All Forum Posts by: Philip Rowe

The study guide was helpful but there were questions on the exam that were not in the study guide. I did find some of the missing answers in a Pamphlet, "What you should know about rent control in the District of Columbia" https://dhcd.dc.gov/sites/default/files/dc/sites/dhcd/publication/attachments/RentControlFactSheet.pdf I did take the exam a while back and heard that they recently changed a few things because it was so difficult to pass.

@Marcis Turner, the exam was 100 questions for the General Portion and 20 Questions for the DC Law Portion.  The Law portion was the tricky part.

I PASSED!!!

Like I said before there are questions on the test that isn't covered in the STUDY GUIDE on the DC Pearson Vue website.  Below are some things to thoroughly cover.  I'll start with things not covered in the Study Guide.

-Know that when a tenant sub-leases the space, that the sub-lessor is only responsible to the tenant.

-The Rental Accommodations Division.  (Although this is covered in the study guide, there are details in the act not covered in the guide).  Know the specifics on what an owner must to to increase or REDUCE services.

-Know the definition of a "Hold-Over" tenant.

-There was a question about the location of Smoke Detectors, which is a part of the Smoke Detector Act that has been repealed, however it is critical to know that for each bedroom there must be at least one smoke detector.

-If an owner is exempt from the Rental Accommodations Division, the HOUSING PROVIDER is only exempt from the rent stabilization portion of the act.

(from study guide)

It is important to know the years each act was implemented.

Know the reasons, regulations, and ways a landlord can increase rent.

Dates for HVAC system tests, turn on/off dates, and temperatures they must maintain.

Hot water must maintain 120 degrees.

A requirement for housing is to have an exterior LOCKING door.

When an owner buys a building they are also buying the lease and must honor the lease.

I would suggest to read the "What you should know about Rent Control in the District of Columbia" link on the DC.gov website as well as the study guide from pearson vue inside and out.  There is also a website called Quizlet that has free study material especially the flashcards that I found to be very helpful.  

Hope this helps anyone in the future.  Good Luck!  

I did Residential Management down in South Florida.  I scheduled the exam here in DC and studied the material from the Study Guide on the website and felt very confident that I knew the information.  I passed the General portion but failed the DC Law and Regulation portion.  After rescheduling I only needed to take the 20 question DC Law portion again.  I studied many hours and knew the material inside and out.  To my surprise the first question on the exam was something I had not covered.  I marked the questions of ones I didn't know and found that there were 8 questions that had not been covered in the study guide.  I missed another question that I should have known and ended up failing again by one question.  I immediately left the exam and jotted down the questions I remembered that I had not covered.  I went back to the study guide and still can not find the answers.  I have the exam again next week.  I sent an e-mail to someone on the RE Commission and his advise was to take a course.  I know the questions I need answers to, am very resourceful and am frustrated that I can't find an adequate study guide with these answers.  As a Realtor in South Florida I had no trouble with that exam because I studied over 500 questions and read the book end to end.  

I'm keeping my fingers crossed and hope that I get a different series of questions next time around.  I used to be really active on Bigger Pockets many years ago and when googling "DC Property Managers Study" this link popped up.  If anyone has any additional resources or a list of questions, I'd love to purchase a better study guide or book.  I only need the DC portion though so I can't sit through a class...

Yes. I submitted Proof of Funds, articles of Inc, condo docs, as-is contract. In the conversations I had with him, I always asked "do you have everything you need?". He explained to me that it was the response from the bank/asset manager. "I'm not sure what the problem is... I'll resubmit it" he would say.
He even had his own checklist as an attachment on the MLS that I filled out and submitted, so I'm pretty sure my ducks were in row.
My initial response is to inform the Asset Manager, I don't necessarily want the guy to lose his license, but I would like for him to lose the listings. I cc'd his broker when I e-mailed him the last time outlining the lack of communication, and threatening to go to the asset manager. Thats when the agent called me and asked me to resend it. Even though I had already gotten an e-mail response that he had received the offer. I think I am just going to wait, see what the unit closes at, and if it is below my contract price, do my best to contact the asset manager.

Anyone know how to get in touch with the Asset Manager for Deutsch Bank in South Florida?

I am an Agent in South Florida. I have a Buyer who made an offer on an REO Property.
Originally the property was listed at $49,900, my buyer offered $51,900 (All Cash). Being an REO I knew it shouldn't take more than a few days to get a response.
I received e-mail confirmation from the listing agent that the offer was received. I called and called the agent tring to get an update, being $2000 over asking price I was pretty confident that I had a good shot at landing the deal.
Whenever I did get the agent on the phone, I seemed to get the "run-Around"... "Call me back in an hour", or "Still haven't heard anything, let me resubmit it". I ended up putting a 60 day acceptance period on the contract and resent it at $51,900. A few days later after the property had been listed for a month, THE LISITNG PRICE DROPPED to $39,900. I was confused.
Why did the price drop, when I had an ALL CASH deal already over the original asking price? I sent the listng agent an e-mail and CC'd his broker highlight the lack of communication on his part and questioning the deal. I immediatedly got a call, "Could you resend the contract? not sure what is going on". I resent it, got an e-mail conformation; than the same thing over the next few weeks. No contact, calls and e-mails are ignored.

Now the property is "under contract" as shown by the MLS.

Not sure what to do at this point. But being an honest guy and building my reputation on that honesty, I feel that something "Shaddy" is going on.
I would appreciate any advise on how to handle this matter. The property is owned by Deutsche Bank, and I would love to report his behavior to the asset manager there. DO I have grounds to file a complaint with the DBPR, or local real estate associations?
I would love to expose this guy and their company, so any help would be GREATLY appreciated.

At Mcdonalds yesterday I saw two people in the corner talking "Business". The guy had a pen and a piece of paper and was outlining his "strategy" to the woman who seemed desperately interested.

I couldn't help but over listen....until I heard the magic Statement from him.
"Some people put it on their credit cards, because they just can't afford to wait any longer. If you can get 2 people to sign up underneath you, you will get..."
Thats when I quit listening!

I looked in the parking lot and there was a car with writing on the window:
INVESTOR SEEKS APPRENTICE Call ...!

SCAM!

Also,
$31,000 in Closing Costs seems Pretty Step.
why so high?

I would not go so high. Are there no comps in that neighborhood because none of the other houses are that big?

Check the neighborhood as a whole and see what the highest sales are in the last 3 months/6 months, ever. If you will be the most expensive house, you are not going to get the same per square feet as some of the smaller houses.

Anyway, it seems like a good deal, but you can be conservative on your ARV and it still is a good profit.

I've been doing BPO's over the last several months. About a month ago I was asked to do a BPO for a property that was a mulitfamily "quad" rental income $2300/m Conservatively. I put in my report how investors are cash buyers and they need positive income. The price I set was $149,000 and told the bank they would sell it in 30 days at that price. Down here "Thats A Deal" and now the property was just listed at $149,000.

My question is... will there be any red flags if I bring the buyer. This property will be gone by Monday, but I'd still like to know if your reading this after then and there hasn't been an answer.
I told my investor and she wants to buy it. I am nervous about putting in a contract. She wants to write it up in the morning.