All Forum Posts by: Tim M.

It appears the Seattle city council has given more thought to their ham handed approach in regulating short term rentals. It is less restrictive than initial proposals: http://www.seattletimes.com/seattle-news/politics/seattle-to-relook-at-rules-for-airbnb-other-short-term-rentals/ Revised proposal: http://wwwqa.seattle.gov/Documents/Departments/Council/Issues/RegulatingShortTermRentals/Regulating-Short-Term-Rentals_Summary_2017-04.pdf

BP, We are looking at buying a single family home available with seller financing. We would hold it as a rental property, which is what it has been in the past. The owner has not had good experiences with tenants and does not want to offer financing/sell to an investor since he will still be tied to a rental situation through this financing. He wants to sell to an owner/occupant. We are trying to come up with ideas to convince him it will be a great situation. We are professional property managers, we have a long successful history of buy and hold investing, we have great credit and sufficient income. What else should we be communicating to the seller? How do we convince him to sell to an investor? If we have to give on something, should we give on the interest rate? Down payment? Purchase price? What else? Thanks in advance for your comments!

The Seattle City Council committee for affordable housing met on June 15th to hear public comment about the the proposed regulations for short term rentals/airbnb/vrbo etc. Here is a link to a summary of what happened at the meeting:

http://madesonmanagement.com/2016/06/16/update-short-term-rental-regulation-seattle/

Can I ask who was offering 80%?

Landlords and property managers, We own our own properties and also own a property management firm in Seattle. We have had success obtaining new clients and properties of our own, and with that success we have acquired a number of keys. We have a secure lock box to keep them in. But I'm wondering if there are any key storage/ organization systems you have utilized that you would recommend? Thanks, Tim

Landlords and property managers, We own our own properties and also own a property management firm in Seattle. We have had success obtaining new clients and properties of our own, and with that success we have acquired a number of keys. We have a secure lock box to keep them in. But I'm wondering if there are any key storage/ organization systems you have utilized that you would recommend? Thanks, Tim

They are type A properties. Vacancy rates are similar to other managers. We have seen the contract and it is a very legitimate "no other fees" situation.

We have been doing a lot of research on local property managers and the fees they charge here in Seattle. For the most part we are seeing an 8% to 10%, with lease up fees, renewal fees, minimum fees, etc. I'm assuming this is pretty standard in many markets.

Would you consider a property manager who is charging a 12% management fee? They promote that they charge the higher fee because they will not be "nickel and diming" with any other fees; no lease up fees, no renewals, no minimums. They are very professional and we are confident they would be at least as good as other managers.

I find it a little refreshing to not have the multitude of different fees. I would also think this encourages my manager to find the right tenant and keep them in the property with little turnover.

Which manager would you choose and why?

Thanks,

Tim

I look forward to meeting you all!

I'll be there. 

We are considering setting up a property management firm in Seattle, Washington. An attorney has recommended organizing as an LLC for liability protection. But I am curious, what types of insurance should we have as property management firm? Thanks for your thoughts. Tim