Moving out and renting my condo - Could use some general advice and steps
Seattle WA · Member since 2026 · 1 post · 1 vote
Moving out and renting my condo - Could use some general advice and steps
Most Popular Reply
Brittany FrenchBusiness Member
Bellevue, WA · Member since 2019 · 6 posts · 8 votes@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!
Sagareus Property Management4.4229 Reviews
13 Replies
- Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes7mo
Be sure you have a copy of your Condo docs...By-laws, Declaration, House Rules. Make sure you are allowed to rent the unit out, or if there are any restrictions or approval requirements to do so. Do not rely on "asking" a Board member, Property Manager, or anyone else...get the facts in writing, direct from the source, and keep them for reference.
Also, be certain you have thorough understanding of the Annual Budget and Reserve Funding Plan for the project. Special Assessments will kill your cashflow, and evidence of impending pain is typically quite evident if you know what you are looking at. Again, do not rely on what others "tell" you.
Obtain a current copy of your State and Local LL/Tenant laws. Review them for requirements that you must meet regarding Security Deposits, limitations on initial move in funds you can request, Terms, Repair deadlines, Tenant rights and other critical info. Follow that up by reviewing and understanding Fair Housing laws, which can vary between Federal and State laws.
Be sure you have a solid, repeatable, Rental Prep process, to ensure that everything is functional, safe, and secure; to eliminate or minimize "service requests" after move in; and to actually meet at least minimum housing standards for your location.
I never show units with Work in Progress. It is completely ready, spotlessly clean, and fully functioning with utils. You only have one opportunity to make a First Impression.
Develop a solid, clear, Rental Application and screening process. It is critical that EVERY adult completes an app and is screened. Determine your sources for the info you require now, don't wait until you have someone interested. In conjunction with applications, you will presumably be denying some applicants, and are required to provide a written Adverse Action Letter, per the FCRA.
Decide how and on what timeline you require payment of Deposit and move in rent amounts due, and inform the approved applicants immediately. Never move in without collecting all in Good Funds only.
Source a solid Rental Agreement and the associated documents that should accompany it. Plan on reviewing the key points of every page with your approved applicants prior to signing.
Have a Move in Condition form ready to complete and review with the approved Tenants at the unit, and you should have a series of photos documenting the conditions just prior to move in. To save time, I pre-complete the form, then let Tenants walk the unit while I am present, and point out anything not on the form that they want to make note of to avoid any issues at move out.
Review any idiosyncrasies of the unit/property with the Tenant, including locations of util shut-offs, trash handling procedures, areas of responsibility regarding mowing or parking depending on property, and other unique aspects they should be aware of.
At a minimum, return in one year to re-inspect and update Tenant application info. Ask their intentions regarding want to stay or other plans. Do not offer or suggest rate change until after you have inspected and checked current market rates. Then offer with a written, one page addendum detailing the new terms and options including vacate, MTM at higher rate, or a target date to modify the terms. Don't forget to increase Sec Dep to match new rent.
Repeat.
- Real Estate Agent · Memphis · Member since 2026 · 570 posts · 334 votes7mo
A lot of first-time landlords focus on structure (LLC, loans, etc.), but the early wins usually come from getting the operations right.
A few practical first steps:
-
Make sure the unit is rent-ready and durable (paint, flooring, fixtures that hold up to tenant use).
-
Run local rent comps so you price it correctly from the start.
-
Use a solid lease and written screening criteria before you list.
-
Set up a simple system for rent collection, maintenance requests, and record-keeping.
-
Verify your insurance is converted to a landlord policy.
An LLC can make sense for liability in some situations, but many single-property owners start without one and add structure later as they scale.
The biggest early mistakes usually aren’t financing decisions — they’re pricing incorrectly or rushing tenant screening. A strong first placement tends to set the tone for the whole experience.
Once it’s running smoothly, you can decide whether it fits your long-term strategy or if selling and redeploying the equity makes more sense.
