Our team of local professionals at Mynd Property Management are different than other Seattle property managers. Servicing the greater Puyallup, Everett, Redmond, Tacoma and Bellevue areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.
Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Residential real estate joins technology and global health as Seattle’s greatest investments. It’s time to make your real estate investment work.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Whitley is your local Washington Portfolio Manager
Home of the 11th largest metropolitan economy in the US, Seattle is driven by a mix of industrial and tech companies. That’s a large pool of potential tenants! Mynd’s property managers will make sure to nab you're the cream of the crop by conducting thorough background checks.
We’ll also conduct regular property maintenance to keep you and your tenants happy. During turn over periods we’ll handle repainting and deep cleaning. We’ll also keep track of zoning regulations so that you never incur any fines and so that, in the event of an emergency, you collect the insurance you’re owed.
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Seattle experiences a lot of rain, so we know how important it is to have clean and a structurally sound roof and gutter system. Your Seattle rental property roof is one of the most important parts of your home, and we treat it as such! Explore our resources below to learn more about how Mynd can help with your Seattle property management needs.
When a tenant occupies a room for only a partial term (month, week, day, etc.), the amount a landlord charges is known as “prorated rent.”
Prorated rent is charged only for the number of days the unit is occupied. It’s based on a monthly rate rather than daily since a daily rate tends to be pricier.
Here’s everything you need to know about prorating rent.
If your tenant moves in or out in the middle of the month or sublets to someone else, then it’s practical to use prorated rent. For example, if your tenant moves in on the 15th, which they often do, you can charge them a prorated amount for those days and then set the regular rent due on the first day of their first full month.
Prorating rent isn’t a landlord’s legal responsibility, but it does help establish a good relationship with your tenant. A good relationship is essential. It makes your tenant more likely to re-sign (reducing the likelihood of vacancies), recommend other potential tenants to your properties, be a good tenant, and follow any rules you may have (like your fire prevention tips).
There are four methods to calculate prorated rent.
Before moving on to the actual formulas for calculating rent, here’s a quick high school math lesson about performing the proper order of operations for mathematical equations. You’ll need to know this because the formulas for calculating rent tend to require multiple operations.
The mnemonic device for this is PEMDAS, or “Please Excuse My Dear Aunt Sally.”
This is the most accurate way to prorate rent when dealing with a year-long lease. Here’s the formula.
((Monthly Rent X # Months in a Year) ÷ Number of Days in a Year) X Number of Days the Tenant is Paying For = Prorated Rent
Here’s the formula with a move-in date of September 15th with a rent of $1,500.
( ( $1,500 x 12 ) ÷ 365 ) X 15 = $739.73
This formula is slightly more confusing than the monthly one, so your tenants may require more explaining. The extra amount of money you'd make isn't worth the effort because a confusing formula may make your tenants feel like something fishy's going on. Best to keep things simple.
This formula is based on the number of days per month, given that 365 days per year divided by 12 months is 30.42 average days. Here’s the formula:
((Rent ÷ 30.42) x Number of Days Occupied)
Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.
($1,200 ÷ 30.42) x 10 = $394.50
This method entails diving the monthly rent by 30, no matter how many days are in the month. In some states, like California, this is the exclusive method used to calculate prorated rent. Here’s the formula.
((Rent ÷ 30) x Number of Days Occupied)
Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.
($1,200 ÷ 30) x 10 = $400
This is the formula for prorated rent based on the number of days in the month. Here’s the formula:
(Monthly Rent ÷ Number of Days in the Month) X (Number of Days of Rent Being Paid For) = Prorated Rent
Here’s the formula with a move-in date of September 15th with a rent of $1,500.
( $1,500 ÷ 31 ) X 15 = $725.80
In addition to requiring less explanation formula, the monthly formula has the advantage of making your tenant feel like they’re getting their money’s worth since it frames their rent in the short-term rather than the long term.
These are some things to keep in mind when calculating prorated rent. Which of these influences your calculations will impact how many days you divide your rent by in your calculations.
Your prorating policy should be in writing or your lease agreement.
