Being a landlord in Washington State!

General Landlording & Rental Properties
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Being a landlord in Washington State!

Colby Valladares
Member since 2021 · 26 posts · 4 votes

Hello my name is Colby and I’m looking to invest in a rental property in Washington state. I was wondering if any rental property owners might be able to tell me what it’s like to be a landlord here and what you like and don’t like about Washington state! Thank you! 

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Young Phan
Real Estate Agent · Newcastle, WA · Member since 2011 · 1 post · 5 votes
5y

@Colby Valladares

My only advice is to stay the hell out of Seattle.

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  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    5y
    Originally posted by @Colby Valladares:

    Hello my name is Colby and I’m looking to invest in a rental property in Washington state. I was wondering if any rental property owners might be able to tell me what it’s like to be a landlord here and what you like and don’t like about Washington state! Thank you! 

    It's like taking a hammer to your big toe.

    I had multiple rentals in Seattle. We sold all of them and left the state because of City/State landlord changes. The east side of the state might be a better choice if you must. But KIng, Snohomish, Pierce - no way.

    4Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    @Account Closed Thank you for your reply! I assumed that Seattle would be one of the toughest areas, I live in central Washington and am trying to figure out if the rest of Washington follows suit with the difficulty’s that Seattle has going for it! 

    0Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y


    @Account Closed also I was wondering what exactly made you fun at leave the state? What laws or regulations were the most hurtful to you? 

    0Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    *Finally not “Fun at” 

    0Reply
  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    5y
    Originally posted by @Colby Valladares:


    @Account Closed also I was wondering what exactly made you fun at leave the state? What laws or regulations were the most hurtful to you? 

    There is a guy on BP from Wenatchee I think, but can't remember for sure, that does pretty well in that market. He seems to have a handle on things there. I personally would find Yakima to be difficult with the gangs. Spokane would be a great market and I like the Tri-cities. People are just more sane in those markets.

    I was buying foreclosures in King, Snohomish and Piece during the last cycle. Washington changed the law to now it's a felony to approach someone in foreclosure or who thinks they may be headed for foreclosure and they have up to 6 years to sue you. How does that make any sense? In Seattle you don't really have a choice in selecting your tenants. Others will say you do, but they don't understand how lawsuits and the legal system actually look at it. I've spent a lot of money and time will attorneys over the years and attorneys think differently than you and I. You don't know what you don't know. Well, I do know and I voted with my feet. ;-)

     I found who I was thinking of, seems to be a good resource for E. WAshington

    @Steve Vaughan:

    https://www.biggerpockets.com/...

    2Reply
  • Young Phan
    Real Estate Agent · Newcastle, WA · Member since 2011 · 1 post · 5 votes
    5y

    @Colby Valladares

    My only advice is to stay the hell out of Seattle.

    5Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    5y
    Originally posted by @Colby Valladares:

    Hello my name is Colby and I’m looking to invest in a rental property in Washington state. I was wondering if any rental property owners might be able to tell me what it’s like to be a landlord here and what you like and don’t like about Washington state! Thank you! 

     I wouldn't let the tenant-friendly ish policies in WA prevent me from being a landlord here.  Know the landlord-tenant law and pre-screen. 

    I think it's less risky investing in the backyard you know well vs a market you know nothing about. 

    5Reply
  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    5y

    @Colby Valladares I can't speak to first hand experience on Washington. But I can say there has to be a good reason soo many of the investors living there purchase out-of-state properties in landlord friendly states. 

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    0Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    Join a group like Wa LLs Association. They have been a big help. I am not leaving the PNW and I am going to continue to be a LL here.

    2Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    @Account Closed Thank you for your reply! And your insight for knowledgeable people in my area! It’s nice to hear the reasoning why Seattle is not a good area to invest.  

    0Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    @Steve Vaughan Thank you for your reply! I feel the same way as you I like the idea of my rental properties being only a couple hours drive from where I live! I would love to chat with you more on the tenant friendly policies! I sent you a message! Please let me know if you have time to chat! 

    0Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    @Bjorn Ahlblad thank you for your reply! Where do you go to join the group you mentioned? What exactly is an LL? 

    0Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    @Colby Valladares LL is Landlord. Look for Washington Landlords on line. Inexpensive and great for networking and support. Forms, legal, and help screening. PM me if you need anything.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y

    There is a guy on BP from Wenatchee I think, but can't remember for sure, that does pretty well in that market. He seems to have a handle on things there. I personally would find Yakima to be difficult with the gangs. Spokane would be a great market and I like the Tri-cities. People are just more sane in those markets.

