Reply to New to being a landlord - what haven't I thought about/considered?

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[quote=Anonymous]I've had rentals in DC for 20 years - and I've never one time regretted it.  Have there been problems? Yes.  Have there been cranky tenants and big repair bills? Yes.  Have I been able to offer great property and reasonable rates for my residents?  Yes.  We need property in the city that is owned by small landlords and managed well. I keep my rents below market - I'm responsive to resident needs and treat people with respect - not like they are the enemy. The reality is - more people will be renters - the same folks that join these threads won't be able to buy like we once did - because of rates - uncertainty in the job market - and the price of housing. That means we need good rental owners offering great spaces. Particularly houses or row houses.

Get a property management company - and set reasonable expectations (for yourself).  You might hate the fee they charge - you might ask "what do we pay them for."  You pay them to make sure you're following the law, collect rent and deposits according to the law - track requirements and regulations for you and make sure you comply with fair housing.  What does that mean? You're not looking at someone's social media to learn about them.  When things go wrong - your manager hears about it and handles it. That's the middle of the night stuff - the day your resident has a puppy they want to adopt (just allow the dogs - houses are fixable - people with dogs stay longer).  When the AC goes out - and it does - your manager tells the resident to replace the air filter - so you don't have to. And gets it fixed.  Don't been mad when you have to make repairs.  It's just part of the equation and can help offset taxes.  When you pay your manager the fees are also tax deductible.  Along with all the other expenses you have on the property.

For the application fee haters - screening residents is expensive - and delicate.  You have to pay a service for that.  Plus - it's standard.  It's not unethical - it's just business.

Also - for the folks scaring people who are considering renting - consider some people might not have a choice.  They can't sell their homes without coming to the table with cash (particularly true of the folks with condos).  It's nicer to be nice about it and tell them how to have a good experience instead of telling them their life is going to be ruined. The vast majority of people have a fine experience - they aren't here on DCUM talking about it because - well - why would they be here talking about it. They are in the political thread or the menopause thread, lol. [/quote]

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