If it’s a leap year, divide your prorated calculation by 366 days if you plan on using the yearly formula.
It’s not your responsibility to prorate rent if your tenant signs a lease for the first of the month but moves in on a later date. Similarly, it’s not your responsibility to prorate rent if your tenant chooses to move out earlier, but their lease runs to the end of the month.
Offer a prorated rent calculator on your website.
Find out if your state requires you to use the flat 30 method for prorating rent.
Prorating rent is easy to do and an easy way for a landlord to start or maintain a good relationship with their tenant. It makes tenants feel like they’re getting their money’s worth and like the landlord is on their side.
Unless you have to use the flat 30 option, the monthly method of prorating rent is a landlord’s best bet because it’s easiest to explain to the tenant.
And a happy tenant is the best bet for a happy landlord.
Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.
Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?
Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.
Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive. Cash flow opportunities are better in Tacoma because the prices of homes are not as high.
Median home price: $354,019
Home prices have gone up 9% in the past year.
Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.
Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.
Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.
Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.
Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.
Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.
If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.
The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.
Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.
Knowing the trends and statistics for the area is key to your success as an investor. Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate. Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.
They take care of the day to day operations required when you own a rental property such as:
Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?
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 must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:
There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.
Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws. Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.
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.
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.
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.
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.
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.
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:
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.
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.
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).
If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.
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.
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?
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.
They take care of the day to day operations required when you own a rental property such as:
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.
Laws are constantly changing, many of which can have a negative impact on you. Our guest today is Enrique Jevons, Regional Director for Mynd in the Pacific Northwest. Enrique is here to discuss with us a law that recently passed in the state of Washington, changing when a tenant can be evicted from a rental property.Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg with Mynd Property Management. I'm joined here with my good friend, Enrique Jevons, who is the Regional Director for Mynd for the Pacific Northwest. Enrique, thanks for joining me today. I appreciate it.Enrique Jevons: Yeah. Thanks. Good to see you again soon.Steve Rozenberg: So today what I want to talk about is a law that recently changed. I want to make sure this is correct. I understand that you no longer can issue a three-day notice to vacate in the state of Washington. Is that correct?Steve Rozenberg: Yeah, exactly. So just this last year, another law was passed. This was a statewide law and it changed the notice to vacate the Pay or Quit Notice. And it changed it from a three-day pay or quit, which is what most states across the country have. There are variations out there. It's up to each State to decide what they want to do. But that is, on average, I took a look at other state and it is pretty average.Well, Washington now change it to be one of the two most restrictive states. It's now a 14-day notice to pay or vacate. So 14-day notice to pay or vacate—to pay or quit. It's one of those things where you have just got to make sure that you are staying on top of all the laws that occur, that are applicable to you, whether it's a federal law, state law, city ordinance. You got to make sure you're on top of these things—HOA’s, condo association rules. Because if you fall out of compliance, it can be really expensive.If you, just out of pure ignorance, you've been serving for many, many, many years, a 3-day notice to pay or quit, and the person is late and you send them that 3-day notice pair quit, now they can come after you. They can sue you for that. So you want to make sure you don't put yourself in that position. So now, state of Washington, 14-day notice to pay or quit. It's more restrictive. It doesn't mean you can't evict. You can still evict the individual, but it's all the more reason to make sure you get that notice to them right away as soon as their rent is late. No waiting around because it is going to be a little bit longer now to get that individual out.Steve Rozenberg: Is there a reason behind them doing it? Was there something that happened, or is it just they voted and that's what they voted for.Enrique Jevons: The primary reason why it came about is that the cost of housing is just going up. So you have a lot of people, especially in the city of Seattle, but there's a