Pelican Parts Forums - Anyone do property management for a living?

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Quote:

Originally Posted by LWJ (Post 10145239)

... You will want to have Tenant Discrimination coverage as well - tenants like to make claims! ....

One big advantage for jhynesrockmtn-

Washington State's landlord/tenant law is very clear, and fair to both.
I follow (well, I did when I had rentals in WA) the law to the letter. Any time there was a dispute, I knew that I will win. Every time. Maybe not overnight, but I always eventually win. just follow the law. Not too difficult.

Upon rare occasions, a tenant would get huffy and threaten some legal repercussions, but I never took it seriously, as I know the law very well. It never came to anything. A few times, I even offered to refer a good landlord/tenant lawyer to them.

Keep your screening standards high, do not deviate.
Treat people with respect. If someone is going to give me money every month, they are my customer, and I want to give them excellent customer service.
I don't have "tenants", I have "residents". I never talk about their "unit", it's about their "home".

I never bought any property within Seattle city limits, as they have their own landlord/tenant law. It favors tenants more than the state law, and I never wanted to learn two different sets of laws. Plenty of profitable properties outside Seattle city limits.

Quote:

Originally Posted by Dantilla (Post 10145522)

Treat people with respect. If someone is going to give me money every month, they are my customer, and I want to give them excellent customer service.

Truth.

DL

Quote:

Originally Posted by jhynesrockmtn (Post 10145243)

If I were younger, I would be more in this mode.

I am 55, my wife is a bit older will start taking her SS early 2019 and work part time. We have other solid retirement holdings, large cap high dividend stocks and managed funds. The 6 unit building we have throws off a nice positive cash flow and we have about 60% equity in it. I'm not looking for more debt.

I understand where you are coming from. I'm 53. Like you I had a solid "job" my entire adult life... I quit (retired) three years ago.

But what I found out pretty quickly in the private sector is that it is roughly the same amount of work to make a lot of money as it is to make a small amount of money.

DL