I'm curious to see how everyone is doing in the Washington, D.C. market. I was taking my CEU's for my Realtor license and it reminded me how excruciatingly painful DC tenant laws are. I was thinking of purchasing my first multi-unit in DC but I'm really leaning against not doing so.
I would like to find out what Investors experiences has been being a landlord in DC which is probably the MOST tenant friendly place on Earth!!
Thank you in advance!
You certainly have to be careful. I only have one rental unit right now and it's been very successful for me, but it's in a desirable area where I'm able to be selective with tenants. The tenant laws combined with high prices in our market make it less than ideal for rentals.
The flip side of the price problem in our market is that if you're buying at a discount the way you should be, that discount could mean six figure equity in a property from day one.
Personally, I'm looking to add to my portfolio of rentals within the District, but I will be highly selective in the properties I buy and tenants I put in them.
That is quite true! @Matt Bowyer
That's the one thing that DC has is appreciation. It seems that if you don't have the funds to purchase in these desirable areas that it's not even worth it. As a buy & hold investor the rents in DC are ridiculous and if you purchase right from the very beginning you will do quite well for yourself.
The TOPA laws are just so scary! I've heard some people stay with commercial and stay clear of the residential.
Thanks for your input!
One of the better things in the DC Market is tenants are used to getting approached with "Buy outs" when certain situations occur (selling property for example). A good tactic that I have seen work is getting a third party to approach the tenant and offer the buy out. That third party may or may not be interested in buying the property, but it's best for the buy out to be somebody that isn't the owner.
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