The Property
This property was a 50’ X 120’ lot in Everett, WA . It was in an Unlimited Density Multi-family zone with an office overlay. The above picture shows the actual property and our plans for the lot.

When Jason Daley found the property it was a boarded-up three-plex completely gutted inside down to the studs on a lot with a great view.

The Find
This properties’ highest and best use was hidden – and we found it! What other people saw as only four units, we saw as 10!

This property was in Jason Daley's Area of Expertise. Jason, one of our Seattle partners, easily found the property using Mike’s techniques of auto-prospecting from the MLS. Jason knew his Area of Expertise and the zoning code for his area and jumped on this opportunity with the Mike Watson Institute as soon as the property became available.

This type of 6000 sq ft. lot had previously only been developed with 4-plexes. By understanding the zoning code, we were able to put 10 units on the same lot others were only dividing into only four units.

The Technique
By simply understanding the zoning, we found this hidden gem! Knowing your cities’ zoning plans is a goldmine of investment deals.

This property is also a “Flixer”, one of Mike Watson’s truly revolutionary techniques. We sell the “vision” of the property to someone else while doing very little work!

Highest and Best Use
We maximized the density and profit of this deal by planning a 10-unit Condo/Apartment building with first floor parking and 3 levels of Condo’s above.

The Result
Another of Mike’s techniques is to only enter a deal if it works in the short-term AND the long-term. That is what we have done with this property.

In the short-term, we plan on selling the property for a lucrative profit. If the property does not sell quickly, we will continue with the plans and/or development, raising the price as each step is completed.

Currently, we have preliminary plans for a 10-Plex approved with the city. This is now being marketed out to a group of several thousand builders and developers in the area. It is not listed on the MLS, so it will not create a comparable for other properties in the area. We can now go and purchase more properties in the area in a Non-Competing fashion before this idea increases the property values in the area!