BLOG | February 12, 2025

Investor Insights

2025 Market Outlook and Lessons from 2024 with Megan Wilaby

The real estate market is ever-changing, requiring investors to stay nimble, adaptable, and well-informed. We sat down with one of our top borrowers, Megan Wilaby, to hear firsthand about her experiences in 2024, her key takeaways, and plans for the new year. Her insights are invaluable if you’re looking to get into real estate investing or refine your current strategy.

2024: A Year of Growth and Learning

This past year brought numerous opportunities in both traditional and unconventional real estate ventures. Two standout projects—a single-family home in Shoreline, WA, and a manufactured home in Arlington, WA—highlighted the importance of diversification. While the Shoreline property was a home run with a substantial profit, the manufactured home, though not as lucrative, still provided valuable learning experiences.

A major factor in Megan’s success? Capital and Streamlining Processes. With increased access to capital, she was able to take on additional projects, offset potential losses, and ensure a strong net positive return. By refining her processes, she categorized projects based on expected rehab timelines and required permits, leading to smoother operations and faster turnaround times.

The Key to Success: Capital and Smart Investing

Megan credits her success in 2024 to reinvesting profits from completed projects. By leveraging fewer external investors and utilizing personal lines of credit, such as HELOCs (Home Equity Lines of Credit), she maintained financial flexibility and control.

For newcomers looking to enter the space, Megan offers key advice:

• Keep your day job – Real estate investing takes time, and a stable income can help mitigate financial risks.

• Use a HELOC if possible – Many new investors start by tapping into their home’s equity.

• Hire professionals – Attempting DIY work can extend timelines and increase carrying costs.

The Power of Relationships in Real Estate

Megan attributes many of her best deals to strong industry relationships. Networking with investor-friendly real estate agents led to off-market properties that were unavailable to the general public. These connections played a critical role in her ability to acquire profitable properties quickly.

Lessons Learned: Location Matters

One major lesson from 2024? Neighborhood factors make a difference. Megan learned this the hard way with a property in Mill Creek that sold for significantly less than expected because it was just outside a prestigious golf course community. This experience reinforced the importance of meticulous market analysis when evaluating and comping properties.

2025 Market Outlook: Adapting to Change

Megan plans to focus on DADUs (Detached Accessory Dwelling Units) and condo conversions in 2025. With Washington State pushing for more affordable housing, cities like Everett and Seattle have expedited permit processes, creating prime opportunities for investors. Megan’s latest project in Gold Bar involves converting a duplex into condos, demonstrating how investors can maximize property value through strategic planning.

Despite rising interest rates, Washington still faces a housing shortage, keeping demand high. Multiple offers remain common, and early 2025 looks promising for sellers.

Final Thoughts: Advice for Aspiring Investors

Megan shares her top takeaways for those looking to succeed in real estate:

• Build relationships – Off-market deals and agent connections are essential.

• Be adaptable – Strategies that worked last year may not work this year. Always explore new opportunities.

• Understand your market – Stay engaged with community planning and real estate trends.

• Know your numbers – Quick, efficient projects can be just as lucrative as long-term high-profit flips.

Success in real estate investing comes down to smart decision-making, strong networking, and a willingness to evolve with the market. If you’re looking to invest in Snohomish County or have questions about flipping homes, Megan is a great resource and happy to connect.

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