Moving out and renting my condo - Could use some general advice and steps

[Dean Albright]

So, I am green and new to becoming a landlord.

I am in the process of renovating my condo and then putting it up for rent.  I plan to manage it myself and could use some advice one general steps.  I would prefer to ask those who have done it before instead of a chatbot.

For those who have done this in the past, what are the beginning steps you would suggest.

LLC?

Loans?

Marketing?

Any help or advice would be helpful.  Including should I sell it and reinvest?

Thanks,

Dean

[Brittany French]

@Dean Albright  I agree with @Brandon Vukelich, assuming this condo is in Downtown Seattle, the competition is fierce. Downtown condos, even high end, tend to have higher vacancy because there are so many units available. Many are offering 2 months free rent incentive.  Your $$ is better invested outside of Seattle.  @Sean Smith is knowledgable of adjacent city markets - I particularly like SeaTac, Renton, Burien, Shoreline, Kenmore, Lynnwood. 

If you are going to keep it & self manage, I also agree with @Ben Jacobs.  You can hire a PM company to complete the Tenant Placement portion; My firm offers this at $2k flat rate.  Pricing, marketing, responding to inquiries, scheduling showings, attending showings --> it's a lot of effort and "Speed to Lead" is vital.  As with any sales position, how quickly you respond to inquiries makes a big difference!  That is just the front end; On the backend: Obtaining application, screening, what to look for, how to verify income, complying with Seattle's First in Time Rule, drafting Seattle specific lease, and Move In Procedures. 

In Seattle, you cannot collect security deposit until actual move in date as the deposit is secured by the Move In Condition Inspection; The Move In Inspection must be signed & dated by your tenants, if not, the tenants can demand security deposit be refunded.  You must also provide all tenants with Seattle Tenant Landlord Handbook. 

If you do decide to do all this, utilize the forms available from RHAWA - Rental Housing Association of WA; They have courses & webinars available as well. 

Hope this helps, let us know how it goes!