All Forum Posts by: Jeremy Benezra

Hi everyone,

I am in search of someone from BiggerPockets I can have a phone chat with regarding Seattle rental laws.  If you can help me out I’d be happy to mail you a gift card or help you some other way if I can, in appreciation of your time.

Over the past 8 or 9 years I’ve acquired a handful of rentals in Seattle suburbs and south of Seattle but I’m currently setting up my first rental inside Seattle limits, the remodel will be done in a week or two.  I know there are Seattle-specific rules about rentals, I need to get an inspection and get the house registered, etc.

In the past I’ve used a leasing real estate agent to find me a tenant, do all the background screening, do the leasing paperwork, etc.  But I lose 1 month rent for that service.  Last week, mid-remodel, I put a few photos of the house on Zillow at what I thought was an above-market rent rate, just to see what would happen.  There’s been a huge response of interest!  4 separate showings yesterday and overnight several applications came in through Zillow.

I haven’t yet posted renter requirements like credit score, income > 3x rent, no pets…  I’ve had showings.  I’ve received rental applications.  I want to make sure I do things properly with Seattle RRIO.  There’s a big difference in the prospective tenants – families, groups of roommates, professionals, friends straight out of college.  I just wanted to chat with someone, not on a public forum, about what I can and can’t do, what restrictions I can place…to get the best possible tenant into my freshly remodeled house.

Lastly, I obviously want to maximize my return.  With so many applicants, is it reasonable and/or legal if I tell everyone the rent is actually $200-400 higher than originally posted, who is still interested?I have questions along these lines.

If everyone thinks its prudent to contact a Seattle rental attorney or similar, I could go that route too.  Thanks,

Jeremy

@Kelsy Soderlund  I do work as a GC but its only the rare project I take on.  I have a couple commercial property owners I've done tons of work for over the years.  Most of those projects are fairly easy, heavy on subcontractors.  I wouldn't take on a residential remodel for a customer anymore - it takes too much time to get all the details perfect and I usually have a couple residential remodels of my own going at any one time.  If a commercial property owner wanted a bid on some work near me, I would consider that though.

I turn down a couple projects a week from people who call me out of the blue based on my yelp profile or other listing out there.  Its nice to say that unlike a handful of years ago, I'm way too busy to go out and bid a random person's job that didn't come to me from a referral and I have no relation to.  Then there's competitive bidding with who knows how many other contractors.  If the customer is only looking for the lowest number, I'm again happy to say that unlike a handful of years ago, I'm not going to be that guy.  My level of quality is high, I stand behind my work, I've been in business over 8 years, its easy to get ahold of me, I'm not going anywhere...

That being said, if someone in my area needs a referral of a subcontractor or electrician, plumber, hvac guy...I'd be happy to help if I can.  

@Alex Chin,

I wouldn't want to jump right into a 50+ unit multifamily.  I was thinking either something smaller like a strip mall of retail or maybe a small mixed use.  While driving to a project in Auburn I saw a property that was 5 retail locations on bottom and 5 apartments on top.  Something like that would be great.

I'm so slammed right now, trying to get a house on the market, close a house...  When things settle down I will def hit a local networking meeting.

I have a 3/1 and a 3/2 both in Federal Way.  They both rented out super quick, I get about $300 more per month for the 3/2 but its much larger, has a deck, 2 car gar instead of 1...

Now if you can squeeze another bathroom into your 3/1 there's a big upside.  Done it on a couple flips.

Hi @Jessica S.

I think a strip mall would be the logical next step.  Maybe 5 or so units/places of business, a 1 story concrete block structure, should make maintenance cheaper and easier.  

Back when my main gig was construction, I did a lot of Tenant Improvement (TI) work in structures like these.  Also, I still help a family friend manage and maintain his larger strip mall in Kent.

A mid rise might bring a lot of complications I don't know if I want yet. Possibly the need for a property manager, HOA...the headaches would be larger. One day, but for now I think a strip mall would be perfect. Thanks for asking. How about you?

Hi everyone,

I've been listening to BP for awhile and decided to see what online content there is. The forum is great! Excited to browse all the topics.

I started out as a retail General Contractor doing projects for customers. Quickly I got into real estate and have been doing my own projects, purchasing houses in the greater Seattle area at the foreclosure auction and flipping them or turning them into cashflow rentals. I own 4 rentals and I have 3 flips going currently (1 I just started, 1 almost complete, 1 listed for sale).

I am looking into commercial properties as my next step. I'd like to identify a property, gain approval from a lender, and make an offer on the property.

My other interests are rockclimbing, hiking, camping, and building my own A-frame cabin near Stevens Pass ski area.

I look forward to meeting all of you and reading up on your tidbits of knowledge!

Thanks,

Jeremy