Reply to Putting Our House Up For Rent

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]To avoid personal liability you should transfer the property to an LLC. The problem then becomes how to refinance a property owned by an LLC. You will not be able to secure a residential mortgage but will instead have to go through the banks commercial loan department which will have higher rates, balloon payments and other less favorable terms.

I would personally not own rentals in DC due to the anti landlord stance of the city gov. I would sell and then invest the proceeds in a rental in MD or VA. Or buy stocks during the upcoming recession and then ride the wave back up.[/quote]

Terrible advice in DC since this removes your ability to have a rent control exemption.[/quote]
Which is more important? A rent control exemption or putting your entire net worth at risk when someone sues you? An umbrella policy doesn’t cut it. If you don’t want to be subject to rent control then take my previous advice to sell and reinvest somewhere other than DC.[/quote]

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