Rental owner in Lynnwood WA

[Dallas Jacobsen]

Hello, My name is Dallas Jacobsen. I'm an Engineer, and only became a landlord by the lucky move of not selling when we bought a new primary residence. Out rental is in Lynnwood WA (suburb of Seattle) so the house value is near $350k. The rent is only about $1900, so I'm ready to sell, and pay cash for a house in the $125k range in a different market (far from Seattle). I feel like the house value will stabilize for a while, and the rent isn't even close to the 1% target. Also, I feel the house will need some significant repairs within 5 years, so I'd rather avoid that expense. If anyone has input on this decision, if welcome it!! Thank you!

[Sid Roberts]

Well, Dallas, I'm bullish on Lynnwood and haven't had good luck managing out of area rentals that I can't keep an eye on. With that said, as a broker in the area, I'm telling my clients if they are planning to sell, now is a good time. Buying in the Seattle metro area right now is pretty risky and I'm predicting a correction sometime in the next year or so.  If you do sell, you might consider a four-plex in somewhere like Everett. Just my biased thoughts.