-
- 7moSean SmithBusiness MemberReal Estate Agent · Seattle, WA · Member since 2020 · 164 posts · 105 votes
@Dean Albright congrats on converting your primary into a rental! A few things to consider as you DIY the process:
1. Ensure your HOA allows for rentals. Some have rent caps that will restrict you if there are too many rentals in the community.
2. The most important thing to do is to screen effectively for tenants. Set an income requirement, credit score minimum, background checks, etc. Verify paystubs. Verify rental history. Do not flex on this - you'll regret it.
3. Be realistic with market rents. Holding out vacant at a high rent price is often more expensive than getting a tenant in quickly for a reasonable price. (for example: if market rent is $2000/mo, you lose $66/day while vacant)
4. Always always always allow pets. This is a huge mistake investors make. 66% of the nation has a pet. If you prohibit them, you lose out on 2/3 of the renter pool. And let's not kid ourselves, they'll probably sneak a pet in there anyway.
5. Have a professional lease document that covers as much as possible. Anything left vague or up to interpretation is just asking for trouble.
All in all, rental property investing is super rewarding. Just make sure to cover all your bases!
Fellow Real Estate Services537 Reviews - 7moDivin KanyamaBusiness MemberAccountant · Seattle, WA · Member since 2025 · 361 posts · 135 votes
Congratulations on becoming a landlord, @Dean Albright . The recommendations provided above are highly valuable. In addition, it will be essential for you to establish an effective system to track future rent payments and any condo-related expenses. Implementing such a system will help you maintain organization and facilitate a seamless tax filing process in the future.
If you're considering selling your condo, and it has been your primary residence, you may qualify for a capital gains tax exclusion depending on how long you've owned it and whether there is a capital gain from the sale.
- Member since 2022 · 1k+ posts · 1k+ votes7mo
Is your condo in WV or Seattle? If it's in Seattle sell it.
You don't want to be a landlord in Seattle. The laws are very complex and very against landlords. A novice like you will be in court before the ink is dry. Seattle is full of professional tenants. You must rent to the first applicant that qualifies, records kept and time stamped. You might rent to one person, and when he moves in 12 people you'll have no recourse. IF they have kids and they stop paying rent in September you cannot start eviction process until the school year ends in June. No evictions for anyone in winter months, period. If the tenant pays late, $10 late fee, that's it. I can go on and on. What do you know about Just cause? Stay out of Seattle. If you're determined to be landlord here, sell the Seattle property and get something in another city like Redmond instead. Call Redfin tomorrow, get out. You can thank me later.
- 7moCorby GoadeBusiness MemberInvestor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
Honest advice- property management is where properties either do really well or it crushes you. You are in a VERY tenant friendly state. My honest advice is to interview some property managers and have them run the show for you.
Just scroll through these forums- it's littered with people who are losing their shorts or their sanity self managing properties that are actually good deals but they are killing them because they don't know how to manage tough situations.
Happy that you are going to rent your place out- you definitely should, but I'd at least sit down with a few PMs and get a feel for their services and the pros and cons.
Best of luck!
- 7moDavid PeschioBusiness MemberRichmond, VA · Member since 2019 · 358 posts · 181 votes
Congrats @Dean Albright. I totally agree with the suggestions you got. Focus on the operations first. Have that nailed down before you do anything. Then you are ready for the marketing and the loan/llc items. Stay organizied and document everything you do.
- Member since 2023 · 5 posts · 4 votes7mo
Dean, congrats on getting close to your first rental. A lot of landlords start exactly the way you’re doing it—renovating a property and then managing it themselves.
If I were starting again, I would focus on a few key steps first:
Run the rental numbers – Make sure the rent will comfortably cover the mortgage, taxes, insurance, HOA, maintenance, and vacancy.
- Set clear tenant screening criteria – Income verification, credit check, rental history, and background check.
- Use a solid lease agreement – Make sure it’s state specific.
- Plan how you’ll handle maintenance and emergencies before the first tenant moves in.
