All Forum Posts by: Allen Clark

If I get > 5 people interested then I know I have priced it too low. My goal is usually 2-3.

I rent to college interns that are coming into Seattle for 3-6 months. It's always a room mate situation as these are 2 and 3 bedroom places. 

I've learned:
- I rent by the month and not by the day
- All tenants are on the lease and all are on the hook for the full amount
- start and end date of lease are the same for each person on the lease. There is only one lease.
- I do allow each person to pay me individually
- Electric and gas go into their name. Water/sewer/garbage has to stay in my name so I add it to their rent when the bill comes
- Computer Science students are great. They're busy with work and generally good to deal with. Love them!

I hate showing properties so I screen hard. In fact I screen so hard that I am often selling against myself. 

"This is urban living, how do you feel about noise?"
"This is a lower unit and you can hear the person above you. Is that ok?"
"Entrance is off the alley and not the main street. It's well lit but want to make sure you're aware"
"Very little natural light makes it into the living room. We've put in a ton of pot lights but if you're sensitive it may not be a fit"

By the time someone comes to see it they understand all the potential issues and are ready to go.

If you're using a property manager then why not be a passive investor? If you want to be active then manage your own properties. 

Getting a ton of interest, BTW, is not always a good sign. It could mean you have priced the rental too low. I always start VERY high and then inch it down if I need to. If I get more than 5 inquiries then I know I have gone too low. Every single time, I get more rent than I thought I would. 

I rent high end short term furnished rentals (3-6 months). I have filled in some gaps with Airbnb but prefer to go > 30 days with a proper lease in place. Airbnb for < 7 days is a huge pain for me. I live 30 min from my houses and I travel often for work. I have listed on Airbnb for people who want > 30 days but find that craigslist + a proper lease works better for me. 

I would only do the < 7 day Airbnb rentals if I lived VERY close (5 min or less). You really are running a hotel and to do it nicely it takes work that a landlord usually doesn't get involved in. 

The places I rent are furnished high end units with flexible leases all based in Seattle. Typically people rent for between 3-6 months but I have one couple that have extended to 1.5 years now. Because of the flexibility of the lease, the proximity to downtown, and the quality of the home, I am able to charge a premium. 

All of my tenants have either been interns working in Seattle for a fixed period of time or travel medical professionals passing through the city. Furnished, short term, flexible leases seem to appeal to these people. 

My places have been 100% occupied for the last two years. I did budget for 10% vacancy but that has not happened. There are so many people coming into Seattle right now that demand is very high. The interns have started to refer their classmates but I have not had the same luck with the travel nurses. I would love to have a place I could advertise to the travel medical professionals as they worry that craigslist ads could potentially be scams. 

Let me know if you think there could be a way for me to better work with the travel medical community. 

My places in Seattle are in a great location so they go quickly. Because of this, rental velocity is simply a matter of price. I start very high to see what I can get. Then, if necessary, I lower it slowly. Almost every time, I get more than I though I could. 

I solely use craigslist in Seattle.  

I give my tenants a choice and many use Venmo, some use Chase QuickPay, and others mail me a check. Venmo is owned by PayPal if that makes you feel any better. 

I only have four units so I am not looking for scale. 

I allow pets. It allows me to charge a premium for rent. I collect a large damage deposit and take it out of there at the end if required. Have not been burned yet. My places are very nice and in a great part of town. Seattle is quite pet friendly so I stay open to all prospective customers. 

As soon as I buy a new place I install keyless entry. Then when I get a new tenant I code the entry with the last four digits of their cell phone. I love this system and have often wondered why more landlords don't do it.