04-04-2010 04:37 PM - edited 04-04-2010 05:30 PM
I am interested in D.C. housing markets but none of my immediate circles know much about it. I did hear, however, that the rental market is terrible for landlords due to D.C.'s extreme protection of tenants (one example is that a friend's friend was not able to evict a tenant after more than a year since the tenant stopped paying rent--and the landlord has to pay the tenant to leave). Is this typical?
Are there any similar tricks for a seller?
Can someone recommend a good realtor/real estate attorney in D.C.? He/she needs some condo development/conversion experience.
Thank you very much.
04-09-2010 05:01 PM
Yes it is true that D.C. is a "pro tenant" state. I live hear and am beginning to enter the rental market. I too heard the "horror" stories about D.C.'s landlord tenant laws. But, I also came to the realization that there are "horror" stories in every market. As long as the landlord follows the laws to the letter. Everything will be fine when there is a tenant dispute. Also, you have to realize again that the DC market can't be all that bad because there are a lot of renters here which means of course a lot of landlords making money. Regardless of the pro tenant reputation of D.C.
04-11-2010 09:01 PM
DC has rent control laws that require most rental units to be registered, the purchase of a business license and if you have more than 4 rental units/tenants you become subject to limits on the annual increases allowed in rent on units.
Like hiring employees, selecting tenants is not for the weak at heart, get the wrong tenant in your property and you will come to regret it. DCs bias towards tenant rights is more challenging.
But, the good news is that you can buy lots of homes in DC today that will "cash flow".
Just know your locations, get professional property management to hold your hand if yuo are new to landlording,
and focus on finding great values in this market.