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Updated about 2 years ago on . Most recent reply

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Kera Takacs
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New STR Investor - Seattle Tips?

Kera Takacs
Posted

I recently moved to the greater Seattle area and I am looking into purchasing my first vacation rental. I own an LTR on the east coast but do not have any experience with STR's. I am looking for a condo/townhome with 1-2 bedrooms. Do any vacation-rental owners in Seattle have any tips on their experience with starting the process? Would it be beneficial for me to create an LLC? Any and all input is appreciated!

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Michael Haas
  • Real Estate Agent
  • 🌧️ Seattle Investor & OG HouseHacker | 🤑 Helped 90 Clients HouseHack | 🏘️ Own 17 Rentals & 5 Airbnbs | 🏗️ Built 5 DADU's
2,791
Votes |
706
Posts
Michael Haas
  • Real Estate Agent
  • 🌧️ Seattle Investor & OG HouseHacker | 🤑 Helped 90 Clients HouseHack | 🏘️ Own 17 Rentals & 5 Airbnbs | 🏗️ Built 5 DADU's
Replied

@Kera Takacs as Adrian has mentioned, what Seattle lacks in Landlord Friendliness it makes up for in development opportunities - the best STR's tend to take advantage of the favorable ADU & DADU codes to get multiple rentable structures on a single lot.

When you hear investors S**t on Seattle, be sure to ask why. Some of them have legitimately owned rentals in the city and sold them because of difficulties they've personally experienced - others have never owned property here and just read the news headlines. The news isn't made to tell the truth, its made to catch your attention, and horror stories catch a heck of a lot more attention than "business as usual" stories. That said, I know landlords here in Seattle that have had tough situations thrust on them because of the city code, and I am by no means characterizing Seattle as "Landlord Friendly", I'm just saying that a couple of restrictive laws and a difficult city council aren't enough of a reason for me to NEVER invest in one of the fastest growing cities in the United States.

PS: I own 6 short term rentals, 2 of which (the maximum allowable by current city codes) are in Seattle. I love my Seattle STR's and have had no difficulties with them, nor have I had any personal difficulties with my rentals in the 6 years I've been landlording in Seattle (Knock on Wood!). I think its important that those of use that are enjoying smooth sailing speak up as well, otherwise all we'll hear about are the horror stories - much like how all yelp reviews are either 5 or 1 star. There's lots of quiet people in the middle!

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