All Forum Posts by: Robert Williams

Not worth filing a complaint unless you can prove the many assumptions that you're making (that your offer was the first one, that your offer is more competitive than any other offer that was received (not just in price but in all offer terms), that the owner is getting some kind of "kickback" for going with another offer over yours). Real estate commissions take complaints against agents seriously, but you will need to have documented proof of your allegations, not just feelings or suspicions.

YES, get the offer in writing. It's meaningless otherwise. In my market, agents use software programs that let them write offers online and then they can have their clients sign them electronically (using two programs, Zipforms & DocuSign). Don't know if that's an option with your agent/partner.

If you haven't been planning on this, it would be a good idea to put a home inspection contingency in your offer. I don't know what city inspection issues you're concerned about, but if you're worried about code violations and/or illegal construction, make sure you get those concerns addressed during your home inspection contingency period.

Welcome....the best new landlord tip I have is to screen the heck out of your tenants. If your doing rentals in Virginia, its relatively easy to evict a bad tenant. Doing so in DC is a painful and long process so it pays off to spend time upfront in the tenant screening.

Great letter...that will go a long way in helping you find a well-qualified applicant.

I'm in a major urban market with high rents so to me, the requirement that the tenant earn three times the rent seems too high. That would pretty much disqualify all the tenants that I have.

Regarding the credit history, I do think it would be helpful to add that you're looking for no delinquent accounts (i.e. you want to see that they pay their bills on time). I'm not sure that a judgement to a landlord would show up in a credit report.

Let them move in two days early if it's convenient for you to meet them tonight instead of on the 4th. Make a pen change to the lease to have it start today instead of the 4th and then charge them two more days rent. More money in your pocket!

I'm both a real estate investor and a Realtor so let me state that upfront in the interest of full disclosure.

I definitely think there are times when it makes sense to use a real estate agent and times when you're better off on your own. First, I think a good investor should have a lot of Realtor contacts...you just never know where your next deal is going to come from. If a Realtor finds me a motivated seller then I would pay them a finder's fee (or referral fee) if the property is not on the market.

If I'm wholesaling, I would not use a Realtor because I have enough investor contacts that I feel confident that I could find a buyer on my own.

If I'm doing a flip, I always use a Realtor to sell my properties. But, I've negotiated a discount with the Realtor I use and I always factor the cost of using real estate agents into my deals.

I would not use a Realtor if buying from a seller I've found on my own because I have enough experience to put together a sales contract on my own.

Hi Shayne,

The short answer to your question is "yes" you can convert section 8 housing to market rent. The more important question is how long will the process take? DC has very strong tenant protection laws so it could potentially take years for the existing tenants to move out on their own (at which time you could convert that unit to market rent for the next tenant).

I would NOT count on eviction as a strategy. The eviction process in DC is extremely long and tenants have tons of free legal resources available to them. Even if you have all of your ducks in a row, an eviction would take at least 6-12 months and would be a drain on your time and resources. Multiply that by four.

If your question is can you convert this multi-unit building into condos (which you could then sell as individual units) that's an entirely different set of challenges. Does the zoning in the area allow for a condo conversion? Are all the utilities (gas & electric) separately metered? Does the building have enough parking spaces to allow for conversion?

Sincerely,

Rob

Hi Brent,

I'm a long time landlord in Washington DC. You're right, landlord-tenant laws in DC are definitely skewed in favor of tenants in the city. The single biggest piece of advice I have is that you conduct a thorough screening of any prospective tenant. Make sure you conduct a credit check, criminal background check, and employment verification. I also recommend checking local court records of whatever jurisdiction your prospective tenant has lived in to see if they have any court cases against them. Someone who's been sued for failing to pay their rent (or other financial obligations) should be a huge red flag.

Sincerely,

Rob

Hi Stephanie,

Welcome to BP! I'm new on these forums as well, but from everything I've seen so far, they are the perfect place to get started in a career as a real estate investor.

I'm just getting started as a flipper here in DC. Please do get in touch once you start finding some properties that you want to wholesale. I'm an all-cash buyer who's looking for some deals!

Sincerely,

Rob

Hi Mark,

I've done about a dozen kitchen remodels in the past few years client's and the best place I've found for kitchen cabinets is IKEA. They have an excellent free online design tool that let's you plan a kitchen in 3-D. Their cabinets take a little more work to assemble, but they are cheap and high-quality.

The cheapest place for tile I've found is a wholesale builder's auction in Baltimore that's held once a month and is open to the public (Southern Sales).

Sincerely,

Rob