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[quote=Anonymous]Great discussion. There are certainly a number of benefits to owning property in DC but as everyone mentioned above it is not something to be taken lightly. Every landlord in D.C. must have a Basic Business License to rent out a property. In fact you must have one BBL for each location and the license varies based on what type of property you have. That can be a process in itself.

For example if you fail the inspection, you have 45 days to meet requirements otherwise the license may be revoked and you may lose all fees paid in connection with the licensing process.

Before you think about renting, do some research on market-rate rents for similar properties in your location to get an idea of what you can charge. Perhaps its not what you were expecting to make minus maintenance costs, etc. You will also want to make sure to be familiar with DC Landlord/Tenant laws to avoid potential legal issues.

As a property management firm we handle almost all of this for our clients so we've become quite good at the process. That being said, its definitely possible to do on your own, just make sure to weigh your options before you get your hands in the dough!

- Tom Carcone, Gordon James Realty[/quote]

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