Washington State and Inslee

[Courtney Clark]

Hey All,

Should I be concerned about buying another property in WA state right now with the extension Inslee has made for tenants to put off paying rent? (I live in Vancouver)

Is there any help for landlords if tenants just don't pay?  We are trying prepared for this, but it sounds rough!  For those of you who have lost rent, is there any hope of recovering that or getting financial assistance?

Let me know your thoughts.

[Roy Nash]

Here in Spokane, Washington the Multi Family Market is blistering hot.   Inslee's order has not stopped anyone from making offers.  With that said, I am also trying to buy and have an offer out currently.  However I am also asking that the seller verify the Rental Amounts, when they were last raised, AND VERY IMPORTANT, If Tenants are current and record of rental payments by date and amount for 2020.    Due to the Governor's order you may be stuck with these tenants for quite some time yet!  I believe he will extend the order for probably a few more months near the end of Dec 2020, and then again after that in 2021.  My plans include no Rental Raises until at least Mid 2021.   Not sure if that helps you, but the moratorium will not last forever and you will eventually be able to raise rents and be able to evict non performing tenants probably by mid 2021 in my projection.  Also note that the Order does allow Evictions with 60 day notice in the event of a sale.   I personally don't want to be a party to an eviction of people that have been impacted through no fault of their own ,  so I have not considered that option for my offers.  However it is a potential if you see a property and want the chance to pick your own tenants or be able to raise rents to Market rates before the order expires.