Western Washington Spec Building

6 Replies

Hi BP,

I am curious if there are any investors out there doing spec builds in Western WA State (specifically Snohomish County) that wouldn't mind sharing some advice? Is this a good time to get into it? What are the pros and cons specific to this area? Are you having trouble getting construction loans? Would you advise rehabbing over spec building? Anything you can share would be helpful.

I bring this up because home sales are on a rapid rise here and the flip deals are few and far between.

Thanks,

Chris

As far as the land market here in Snohomish county I have seen a lot of the land properties out here being bought of and getting built on. So I would say that it is a good market right now, but I'm not a pro yet.

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@Christopher Bowen We are doing spec builds in Orange County, CA. Though I don't know your market specifically, I can tell you when the flips are gone, prices are going up, and land is being bought up by builders, it may be a good time for spec. However; you want to know if any of those builders are going to be doing a large scale development that could over saturate the market, etc.

Also, you want to make sure you are getting lots for prices that will allow a profit margin, because often in areas such as ours here, the few parcels available for sale and listed by agents are usually far overpriced, therefore; you have to dig deep to find buildable land.

What is your experience? Would you be your own contractor or ? Are lots ready to go (have utilities to property, etc.)? There's a lot of factors that have to be weighed in making a decision. If you have any questions, feel free to message me.

Thanks for the insight, everybody. I was looking for some info for a friend of mine who wants to get into it. He had asked me I wanted to partner so I thought I would touch base with the BP nation first.