lot of other cities within the state too, where just with the cost of housing rising, and also with the homeless population rising, people are looking for answers and they're also, unfortunately, blaming, a lot of times, all of the wrong people. So are blaming landlords for homelessness. Well, landlords aren’t causing homelessness. If anything, landlords are providing housing.Steve Rozenberg: They’re providing housing for people, yeah.Enrique Jevons: That's really the reason why this, this came about. Okay, so we have a tough situation there. But, as I mentioned in previous conversation, hey, at least we don't have rent control. State of Oregon passed statewide rent control. So there's a lot going on in lot of states. It doesn't mean you should sell your real estate. Now, real estate is still, right now, one of the number one ways to create wealth. So you just have to be smart about complying with the law and making sure you're aware of the law. If you're not going to be able to keep up on the law then you really need to hire an expert, such as a property manager. A property manager, whose sole focus is property management so that they will also keep you out of hot water.Steve Rozenberg: Yeah, that is so true right there. So, Enrique if somebody wants to talk to you, I mean, obviously this is serious stuff it's changing all the time. This is an ever-fluid market and ever-fluid industry and you've got to be up on the laws. It's so important. If somebody wants to get ahold of you and learn more about the laws that have changed, what's coming down the pipeline or just want to hand over their properties to someone like you, an expert in the Pacific Northwest, how do they do that?Enrique Jevons: Sure you can email me. Definitely feel free to email me any questions. I'm happy to shoot off answers for you. Enrique.firstname.lastname@example.org is my email address. So it’s e-n-r-i-q-u-e.j-e-v-o-n-s at m-y-n-d.c-o.Steve Rozenberg: If you want to join our Facebook group at Mynd, it's called the Mastermynd Real Estate Investment Club. Investors just like Enrique and myself are in there, along with a lot of other investors, talking, engaging, chatting on. So please join that and if you'd like to know more about Mynd, go to our website mynd.co. M-Y-N-D.C-O. Everybody, thank you for watching. I am Steve Rozenberg. My good friend, Enrique Jevons in the Pacific Northwest. Talk to you later. Bye-bye.Enrique Jevons: Thanks, everybody. Bye.A changing law can have a major impact on any business. This is especially true when renting a property. A recent law was passed in the state of Washington giving tenants 14 days to vacate a property rather than the national average of 3 days.Passed due to rising rents and growing homeless population throughout the state, this law gives tenants more time to vacate a property and, ultimately, puts the onus on the property owner. Laws such as this one prove that every property owner or manager must always keep up-to-date on changing laws and how those changes may affect them, both positively or negatively. Neglecting to do so will inevitably cost needless time and money in the long run.
Many rental tenants have and pay fees for having pets; however, new changes to federal law have the potential to change this fact completely. We are speaking today with Enrique Jevons, Regional Director with Mynd for the Pacific Northwest, about emotional support animals and how changing laws can affect how landlords can charge tenants for keeping an animal in a rental property.Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg and I'm the Vice-President of Investor Education here at Mynd Property Management and I'm joined here with my good friend, Enrique Jevons, who is the Regional Director for the Pacific Northwest area. Enrique, thanks so much for joining me today. I appreciate it, buddy.Enrique Jevons: Yeah, it's good to see you again, Steve. Thanks. Good to see you.Steve Rozenberg: So let's talk about emotional support animals. I know this is something that's been popping up. It's getting more and more prevalent and it can be some choppy waters if you don't know what you're doing. And I know in the Seattle area, Pacific Northwest, it's definitely something that's on the radar. If somebody has an emotional support animal, what are some of the rules and regulations that I need to know about as an investor when I have a tenant that has this?Enrique Jevons: Yeah, so with the emotional support animals, it's one of these really well-intentioned laws that unfortunately is being grossly taken advantage of. So essentially, you've got three different classifications going on. There are pets. Pets you can prohibit and you can charge pet rents depending on the particular city. They might have restrictions against pet rent. But in general, pet rents are allowed. Pet deposits are allowed, in general, unless a particular city ordinance that prohibits it. But the second classification is service animals.Now service animals are something we've all grown up with. It’s an animal, typically a dog, that has been trained for a very specific function in order to aid someone with a disability. Of course, the blind dog is probably the most obvious, but then there's also dogs that have been trained to, for example, their sense of smell can alert an individual who has diabetes if their blood sugar level is going low. So that’s another example of a service animal. So that's a trained animal. Service animals are allowed to go anywhere. There are no restrictions.So service animals can go to a restaurant. It can go to a grocery store. It can, of course, stay with you in a home. You're not allowed to either charge pet rent, pet deposit, any monetary fees whatsoever. You cannot charge in relationship to a service animal. if they damage the home, yes, you can charge them for damage. If that animal is biting, acting aggressively, yes, you can then impose your restrictions on your lease against an animal, even though it's a service animal because the individual must still maintain control of that animal.But, and then the third classification now is