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Updated over 4 years ago on . Most recent reply

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Jim Bailey
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alternatives to traditional rental?

Jim Bailey
Posted

I'm wondering if anyone has creative ideas for how to make some income from a 3br SFH without renting it out as a full time residence. The house just became vacant, is located in Seattle, and I'm reluctant to rent this out to new tenants as a traditional residence right now. You can probably guess why.

I was imagining renting out the rooms as 'home offices' and/or storage. I don't expect to make as much as my usual rent, just hoping to make enough to cover taxes and utilities. At some point I hope to either rent it out as a residence again, or trade it for a rental in a more landlord-friendly city.

 Is this a ridiculous idea? Does anyone have experience doing this? Thanks for any thoughts and suggestions. 

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Michael Haas
#4 General Landlording & Rental Properties Contributor
  • Real Estate Agent
  • 🌧️ Seattle Investor & OG HouseHacker | 🤑 Helped 90 Clients HouseHack | 🏘️ Own 17 Rentals & 5 Airbnbs | 🏗️ Built 5 DADU's
2,360
Votes |
706
Posts
Michael Haas
#4 General Landlording & Rental Properties Contributor
  • Real Estate Agent
  • 🌧️ Seattle Investor & OG HouseHacker | 🤑 Helped 90 Clients HouseHack | 🏘️ Own 17 Rentals & 5 Airbnbs | 🏗️ Built 5 DADU's
Replied

@Jim Bailey - I think this is worth clarifying, when you say "You can probably guess why" are you referring to the eviction freeze here in Seattle?

The highest and best use for your single family rental is to rent it as a dwelling, not as a storage facility, dog hotel, meditation chamber, or whatever other oddball deal we can come up with here. If you don't want to rent it, because of eviction bans or otherwise, you should sell. The market is HOT and you will get multiple offers within 7 days if you're priced right and don't have a god-awful layout or other issues.

Rent strikes are not happening in any meaningful way. As always, tenants who have the ability to pay are paying, and tenants that don't aren't. Screen your tenants and don't put high risk - low income tenants in your rentals now, as always, and there's a 98% chance you'll have no issues. If you're in the unlucky 2% reassess, pivot, learn from it, and move forward!

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