Tri-Cities Washington Real Estate | Investment Opportunities
People all over the world are buying and selling real estate to earn more money. For some people, it is just a way to pay for the occasional vacation. For others, however, it is a way to earn a living.
In Washington, there are some investment opportunities that are currently making people millions. The state is growing at an amazing rate. For investors, this means you have the chance to earn more money than ever before. The trick is to act on it before too many people find out.
One hot commodity in Washington is raw land. Large tracts of land are becoming harder and harder to find as urbanization sets in. Currently, you can fit about two houses per acre of land in a nice and well-developed neighborhood. This considers the land that is needed for roads and other necessities.
Lucrative Investment Opportunities
If you decide to build nice houses on this land you can fetch around $300 thousand a house. More or less can be attained but $300 thousand is a good average number to use for a nice neighborhood. Figuring you just bought 30 acres for $800 thousand and that it costs $270 thousand to build each house, you can make around $900 thousand profit (figuring in unexpected costs).
These numbers are not exact because you have to factor in amenities and other construction costs that can and will pop up. However, that should provide you with a basic idea of how much profit can be made.
Another good way to make money is by building or buying office space in downtown areas. As companies are formed and businesses start to grow they will need to invest in office space. This is where you can make your money.
By buying old buildings in downtown or easily accessible areas you can create profitable office buildings. You then can rent out to people who need the extra workspace.
In order to figure out what to charge for your new office space compile a list of what your competitors are charging for their given space. Next, find out what is offered and how much space comes with their offices. After this is done put your office somewhere in between what theirs costs. You can even go a little higher if you are in a nice area. By being about average in costs people won’t take you for a dump and they certainly won’t pass you by because of outrageous costs.