the emotional support animal. So the emotional support animal is federally now protected. So it is nationwide and it is protected in regards to housing. So an emotional support animal, you still are not allowed to bring into a restaurant, although, unfortunately, a lot of people do. I'm starting to see their hand-carried-around little poodles in Home Depot and other locations. While those are emotional support animals, technically that's up to the commercial establishment, whether or not they want to allow emotional support animals. But there's no law that says they do; however, there is a law—HUD—that requires housing providers to permit emotional support animals.So with emotional support animals, they don't have to be trained on anything, which means they don't even have to be a specific animal. So it can be a parrot, a snake, kangaroo, dog, cat, whatever because it does not have to be trained it all. The only requirement is that a medical professional writes a letter stating that you may benefit from having an emotional support animal. Well, how easy is that? I mean, that's obviously super easy, to go to any kind of medical professional and say, “you know what II'm not feeling it. I need, I need something…”Steve Rozenberg: “…I need this parakeet to walk me off the ledge…”Enrique Jevons: “…otherwise, I get lonely. And so, that person just says, “well, I believe that this person may benefit from having parakeets.” So it's a really tough one. Now I have, of course, spoken with lots of landlords who say, “oh, well, this is what I do to get around it.” My recommendation to you is, be very careful. I've spoken with my attorney about that asking that very same question. What can I possibly do to get around this. And what he stated to me is, it's not worth it. It's not worth the amount of assets that you've got. It's not worth getting into a lawsuit over because, he said, generally speaking, the tenant is always going to win. All they have to do is show the judge a letter from a medical professional that states that they may benefit, those are the key words, they may benefit from having an emotional support animal.So you cannot charge any kind of fees. You cannot charge deposit. You cannot restrict them. It's a real problem. So, but I would say, speak to an attorney if you think that you're going to try and get around it.Steve Rozenberg: My understanding, as well, is that you cannot ask them what's wrong with them at all. You can ask for documentation. I just need to see documentation that you have one. And then my suggestion to people is, at that point, I would go to fair housing.gov () just to make sure that all of your ducks are in a row, that you don't say the wrong thing, that you ask the right questions. And I think, more importantly, you have got to remember that you're running a business and you've got to remember that you being right does not mean that you're going to be right, legally. Just because you showed that they didn't really need that support animal and now you're in legal trouble is probably not the best way to handle this situation because the law says that they can have it. That's the law. We're in the landlord-investor business. It's the sandbox we’re playing in and you have to respect that.Enrique Jevons: Yeah, that's an unfortunate thing because your insurance company is not going to protect you. They're not going to cover if you get sued for discriminating against somebody who has an emotional support animal. Your insurance company is not going to help you with that one. You're just going to be hanging out there all by yourself. And you got to realize that just by virtue of having a property. You've got assets and there are also people who know this and target, specifically, owners who in their advertisements say no pets in their advertisement. All they have got to do is record themselves. They call up and say, “hey, I've got emotional support animal.” And if you say if you answer back, “no, you're not allowed,” or, “no, you got to pay pet rent,” right there, they’ve got proof that you’re discriminating.Or if you were to ask them, “well, what do you need the emotional support animal for?” Yes, again, you're not allowed to ask that question that you can't say, you know, “are you nutso? Why do you need that parakeet?”Steve Rozenberg: I get it, I get it. Well, okay. So obviously, you're the expert. So if somebody wants to know more about emotional support animals, service animals or managing their properties in the Pacific Northwest, how does somebody get ahold of you?Enrique Jevons: Enrique.email@example.com is the best way by email. So, Enrique.firstname.lastname@example.org. If you don't know how to spell it, if you type in any variation you Google Search me, you're going to find me since it's a unique enough name, which is nice. So do look me up. I'm happy to answer questions like this one and any other.Steve Rozenberg: And if you want to join us on Facebook, we do have a Facebook group just for investors. It's called the Mastermynd Real Estate Investment Club. Specifically, for investors. People like Enrique and myself are on there. We're engaging, conversing. We'd love for you to join. And if you want to go to our website, it's M-Y-N-D.C-O. I'm Steve Rozenberg. This is Enrico Jevons, I want to thank everyone for watching and we'll talk to you guys later. Bye-bye.Enrique Jevons: Thank you. Bye, everybody.Laws surrounding emotional support animals have changed the rental landscape. As with service animals, tenants can no longer be charged for keeping emotional support animals. And as there is no requirement that an emotional support animal undergo specific training, such animals can be varied and outside of the purview of a rental agreement. Likewise, it is important for landlords to remember that questioning a tenant over the nature of an emotional support animal or their reason for having it is out of the question. As such, it is crucial that property owners and managers remain up-to-date on any changing laws or regulations that may affect the relationship with their tenant or the property, itself.
