There are a surprising number of properties in the Seattle area that are vacant….and have been vacant for a long, long time. We’re not talking just a few weeks or even a month or two. We’re talking years and years! About the time property taxes are due each year we get a few phone calls from owners who have empty houses from, like 2006!!
Some of these houses are only a quick clean up and a few minor repairs away from being ready to lease up and move in. But most have more extensive repairs. Nothing structural, mind you. They could be turned and ready in a week or two. So what’s up? Why leave them vacant?
Unfortunately, I can’t honestly tell you. It baffles me! We looked at one West Seattle property that could generate about $2,000/mo. That is $24,000/year (for those of you doing the math!)! The remodel costs were on the order of $10-$15,000. That is roughly a 150-200% return on investment!! What investment can you name that has anywhere near that ROI? (The funny part about this one is that the owner is an accountant!!)
There are only two good reasons I can think of why someone would let a house rot away vacant. One, they need a tax loss. They are in some kind of situation where a real estate tax loss really helps them out. Two, for personal reasons. Maybe family possessions are inside or memories emotionally paralyze the owner. The third reason, which isn’t a good one in my book, is apathy. Out of town; out of mind!
To throw money down the drain, and to see a house fall into disrepair, hurts. Fortunately, changing this situation is a mere decision away. With in-house maintenance AND management services, we can turn a depressing inconvenience into a profitable adventure that provides meaningful housing to a family. Full Service Construction & Maintenance Services