All Forum Posts by: Account Closed

I'm using five minutes of my daily wind down to vent a little bit.

We own a 3 bedroom 1.5 bath SFR in Monroe, WA that had the same tenant for the past 5 years. I'm hustling to get it ready for March 1st and have already screened a few tenants via Zillow Rents and Craigslist.

I've always managed our rentals and done the tenant screening, but I'm almost to the point of hiring a property manager just so I can avoid the tenant screening and property showings.  I love people and take pride in showing our homes, but it's difficult sometimes to hear how tough it is out there for some families to make ends meet.

I'm a landlord and appreciate that I'm slowly building a little bit of wealth through appreciation while having tenants pay for my mortgage.  It's a great opportunity for my family to have some additional income down the road.

But man, it is tough telling a young family with 3 kids that aren't going to be allowed to rent the house due to prior collections owed to landlords and vehicle companies.  Others swore their ESA animals were documented but failed to produce paperwork for their 4 pets.  One family needs to allow their cousins and aunt to stay with them "just for the 1st year" putting 11 people into the home.  

It's tough sometimes to have to choose one family over another.  I live in the town our rentals are in and I have to see these folks around town and at events.  I wish I had more houses to rent out, but then again I guess I'm really just wishing for more/better qualified applicants.

Thanks for letting me rant.  I've got trim to finish and locks to reset!

Hi Annmarie,

Are you in WA or OR?

If you're making an offer and want the unit to be empty at the time of purchase, you should stipulate that clearly in your offer.  "This offer is contingent upon the property being vacant prior to closing."

The seller can work with the tenant.  If you don't want to inherit a tenant, don't.  The seller can provide cash for keys for work with them to ensure a smooth sale. 

Hi Kayla,

Is this a property you would buy yourself as a vacation home if it wasn't a STR?If the HOA chooses to amend their HOA policy allowing STR, will you be able to cover the mortgage as a LTR with a leased tenant?

We have a ski cabin in Skykomish, WA about 1 hour away from our home.  My wife and I spruced it up and listed it on AirBnb and the experience with guests has been very positive.  Our cabin is super small and we only allow 2 guests at a time so it doesn't become a party house. Our strategy has worked and it does well to fairly well covering the mortgage each month.

I service the unit and collect the mileage deduction for taxes. I'm a control freak and want the place spotless for guests. I will say the experience is very positive when guests are neat and clean. It gets frustrating when guests are sloppy, messy, spill wine, leave excess trash or put grease down the drain... We've learned a lot and now have the right fixtures and furniture to weather STR impacts.

During the pandemic the ski cabin was rented almost 95% of the time. It printed money for us and we were able to slam the mortgage down and felt like geniuses. Now that the area is super saturated with STR options, it performs well but not stellar. Our goal has always been to cover the mortgage so we'd have a "free cabin."

We've chosen to keep the cabin off AirBnb this winter so we can ski every weekend with the kids. We're giving up some rental revenue, but we're actually busier as a STR in the summer so it should work out.

Having laundry in the unit is a huge help when getting it ready for the next guests.  Things like power outages during winter storms, septic clogs due to misplaced products into the toilet have been the biggest issue. It sounds like your passion and vision for the property are indelible so I would encourage you to go for it!  

One tip: Don't tell anyone you have a STR! That way friends, family, local non profits and charities won't hit you up to "donate" a week, weekend or getaway. I learned that lesson the hard way!

@Todd Young

Sorry about that.

Try calling Drew Petrone at (509) 599 9621.

Let it snow, let it snow, let it snow...

You agent should be able to procure a copy of the HOA agreement from the seller.

Cody,

The hardest house to buy is the first one.  

You and your wife are obviously educated, so being able to trust your own judgement and plan is vital.  Even when the world is against you, you're going to be carving out earnings, equity and wealth.   

After considering the depth of experience your family has and wanting to move forward, find a deal and make it happen.  You'll learn more from doing one deal that is yours than you will reading about what others have done/might do.

You'll build a whole new muscle group based on mistakes, missteps, failures and eventually, successes.  Plan the work and then work the plan.  You'll do great.  

If there were as many real estate investors as there were opinions about investing on real estate, the playing field would be too crowded.  Best of luck and I hope you find a great deal in your market.  

www.collprofinc.com

Collection Professionals Inc

1256 W Jefferson St, Joliet, IL 60435(815) 722-6300

Hi Todd,

Spokane Snow Removal.

Eric,

Ask for a copy of the HOA bylaws and make sure your unit is OK to rent out. Some HOA's have bylaws that don't permit short or long term rentals.

Good luck with your investment.

Katarina,

You certainly don't need to respond to the inquiry message.

While legally you can't refuse a qualified tenant who has a Section 8 voucher, you simply received an inquiry.  If the applicant submitted an application, with the appropriate fee and was qualified to rent your home, legally you'd be obligated to rent to them with their Section 8 voucher.

However, if you have other policies like no pets, no smokers or no more and X vehicles in the driveway, you can deny tenancy to Section 8 voucher holders who don't qualify because of pets/smoking/parking concerns.

It's important to not be discriminatory, but you can also protect your investment by being vigilant in your tenant screening avoiding future headaches.