All Forum Posts by: Caleb Webster

@Taj T. I'd definitely recommend talking to BDS about what your options are. Take a look at this map and see if your R5 lot will be changing to an R2.5 lot with the RIP changes. I'm by no means an expert on lot confirmations and PLAs but I've had to learn a lot about the process for the one I'm doing. 

If you already have an underlying plat line, the process should go a lot quicker. Might also be worth using a planner for your first property line adjustment, they are fairly affordable (~$1000 for a PLA) and will really streamline the process for you. 

@Josh Collins Thanks for weighing in! The cost to retrofit with fire suppression isn't prohibitive but it does affect the CoC until refi. I have no doubt that the use would be allowed, I'm just trying to figure out the most cost effective route to go. Condo conversions may be cheaper and would probably not require fire suppression.

According to Section 17C.316.030 :

This states that short-term rentals operating in commercial zones are regulated differently than residential zones. 

@Melissa Murphy Are you familiar with converting office to condos/apartments? I think you're right though that once converted to condos, there shouldn't be any issue with renting out units short-term.

@John Woodrich The spokane zoning doesn't differentiate between office and non-office in commercial zones. 

Does anyone here have any experience converting commercial zoned office buildings to short term rentals in Spokane? I've begun looking into the process with the city and it sounds like it will require a change of use to hotel/motel which will most likely come with additional requirements. Fire suppression systems = expensive so if there are ways around this I'd love to know about it. I have friends in other markets that have used this strategy and seen excellent returns.

@Jay Hinrichs No not attached, I'm thinking of the little communities with several ~1200 sqft. homes all facing in on a shared garden. Cully Grove in NE is an example. 

@Jay Hinrichs Have you ever developed a pocket neighborhood/cottage cluster in the NW? It's an interesting alternative to a townhouse development or small MF. Wondering what kind of incentives BDS might offer for something like that. 

@Mathew Wray Did you listen in on yesterday's meeting? Exciting stuff! Looking forward to brainstorming with other local investors about how to maximize this new opportunity. 

@Mathew Wray Thanks for compiling this! Will you be at any of the upcoming meetings?

@Kurt Clark I'm gathering information about highest and best use. Looking into condos or building a 20 unit. 

Very curious what people have to say. I've been noticing a lot of foreclosure/distressed properties in my neighborhood (Montavilla) selling for far higher than what I would pay. My guess is that a lot of these are being purchased by first time homebuyers who see anything <300k as a good investment opportunity and understand that sweat equity is necessary to afford a house west of I205. 

Houses below $400k are still incredibly hot. I walked a house in NE Woodlawn area yesterday with a friend who was looking to buy. The house was $300k and needed about 50k in rehab but there were over 10 people that showed up in the 20 minutes that we were there. The house had been on the market 2 days and they already had several offers.