Lower home values in the greater Maple Valley area have contributed to a larger number of single family homes being converted to rentals. Owners are drawing the line on their bottom line and resolve to wait out the real estate recovery. It’s easy to find a tenant right? While the concept of renting is simple; find tenant, tenant moves in, tenant pays rent, landlord makes mortgage payment….the realities are much different. Especially today. Who’s Renting Today? Many of today’s tenants are former homeowners. People who have good incomes but due to some sudden, unforeseen circumstance, fell behind on payments or had an adjustable loan reset which subsequently priced them out of the market. They either sold their home short, or let it go back to the bank. But other applicants are looking to scam the system and sometimes flat-out lie about their circumstances. I’ve heard of more than a few Landlord/Owners, falling for hard-luck stories, or mismanaging tenant’s funds or not following Landlord/Tenant Law and getting themselves in trouble. Many investors don’t realize the advantages of using a professional Property Manager for their rental property and get more caught in the cost that they fail to see the bigger picture
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