Washington DC is a great market for real estate investors. With this great market, comes inconvenient red tape. After you hurdle the red tape, find a tenant who pays on time, who also is light on wear & tear, you can enjoy the world of Landlording.
The benefits of being a DC Landlord can be rewarding. To get started you have to take specific steps and have specific responsibilities. If you are thinking of becoming a housing provider, then you are looking at the job title of landlord. While this is a good way to invest and make a living, you will want to consider several things before committing to this job.
Before beginning the process of becoming a DC Landlord, you will want to take our course, SO YOU WANT TO BE A LANDLORD. You have to fully understand ALL of your RESPONSIBILITIES. It is important that you are profitable. When you are profitable, you can legally, adequately, manage and maintain your property.
This means finding the right place, at the right price, with the right financing, in the right location, with the right management and leasing to the right Tenant(s). Adversely, lacking any one of the above, can have a great impact on you being profitable and can compromise you providing safe and habitable housing.
If, after ALL of the above, you still decide to become a DC Landlord, you will want to make sure that you are made for it, or get professional help. You will want to ask yourself whether you are fit to deal with government regulations, tenants, inspectors, financing professionals, routine maintenance and management.
Government regulations, paying rent late, extreme wear and tear on the property, failed inspections, tenant complaints, neighborhood issues and other problems will often arise. This will require the Landlord to ensure maintenance and upkeep. You will want to make sure that you can handle different situations effectively and make sure that you can find the right way to take care of the different needs of your Tenants and property.
Of course, becoming a DC Landlord can be very beneficial. If you have the right place, price, financing, location, management, along with the right Tenant you have the ingredients to become a successful DC Landlord.
As a DC Landlord, providing safe & well managed housing to the DC Tenant Community, is greatly needed. If you need more information, or have any specific questions, feel free to contact us info@dclandlord.org or 202-793-8600.
DEFINITIONS
Landlord:
- a person or organization that owns and leases apartments to others.
- a person who owns and leases land, buildings, etc.
- a person who owns or runs an inn, lodging house, etc.
- a landowner.
