Reply to Tell me about being a landlord in dc

Forum Index » Real Estate

Reply to "Tell me about being a landlord in dc"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I will echo the previous comments about DC landlord/ tenant laws- they are [u]incredibly [/u] biased in favor of the tenant.  We have rented out our condo in Logan Circle, largely problem free, for the past 8 years, initially managing it ourselves and in later years using a management company.

The problem arose when we decided the market was right to sell it last year.  We, naively, thought that with adequate notice, we could ask the tenants to leave (timing coincided with the end of their lease, which it turns out does not matter), get it on the market, and be done with it. Oh how wrong we were.  Unless you are asking the tenant to vacate so that you can move in yourself, the tenant essentially owns the property until they choose to leave.  If they don't pay or damage the property, that is a different story.

You definitely need to get yourself a BBL and an exemption from rent control, which requires some paperwork and a city inspection.  It has been nice having someone else cover the mortgage these past few years, but the process of trying to sell the property has been, to say the least, difficult.  Just be prepared to be a landlord for life, whether you want to be or not.
[/quote]

TOPA Act.  Analysis not exactly correct.  You need to serve tenant in Spanish and English (absurd even when they don't speak Spanish) and they have 90 days to show that they have the [b]means to buy your property[/b]--must show adequate financials, etc.  It is called 'the right of first refusal'.  We bought a FSBO rowhouse with a guy that didn't want to leave and he was out in tim--world bank foreigner who thought he could squat.  We followed the rules and he was out in 60 days.  We have had many tenants taht expressed desire to buy our current property.  We get many multi-year tenants- but we make it clear we have zero intention to sell.  They are professionals, have been heavily vetted and screened and haven't been a problem.

By no means can the squat indefinitely.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics