New Landlord - Any recommendations for the lease?
Hi all, my gf and I are currently in the process of closing on our first investment property in DC. It is a row home with an english basement and a 3 bedroom house. We will be living in the basement and renting out the home.
We have begun creating our lease and trying to get everything set up to rent the home right after we close. What are some recommendations of things we need to include in the lease? And what are you alls favorite or best ways to screen tenants?
Thanks!
Most Popular Reply
Congrats on the new investment property! To stay safe in DC, you absolutely need your Basic Business License (BBL) and a lease that includes the DC Tenant Bill of Rights, Lead Disclosure, and your Rent Control Exemption status. Screening is the whole game in DC, as the laws are incredibly specific to protect tenants, so when screening make sure you are following the Fair Chance in Renting Act, which generally prohibits denying applicants for evictions older than 3 years or criminal history older than 7, caps application fees at $53, requires you to accept housing vouchers as valid income and you cannot deny based on credit score alone (you must review their whole history). For the best protection, use a third party service for screening, good luck!