Why Should I Purchase a Rental Property in Everett, WA
As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision. Having a local partner like a property manager makes this process easier.
What kind of return do you want from your investment property?
Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses? Are you only interested in appreciation or debt paydown? Your strategy must be defined before you start looking for a property.
About Everett, WA
Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.
Everett population and home prices
- Population: 111,000
- Average age: 33
- Median income: $57,999
- Median home value: $362,000
The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.
Industry and the Economy
- Unemployment rate: 5.8%
- Cost of living index: 116.2 (US average is 100)
Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.
Best neighborhoods in Everett
- South Forest Park
When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area. They are also more likely looking homes with multiple bedrooms for their growing families.
Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:
- Is the city growing?
- Are rents going up or down?
- What is the average eviction rate?
- What are the average days on market?
- What is the average vacancy?
- What type of homes are rented quickly? What are most people looking for?
- Are there certain features people are looking for in a home?
These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.
If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.
How to Accurately Set Rent for my Everett, WA Rental Property
It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.
Leasing has seasons
You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).
The economy can affect rent
If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.
Everett rental statistics
- 42,000 housing units
- 37% Owner Occupied
- 67% Renter Occupied
- 44% single family homes 36% Apartments
- Median rent: 1,990
- 48% of homes were built between 1970-1999
The rent amount will vary depending on the property type, square footage and number of bedrooms. When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.
Why Should I Hire a Property Management Company in Everett, WA
When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow. Should you continue to do this yourself or does it make sense to hire an Everett property management company?
Treat your investment like a business.
If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time. Keeping up with all the laws you must comply with can become a heavy burden. Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself. You thought you were gaining free time and ended up having a second job.
It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.
Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.
What does an Everett property management company do?
They take care of the day to day operations required when you own a rental property such as:
- Get a property rent ready
- Market the property
- Screen applications
- Lease signing and enforcement
- Maintenance - preventative and emergency repair
- Collect rent
- Eviction procedures if ever necessary
- Lease renewals
They know the laws and regulations
You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord? There are things you can’t ask on an application or during the screening process.
Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them. If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.
Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold. There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.
If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager. Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.
A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.
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In the meantime, learn more about ways to start with a smaller downpayment here.