On yesterday’s Open House With Team Reba show, we explored the beginning discussion of investment rental property. While we had an outline that we didn’t quite fully get covered (next show will cover the topics we ran out of time for) there was a lot of great information to digest. Here is a quick rundown of what the show was about and also find below details and contact information for those folks who were our expert guests on the show.
- Difference between 1-4 family properties versus 5+ unit apartments and commercial property
- How to price a property based on its income potential, not how cute it is.
- Using a tenant screening service
- Don’t be a social worker when renting
- Property managers and how to pick a good one.
- How financing differs with investment properties (higher down payment, lower gift allowance, higher fees, number of financed properties limits)
- Renovation loans
Many thanks to Julie Landry of Avenue One Residential for providing her property management expertise.
Here are some questions that are useful when interviewing a property management firm that I wrote back in 2008 here on this blog, but which are still valuable and valid today. And, if you’re considering buying a 2-4 unit property to live in one unit while starting out on your plans to be a landlord and add property to your investment portfolio, you’ll probably want to read this article too.
For more information on the Seattle Rental Registration & Inspection Ordinance you can go to their website using the provided link.
To make contact with a certified inspector for the Seattle RRIO program, or for general home inspection and sewer scope needs, you can reach James Rupp at R&H Home Inspection. He’s happy to answer your questions or set up an appointment once you receive your RRIO letter for your investment property.
If you’d like to learn more about owning rental property in the Puget Sound region and would like to align with an organization that fights for landlord’s rights within the State and in many municipalities of King and Pierce Counties, reach out to Rental Housing Association of Puget Sound.
If you have questions that you’d like to send us for reply on the show, please send them to info (at) Team Reba (dot) com. You can follow us at the @teamreba handle on Twitter (don’t forget to taunt Eric Aasness with the #ericisbald hashtag!) and on Facebook at Team Reba of RE/MAX Metro Realty.