Last Modified 09/11/2020
With such a diverse economy, Seattle and the Pacific Northwest, generally, are a great place for any new or seasoned investor to consider. Today we are speaking with Enrique Jevons, Regional Director for Mynd in the Pacific Northwest, about the reasons why he thinks Seattle and the Pacific Northwest is a great region to invest in real estate now and going forward.
Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg with Mynd Property Management and I'm joined here today with Enrique Jevons who is the Regional Director for the Pacific Northwest for Mynd Property Management. Enrique, thank you so much for joining me today, buddy.
Enrique Jevons: All right. Good to see you again.
Steve Rozenberg: Good to see you. So today I want to talk about being an investor and buying properties in Seattle Pacific Northwest. Now, you and I are both investors. We love owning real estate. You've got, I don't know, 4000 properties. I don’t know what you own. You've got a lot of real estate that you own. You're a big believer. I am, as well. Tell our guests, why do you think Seattle Pacific Northwest is the area to own property. What are some reasons, in your opinion, that it makes sense?
Enrique Jevons: Yeah, it definitely makes sense and, obviously, yes I am always purchasing. Right at the moment I happen to have 73 homes and apartments, but I've had up to over 200. So I've done things—I've partnered with other folks in the past. That 73 I own, those are currently ones that I personally own by myself without any partnerships. But I have partnered before. I've also repositioned and sold properties and so it just depends on, as the market has gotten really good, I've actually been more on a selling spree than buying spree.
But there is money to be made in either market going up or down. Seattle is a great area to buy in, as is the entire state of Washington. So the beautiful thing about Seattle, as is true of a lot of other cities—with San Francisco Bay Area, Portland others, you know, Austin, Texas—there's all sorts of cities throughout the United States that are booming and doing really well. So Seattle is one of the cities that is doing exceptionally well. Amazon has been on a huge hiring spree for many years now and continues hiring away like crazy. So thank you to everybody out there who is purchasing items on Amazon.com because that's benefiting myself indirectly and personally.
But because there's such a high demand, there's a couple of reasons to purchase rental properties. One is for cash flow. And certainly that's what's important for a lot of people is they want or need that immediate cash flow. And the secondary purpose is appreciation. And that's where cities that are doing exceptionally well like Seattle, appreciation is a huge play.
And it's a combination of both in many cases.
So the closer you get to the central nexus, the central hub of Seattle, of course, the property is going to be much more expensive. It's less likely it's going to cash flow; however, the appreciation is going to be there. However, when you buy the property, just because it doesn't cash flow today, doesn't mean it's not going to cash flow five years from now. And that's what I think a lot of people disregard or don't think bout is that, in the rental business, it's much more of a long-term play.
And so if you can purchase a property, add equity to the property by rehabbing it, repositioning it, getting those rents up and then you can refinance it to pull some of your money back out. It may not be cash flowing initially, but five years from now, as the market goes up, you're able to raise the rents appreciation goes up. Now it's going to cash flow. And it also makes it a great selling opportunity. So very much like flippers try and buy, rehab, sell within six months, well, I do a lot of the same, but I'm doing it in much slower pace, right? I'm buying, rehabbing, raising those rents, refinancing, but then also at that 5-10-year mark is when I'm also starting to sell properties.
