All Forum Posts by: Catherine German

Chris Smith

@Chris SmithDepends on your market... Call around and find out what apartment communities in your area and hotels are charging, then price at a favorable rate. I think I rented ours for $600-800/mo over a vacant unit but I was in the Sacramento market at that time. If you have a lot of traveling nurses in your area, you will have a demand for furnished units.

http://walandlord.org

$50 to join and you get all the forms and legal docs.

Yes, she still has legal possession and you should not have changed the locks if you are in Tacoma. If the cops do come out they will tell you this. Hopefully this does not backfire on you. She has the rights of possession at this time even if she did not pay her rent. Had a similar situation happen a couple of months ago with a private owner who did the same thing. We had to file an eviction in court and the owner had to restore possession to the tenants until the court handed over possession. If you need a good eviction attorney call Jud Gray.

I think you can find a 2-3 bedroom in the Tacoma area in your price range as Isaac said. If the house has a garage, that is a big plus. They are not hard to rent here as there is so little vacancy. Affordable housing (under $1500/mo. goes fast). Some of the turnkey houses which have been flipped are really overpriced, in my opinion, especially if they don't have a garage. Best bet is to get a fixer. With all the rain here, people want a garage. You do not need to put in all new everything, keep the 20's charm or the vintage feel and only replace what genuinely needs replacing.  A coat of paint does wonders. Clean housing (pest and rodent free) is always in demand around these parts. Don't waste money on Stainless appliances (they scratch and dent).

I use Tony's Roofing or First Choice (First Choice - lowest price)

Property management is not for the faint of heart. If you are a very strong person, can handle being let down & lied to on a regular basis you will be ok. If you are the type of person who needs a routine and doesn't cope well with stress, change in schedules, flaky people, rude people etc. it may not be the right choice.

My motto of the month is "no good deed goes unpunished". I love to help others and enjoy this rewarding job but it's extremely difficult and disappointing at times. When you start getting up in age ( I will be 50 next year ), you ask yourself why do I subject myself to this ?

It can be an extremely rewarding if you truly are doing it for the right reason which is to help others - protect property owners and help those who need housing find housing. However, many people are not in this business out of the goodness of their heart.

You will see & experience a lot of awful stuff in this business, such as the afforementioned death of residents, hoarders, maintenance problems, evictions, small claims actions and the like.

If you choose to proceed, proceed with caution - calm nerves and negotiation skills will be needed.

I do believe in hiring a property manager as it's easier to pay someone else to manage your property. I don't manage my own rentals. Your property management fees are tax deductible as a business expense.

I have talked with many owners who manage their own properties and end up getting under market rent, feeling sorry for the tenants and letting them stay in the home way longer than they should have and putting in the wrong tenants who trashed their home.  That's when they decide that being a landlord isn't as easy as they thought it would be.

However some people are very successful at self managing so it's really a personal decision that you have to make. 

Property management can be a very stressful endeavor.

Usually the property manager will pay the bills for you from the rents. If you need to add money to the account you just pay into their system, via an owner contribution to cover the cost of the bills.

@Tommy Chan

American Family Insurance, TJ Trammel Smith in Puyallup for Multi Family - Pierce County

I live in South Tacoma and I love it. One man's trash is another man's treasure. Anyway, it really depends on your price range and your goals. If you want something to stay in for a temporary period just buy a cheap place, live in it while you research the market once you get here and then buy up to something better. Rent out the first house you bought and keep rinsing and repeating.