Reply to WWYD: keep DC rowhouse in Shaw as investment?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][b]I’d keep it but not use the management company.  [/b]They take a huge amount of the profit and some charge you for things like finding a handyman- which means profit you thought you have, You don’t. They list on Craig’s list just like you would. [/quote]

Disagree with this.  I rented a unit of mine without a mgt company and regret it.  First off, there’s a lot of work involved.  I think going through a mgt company means you get more normal tenants.  Tenants seem less likely to try and mess with someone with the backing of a company.  It shouldn’t work that way, but it does.  You’d be surprised how challenging having a rental can be.  [/quote]

We have many rentals: an office building, a townhouse, a condo and 3 homes. What was the work involved that you had to do?

- list on Craig’s list
- show the unit (scheduled to happen with many people coming the same time and day)
- run credit check of applicant (get application online, credit check is paid for by them)
- get lease (online)
- let utility co know you have a tenant if necessary
- open bank account/create llc thru scc
-get security deposit
- change locks 
- give key to tenant, walk thru (walk they list from online), get first month’s rent, sign lease, give garage door opener
- if tenant calls with problem: Plummer, electrical, etc - join nextdoor and get recommendation. Tell tenant who worker is and have them schedule it themselves. Tell tenant to pay, send a bill copy to you and deduct it from rent OR have worker call you to pay by credit card

This is pretty much it.  Have money available for repairs. [/quote]

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