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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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
[b]- 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[/b]

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

This is horrible advice.  First off, knowing DC rental laws this probably isn’t even legal.  [b]Your tenant is in no way obligated to coordinate and approve repairs to your unit.  Most renters will balk at this for good reason.  One of many reasons to rent is you don’t deal with repairs.  [/b]

Second, having anyone spend your money and later send you a bill is a recipe for a disaster.

[/quote]

Agree with this.[/quote]

I actually think its a brilliant, if illegal, solution. The tenant is far less likely to spend an absurd amount of money on a repair when they are footing the bill initially. Thanks for the tip PP.[/quote]

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