Everett, Washington Multi-Family development.
Hey guys!
I purchased a triplex through a short sale in 2013. It's 2 single family homes and one of the homes is a duplex.
When I bought it, one of the "selling points" was I could build up to 8 units. At the time it didn't matter to much to me because I was a 23 years old and never thought that would be a possibility for me.
Fast forward to 2017. I owe around 140k on it and market value is about 450ish. I really wanna add to my portfolio and start acquiring more units (currently have 4 multi family properties) but the market in the greater Seattle area is nuts, so I've been looking for multi family out of state of other regions of the state. Started to think about the possibility of seeing what I could do with the above property remembering more can be built on the property.
Today I had an appointment with city planning and development and find out there is no cap on how many units I can build. I just have to follow there guidelines and setbacks and can't go over 45 feet in height. So in a way it caps it self by how many you can fit within the set space.
I've never had an opportunity so I'm green when it comes to this aspect of real estate. What's some of the first steps I need to do to start the process for this project and figuring out a budget ect. Assuming there's loans created for development and constructing multi family.
Thanks in advance for your help guys!
-Chadd Chase