Steve Rozenberg: So you are kind of doing a long-term flip. It’s like a simmer, I guess you could say. We'll call it a somersault. Not a flip maybe. But if you were to think of properties 30 years ago in the Seattle area, if you would have bought 10 properties in downtown Seattle 30 years ago, I think all of our lives would be different right now, right? It's safe to say. I grew up in Los Angeles. Same conversation.
The answer to me is that Seattle is a highly appreciating area. So you're not going to get the cash flow. You are going to get the appreciation, in general. And you and I both know, statistically, you don't normally get all of these. You don't get cash flow, equity capture, appreciation. You're only going to get a mixture of variation. Seattle right now is very much an appreciation play.
Enrique Jevons: Right, in the center core of Seattle. But the farther you get out, so you start getting an hour away, you actually can, today, purchase properties and they do cash flow.
Steve Rozenberg: Because you're in Yakima, you have a lot of properties in Yakima, right?
Enrique Jevons: Yeah, so I’ve got stuff in Yakima and that’s like two-and-a-half hours away from Seattle. And that is cash flowing day one. And it's appreciating so it's great. But it's more on the cash flow side. Also close to Seattle is the city of Tacoma. Tacoma stuff will cash flow day one and we're just talking about an hour drive south of Seattle. So there is stuff still. It starts to appreciate less but cash flow more the farther you get out, but, certainly, it's a combination of both. It's not an either-or. The other beautiful thing about Seattle and in some other major cities is that they have so many sources of income. So it's not just a one-business town. It’s not just Amazon. It’s not just Microsoft.
Steve Rozenberg: It’s stable. Different drivers coming in.
Enrique Jevons: Boeing is a huge employer. There’s a lot of little companies. But there’s also lost of shipping—huge shipyards with shipping coming in from China and such. And there's just so many other sources of income.
Steve Rozenberg: Tourism. You’ve obviously got a lot of tourism there so that’s stable.
Enrique Jevons: Tourism, yeah. And the cruise ship industry taking cruises to Alaska. Things like that. Yeah. So all those are things that you want to look for because that's going to be an indicator of how successful that city is going to be in the long run. And so, Seattle is one of those cities that has all of that.
Enrique Jevons: Best way is going to be by email. So go ahead and pop off an email to me at Enrique.email@example.com. So it's e-n-r-i-q-u-e.j-e-v-o-n-s at m-y-n-d.c-o. Or just google it because—
Steve Rozenberg: —because he's famous.
Enrique Jevons: Yeah, you'll find me.
Steve Rozenberg: You'll find him. And for anybody that wants to know more about investing, I ask that you please join our Facebook investing group. It's called the Mastermynd Real Estate Investment Club on Facebook. People like Enrique and myself are actually on there, engaging and having conversations. We are investors just like you and we are in the “heat of battle.” We buy stuff. We deal with stuff. We are conversing and learning just like everyone else is.
Also, if you'd like, go to our website, mynd.co. M-Y-N-D.C-O and you can find out more information about us there and all the other markets that we service. I am Steve Rozenberg and Enrique, thank you so much today for being on the show. I appreciate it.
Enrique Jevons: Yeah, thank you very much. Really appreciate it.
Steve Rozenberg: All right. And we will talk to everyone later. Bye-bye.
Enrique Jevons: Thanks. Bye.
Seattle and the Pacific Northwest, overall, are an attractive region for both new and veteran investors. For those developed and more cosmopolitan areas such as the central core of Seattle, a purchased property may not provide an investor with much cash flow; however, the value of that property will inevitably appreciate over time. Likewise, in areas away from urban cores, such as Yakima, properties are likely to provide investors with cash flow immediately.
With so many major and minor companies in varying fields such as tech, shipping and tourism, the Pacific Northwest boasts a robust and stable economy that is great for anyone looking to jump into the investment game or simply expand their portfolio.