Being a landlord in Washington State!

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

@Colby Valladares

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

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Jeff HornbergerBusiness Member
Investor · Spokane Valley, WA · Member since 2012 · 45 posts · 42 votes
5y
@Colby Valladares
I’m in Spokane, currently own 13 doors and help run our family property management business of just over 400 doors or so. I’m connected with most property managers in this area and talk to them about strategies to navigate the changing laws.
Being a landlord in this state right now can be stressful. Mainly due to the unknown. Inslee just extended the moratorium 30 days and we’re not confident that it will be over after that.
With that said, the last bridge proclamation that came out allowed for a bit of breathing room that helped us landlords. Certainly not what we wanted to see but we’re finding ways to navigate.
I have sold a few Multifamily properties this years in Seattle, and Coeur d Alene. Out of those markets, cash flow is best in spokane. Spokane has seen tremendous growth in the past few years and was recently deemed one of the hottest real estate markets in the country. That primarily had to do with the single family home market but I’d say Multifamily was just as insane.
As of July 1 things have really started a to cool off here as is everywhere but signs of a cool off are good for buyers here both investors and owner occupied buyers. It’s a good time to start your research on the market if Spokane is somewhere you have your eye on.
The key to having a successful tenancy during these times is all about the screening of the applicant. Have an air tight criteria and do your homework on the applicants. Communicate well with your tenants and treat them fairly. The better relationship you have with your tenants the better off you’ll be. I understand this isn’t always possible but it’s been the key for us.
Happy to connect if you want to chat further. Good luck in your research!
[email protected]509-994-5007
Hornberger Property Management4.2289 Reviews
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Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
5y
Yeah Inslee and others are way too permissive and tenant friendly. Washington is where I live and run my business. The tenants I accept think the freeloaders are unrealistic and are raising rents across the board. It helps if you join a group: Washington LL Association has helped a lot and hanging out here works too.
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Sisee Adams
Rental Property Investor · Member since 2018 · 22 posts · 9 votes
5y
The Seattle City Council voted to pass two bills Monday, each aimed at adding more protection and assistance for residents who face rent hikes.

The first bill requires Seattle landlords to give tenants at least 180 days’ notice of any rent increases, triple the current number of days required. The second bill requires landlords to provide financial relocation assistance to tenants who vacate their homes due to rent hikes and qualify for the assistance.
https://www.king5.com/article/...
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Jack B.
Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
2y
Quote from @Sisee Adams:

The Seattle City Council voted to pass two bills Monday, each aimed at adding more protection and assistance for residents who face rent hikes.

The first bill requires Seattle landlords to give tenants at least 180 days’ notice of any rent increases, triple the current number of days required. The second bill requires landlords to provide financial relocation assistance to tenants who vacate their homes due to rent hikes and qualify for the assistance.
https://www.king5.com/article/...

That seems to be becoming more common along the west coast. It's as if Oregon and Washington are racing to see which one can more quickly resemble the cesspool that is California.
I personally am done with this state and have been for a while. I have decided to begin liquidating at least half of my properties in greater Seattle (but not in the city itself). It's not just the laws are unfriendly and unreasonable. Washington state people have become a PITA to deal with. Entitled snowflakes who can only rent a house with room mates, but want to tell the owner of that and many other houses who has been a landlord for a long time how to run their property.
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