As for an LLC, many small landlords start in their personal name and rely on good insurance first, then talk with an attorney or CPA about when it makes sense to move properties into an LLC.
When I was self-managing rentals, I found that good tenant screening and clear systems prevented most of the stress landlords run into.
You’re asking the right questions before renting it out, which is a great sign.
- 7moBen JacobsBusiness MemberProperty Manager · Milwaukee, WI · Member since 2017 · 37 posts · 10 votes
Congrats on the transition — this is a great move if done right. A lot of great suggestions, and it will be very important to do your due diligence as Seattle's rental market laws can be unforgiving to a landlord.
A few things worth thinking through before you list:
**Know your local laws.** Security deposit rules, required disclosures, habitability standards — they vary by state and city. Wisconsin, for example, has some specific requirements around move-in checklists and notice periods that catch new landlords off guard.**Get the pricing right.** Pull comps on similar units in your area — not just Zillow estimates. Overpricing leads to long vacancies; underpricing attracts the wrong applicants. Try rentfinder.ai as their comp pulls are getting better. There is also rentrange.com.
**Screen like it matters.** Income (typically 3x rent), credit, rental history, and background check — don't skip steps because someone seems nice in person. Most landlord headaches start at the application.
**Decide early: DIY or hand it off?** There's no shame in either. We work with a mix of self-managing landlords and owners who prefer to hand off the tenant placement piece — finding and screening applicants — while still handling day-to-day management themselves. That middle-ground option surprises a lot of first-timers.
Residential Renters4.8218 Reviews - Tacoma, WA · Member since 2026 · 28 posts · 29 votes7mo
Henry and Ben both make fair points. Seattle tenant protections are among the toughest in the state, and for a first-timer that gap is real.
I manage a 4-plex and duplex down in Tacoma. Pierce County does not layer the same city ordinances on top of the state baseline, so my experience is a bit different. But I have still had to learn the WA-specific stuff: just cause requirements, the move-in cost caps, the notice timelines. Not the same as Seattle but still meaningful.
A couple things that have helped me in the PNW: first, a one-hour consult with a WA landlord attorney before you list. Not to lawyer up, just to understand the local requirements. There are attorneys who do flat-fee consults for exactly this. Second, get every applicant communication in writing with timestamps. If someone calls, follow up by email with a summary. That paper trail is what protects you on first-qualified questions later.
Whether to keep or sell is worth running the actual numbers on. Factor in HOA fees, potential special assessments, realistic vacancy for your area, and what property management would cost if you ever want to step back. If the cash flow after all of that is thin, selling and redeploying the equity is not giving up. It is just math.
- 7moTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
Quite a few things to factor in.
Are you ever going to move back into the unit? If not, how much did you pay for it and what is it worth now? Selling it as your main residence will allow you to pay less taxes on the profits of the sale.
If the price hasn't gone up a lot since you bought it, how much does the unit cost for you to keep? Include mortgage, property taxes, condo fees, insurance, etc. Also factor in vacancies. Is the condo building going to need any major repairs where you may be charged higher fees by the condo board to pay for those? What will you get for rent?
If prices haven't gone up a lot, the rent will more than cover all of your expenses, look up your local laws for WA rentals so you have a good understanding of what you can and can't do. I believe WA is very pro-tenant.
Then decide if you want to rent it out.
- 7moBrandon VukelichBusiness MemberReal Estate Broker · Tacoma, WA: 🏢 27 LTRs 🏡 3 STRs · Member since 2018 · 547 posts · 457 votes
@Dean Albright sell it. Not worth the risk as a small landlord in the city of Seattle, even if you hire a professional PM. Condos in general don't appreciate well and you're better off putting that equity to work in a safer asset/investment, outside the city of Seattle. Best wishes on your plans!
Broker at Multifamily Properties519 Reviews - 7moBrittany FrenchBusiness MemberBellevue, WA · Member since 2019 · 6 posts · 8 votes
@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!
Sagareus Property Management4.4229 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.