All Forum Posts by: Nick He

Hello there,

Hope you all have a wonderful start to the year! I have been a buy-and-hold investor in the Seattle area for the last 12 years. I am planning of going into the property development space. I plan to start with a smaller construction project. The lot is in Northgate. Right now, the rental income is $3400 a month. One neighbor four doors down with the same size lot built a 16 unit micro-unit apartment building (two buildings). I am really inspired and want to do something similar.

I have talked to both of my neighbors and they can join forces if the opportunity is right. 

Here are what I am thinking:

Option 1

Do what the neighbor is doing. Each unit rent is around $1,100. So monthly income is $17,600. Annual income (5% vacancy rate) is $200,640.

The downside, not sure about the future of micro-housing, especially given the COVID impact.

Option 2

We may be able to build 4-6 townhouses on the property. For the townhouses development, they are all a few blocks around the property.  Each townhouse rent will be $3000. So monthly income is $12,000 to $18,000. Annual income (5% vacancy rate) is $136,800-$205,200.

Ask

Do you know some architects and GC who may be interested in this project? I am in the early exploration phase, so any connection is highly appreciated!

Thank you so much and have a wonderful day!

Love this! Thank you for sharing!

@David Edwards Thank you for all the info! Very helpful! I am just getting into development and would love to see whether there is some opportunity to work together. I have a few properties that are ready to go. Do you have time for a talk? Thank you so much!

@Jess Haas

Thank you so much! Could you add me to the group too? Thank you so much!

@Dominic Lattanzi We are in Maui now and thinking about the same thing! How is your search? Have time for a talk? @Mike Neubauer Would love to catch up if possible! Thank you so much!

When we started our property management company GPS Renting three years ago, we used Buildium. Their system is easy to start and the customer support is AMAZING! However, their finance is really confusing, not only to us and also to the owners. We switched to AppFolio one year later. We have been so happy ever since! Our whole team have also been to AppFolio Customer Conference in Santa Barbara in the last two years to have more in depth learning with their engineering team! I have not used Stessa, but highly recommending AppFolio! Hope this helps! Have a wonderful day!

Thank you Lucas for the information! Yes, we do plan to talk to the planning to get utilities hook up. Do you know what brand of manufacturing home are better? Thank you so much!

Hello there! Greetings from Bothell, Washington. We bought an empty land last year near our primary residence. The lot is 0.76 acre. There are lots of trees on it and some area is nature sensitive area. The surrounding areas are all being redeveloped from small farm house to to $1m+ sfr. We don’t want to subdivide and build yet but to put a manufacture home on it to generate some rental income for the next 10 years or so. We have not looked at manufacture home yet. For people who have experience in the area, what are the good brands we should look into for manufacture home? Any other tips are highly appreciated too! Thank you so much and have a wonderful day!

Thank you Sterling! I have not tried them yet! I just submitted my first request on Thumbtack! Thanks1