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All Forum Posts by: Jim Bailey

Jim Bailey has started 1 posts and replied 2 times.

Thanks for your thoughts and the reality check, everyone. With the exception of the 'rent by the room' possibility, it sounds like the consensus is to either rent it like usual or sell if I can't handle the risk. 

@Michael Haas-Yes, I was referring to the pandemic protections, which I don't see ending anytime soon, as well as Seattle's overall restrictions on how landlords manage their rentals. I'm kind of an 'accidental landlord' and probably more risk-averse than savvy investors like you all. I tend to think of worst-case scenarios and would like to feel more in control than current restrictions allow landlords to be. Probably not cut out for this line of business! Yet I'm still not quite ready to sell... 

 I do think I'd be able to rent the house out easily (good house and neighborhood) - I'm just imagining not getting any rent after they move in. A couple of landlords I know have had this happen to them - no rent since April/May lease signing, even after screening for steady income - maybe that's an unlucky sampling but it definitely increased my concern. I appreciate hearing that chances of that happening are likely slim. 

I have been managing the property myself, but might just hire a professional to ensure solid screening and hope for the best. 

Again, thanks everyone! 

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.