    I was buying foreclosures in King, Snohomish and Piece during the last cycle. Washington changed the law to now it's a felony to approach someone in foreclosure or who thinks they may be headed for foreclosure and they have up to 6 years to sue you. How does that make any sense? In Seattle you don't really have a choice in selecting your tenants. Others will say you do, but they don't understand how lawsuits and the legal system actually look at it. I've spent a lot of money and time will attorneys over the years and attorneys think differently than you and I. You don't know what you don't know. Well, I do know and I voted with my feet. ;-)

     I found who I was thinking of, seems to be a good resource for E. WAshington

    @Steve Vaughan:

    https://www.biggerpockets.com/...

     Same law in Oregon and California  not verbatim but same basic law.. pre foreclosure was how I used to acquire a lot of my properties in Clark co WA and PDX market once that law went in we had to stop but there are others I am sure that do not even know the law exists and just list to the gurus.

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    0Reply
  • Aaron Gaffney
    Investor · Santa Barbara, CA · Member since 2016 · 75 posts · 35 votes
    5y

    @Mike Hern thanks for the clarity! I’ve got a lot of friends and heard very similar things. Most of the people that I know who really love investing are over on the east side, smaller towns, drier climate, better prices.

    0Reply
  • Aaron Gaffney
    Investor · Santa Barbara, CA · Member since 2016 · 75 posts · 35 votes
    5y

    @Colby Valladares Spokane seems to be hot and much more investor/landlord friendly

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    5y
    Originally posted by @Colby Valladares:

    @Steve Vaughan Thank you for your reply! I feel the same way as you I like the idea of my rental properties being only a couple hours drive from where I live! I would love to chat with you more on the tenant friendly policies! I sent you a message! Please let me know if you have time to chat! 

    You're welcome to mention me if you have any specific questions. 

    1Reply
  • Matthew McNeil
    Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes
    5y

    Stay in Washington. Idaho is a close pivot to the right, but its a horrible place to invest. Terrible landlord-friendly laws. 

    Wink ;)

    2Reply
  • Christopher Gathe
    Rental Property Investor · coeurd'Alene ID · Member since 2020 · 20 posts · 25 votes
    5y

    @Matthew McNeil haha your right I regret investing in coeurd'Alene .

    if you insist on WA for sure stay away from Seattle the more east the better

    1Reply
  • Colby Valladares
    OP
    Member since 2021 · 26 posts · 4 votes
    5y

    @Steve Vaughan Ok! Sounds good! Thank you for replying! 

    0Reply
  • Sandra Regnell
    Rental Property Investor · Vancouver, WA · Member since 2014 · 68 posts · 37 votes
    5y

    @Colby Valladares I’m in Clark County and have had pretty good luck so far but it’s my first year.

    0Reply
  • Michael PorchePro Member
    Rental Property Investor · Boise, ID · Member since 2017 · 220 posts · 101 votes
    5y
    Originally posted by @Christopher Gathe:

    @Matthew McNeil haha your right I regret investing in coeurd'Alene .

    if you insist on WA for sure stay away from Seattle the more east the better

     Why do you regret investing in Coeur D'Alene? and how long have you been investing in properties for?

    0Reply
  • Christopher Gathe
    Rental Property Investor · coeurd'Alene ID · Member since 2020 · 20 posts · 25 votes
    5y
    Originally posted by @Michael Porche:
    Originally posted by @Christopher Gathe:

    @Matthew McNeil haha your right I regret investing in coeurd'Alene .

    if you insist on WA for sure stay away from Seattle the more east the better

     Why do you regret investing in Coeur D'Alene? and how long have you been investing in properties for?

    I dont, It was an attempt to keep investors away from my area.. This area is insanely hot.. In fact the rents  have Almost doubled What they were a few years ago. also I'm very new to investing. Definitely trying to learn and grow

    0Reply
  • Brian Hughes
    Seattle, WA · Member since 2017 · 275 posts · 223 votes
    5y

    whatever you do,   your first investment should be close to home or if your life circumstances allow for it,  a house hack.   if you are in central wa,   find a central wa property.     

    State LL/T laws got more strict last legislative session in various ways,   and the biggest risk going forward is that we will get statewide rent control similar to OR or CA.    While it would impact some business plans more than others,  its probably possible to function with 5-10% a year rent increases allowed and vacancy decontrol,   but if we get the more extreme variety like what the far left wants  (inflation or less for increases,   no vacancy decontrol,  etc)  it will be bad.    

    In any case,  read up and understand all the laws that will apply in whatever jurisdiction you choose to invest in.

    (and yes, stay the hell out of seattle;   sad to say as my first and probably nicest investment property is there,  but I'm not buying anything else inside city limits)

    0Reply
  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    5y

    The area has seen massive appreciation in the past decade.  Many properties have appreciated 500% since then.  The tenant laws are constantly changing, but despite what the media says, most people are honest and pay their rent.

    0Reply
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