Buy & Hold Investing:Navigating the DC area landlording minefield
4 Replies
- 03/25/18 03:00PM - 05:00PM America/New_York
- 3635 Warder Street, NW Washington, District Of Columbia 20010
- Free
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https://www.picatic.com/event15212381596280
Greetings:
As promised, I will hold another free event at one my recently completed rehab projects in NW, DC Sunday, March 25th, 2018 at 3pm. The house is located in the Columbia Heights neighborhood of NW DC within walking distance of the Petworth/Georgia Avenue Metro Station. Columbia Heights is a gentrified neighborhood that has experienced explosive growth and price appreciation over the past few years.
The house is a portfolio rental property I’ve owned for a number of years. The previous tenant rented the property for over 13 years and I decided to renovate the house to be on par with neighboring homes in the neighborhood. The focus of the rehab was on the kitchen, bathrooms, bedrooms, open space and functionality. During Sunday’s workshop I will discuss why I decided to hold the property and how I was able to increase the monthly rent by over $3,000/month without ANY pushback from the new tenant. In fact the tenant is extremely happy to pay the new rent and wants to stay “forever!!”
Many people cannot understand why I hold properties in Washington DC given the pro-tenant laws, bureaucratic and regulatory hoops and the headaches of dealing with “tenants and toilets.” The short answer is once you understand this business and you develop systems and relationships, its pretty straight forward. In fact I don’t understand why you wouldn’t do it given the appreciation, wealth-building, and tax benefits of this strategy. In my humble opinion it’s one of the best long-term real estate investing strategies available.
As you can see from the link below, we were able to transform the previous outdated house into a beautiful home.
https://www.youtube.com/watch?v=6bIqIWlql7Q&feature=youtu.be
As part of the marketing campaign for this project, we produced professional grade virtual tours of the house in its final condition.
Final Condition: http://properties.houselens.com/69265/3635+Warder+Street+NW%2C+DC+20010
Since the last rehab workshop was very successful, I am proposing to repeat the format of next Sunday’s workshop to include more time for networking and interaction amongst attendees. The proposed format will be as follows:
1. Welcome and property walk-thru: You are encouraged to conduct an informal room-by-room walk-thru and to check out the house
2. Education – Review how the property was located, financed, renovated, marketed and sold or rented. The focus will be on providing practical real world information about the nuts and bolts of this project along with the good, bad, ugly and lessons learned
3. Light refreshments and networking: Meet, greet and mingle – socialize and network with like-minded people that are interested in real estate investing and are striving for financial independence. Meet new contacts and do business. Whether you’re an investor (beginner, intermediate or seasoned), service provider (e.g. realtor, contractor, lender, appraiser, home inspector, architect, attorney, property manager etc.) or just trying to “figure it out” there will be attendees that can help you and/or who you can do business with.
Similar to the last meeting, the primary workshop goal is to share insights along with the nuts and bolts of how the property was located, financed, rehabbed, marketed and rented. I will discuss the good, the bad and the ugly along with many lessons learned – and there are lots.
Come meet and network with other like-minded people. The session is free and will be 100% education – there are no hidden agendas and no selling.
If interested in attending the March 25th session -- please RSVP via the following link:
https://www.picatic.com/event15212381596280
I hope to see you next Sunday and I strongly encourage you to set aside time in your busy schedule attend. I envision another good turnout. You will not be disappointed.
To your success.
Regards,
Joe
Joseph Asamoah, PhD., MBA
