC returns are you seeing in SFR and small Multi-Family? Is the rental market strong? Any areas in particular that are growing the fastest? Loren

Welcome to BP Mike! Tons of good information on here.  Puget Sound housing market is En Fuego!  There are still deals to be had out there in Seattle but like others stated, the SnoCo and Pierce Co areas seem to have much better cash-flowing deals.   

Hey E WA investors! I grew up in Spokane Valley and moved to Seattle 15yrs ago. I'm actively researching the Spokane market as the cash flow looks like it could be much more favorable; Seattle is out of control right now! Anyone actively investing there? If so, what type of Cap Rates and COC returns are you seeing in SFR and small Multi-Family? Is the rental market strong? The expansion of a Med School intrigues me; Spokane is looking to be a great market! Loren

Hey Shaan! Fancy seeing you on here. Welcome to BP! 

Hey Rusty- Accessory Dwelling Unit (ADU) and Mother-In-Law (MIL). In WA state the legal term is ADU. Basically my daylight basement has it's own entrance and kitchen; need to dig a deeper window well to meet current code for proper egress. The current window is very tiny and we received an estimate of around $3k to update. With some other updates and permitting I estimate around $6k to get the unit fully legal. We don't anticipate using it as a ADU but we are trying to figure out if we will at least get my $6k back when we sell.

Bumping this for the night crowd. Any ideas?

Hey All-

I'm wondering if anyone has any insight on permitting an illegal ADU/MIL unit and its impact on the resale value of the home. Looking at a place that has a very nice ADU but needs some work in order to make it compliant (mainly a proper egress). I estimate between $6k to $10k in costs. So I am debating these options and its impact on re-selling the unit in the future:

1. Leave as is

2. Remove illegal kitchen

3. Permit it

Any insight would be appreciated!

-Loren