All Forum Posts by: Robert Williams

Hi Delphina...I can tell you that what you're looking for is hard to find.  I've been working with DC contractors for years and you're either paying through the nose for a really good contractor, or you're having to deal with issues.

To find a good contractor, I suggest starting by asking all your friends and family members for recommendations of contractors that they've personally used.  Next, I would use review sites like Yelp and Angie's List.  

Hi Jerome,

Congratulations on getting your license.  If you're interested in working as a real estate agent, I suggest you hang your license with an established brokerage that provides extensive training to their new agents.  The mandatory training required to obtain your license does very little to prepare you for the actual work of a real estate agent.  It doesn't teach you the lengthy contracts that are required for each real estate transaction, it doesn't teach you how to establish the value of a particular property, and, most importantly, it doesn't teach you how to work with clients on a personal level.  Based on my very limited and anecdotal experience, I can tell you the Keller Williams has excellent training programs and established systems for it's new agents.  

Good luck in the industry!!

-Rob

I think if you're working with contractors that you trust that being able to stop by either early in the morning or after work is still sufficient.  The key is actually stopping by every day (at least during the initial stages) so that you get a good sense for how much work was done since your previous visit.  Ideally, your contractor(s) will be there to review what they did, ask any questions they may have, or to discuss issues.  

The purpose of job site visits is make sure that the work is getting done and that it's being done in accordance to your specifications.  You can still tell if those things are happening, even if it's not during the middle of the work day.

Hi Jack,

Congratulations on getting your real estate license and on getting your first listing to sell.  That's really exciting.  My biggest advice to you is to ask your broker and/or fellow agents in your office to walk you through the process of marketing the condo.  Someone from your office should be working with you hand-in-hand on your first deal.  

I'm a real estate agent in DC and my wife and I own a real estate brokerage.  We've hired lots of new agents over the years and I strongly feel that its our responsibility to make sure our agents have all the information and knowledge they need to market and sell a property.

To answer your question, in my opinion good marketing starts by working with the seller to make sure their property looks as good as possible (de-cluttering, minor repairs, fresh paint, staging.)  Once the property is ready, good photos are the key to having a successful listing.  I've seen too many properties marketed with poorly framed, cell phone photos.  I always pay to have a professional photographer come in to take pictures of properties I'm selling.  Professional home photos cost between $150-$200; certainly a worthwhile investment to make in order to get your client's home sold.

-Rob  

Yes, you definitely have to "follow the money" to understand why so many municipalities are cracking down on AirBnB.  If you do, you will find that it's hotels and the hotel industry that's pushing for these crackdowns because they don't like the competition.  The hotel industry is actively lobbying and contributing to local government campaigns to make this an issue.  Of course, when the issue is raised by a local government it's never cast in those terms (i.e. they don't come out and say they're cracking down on AirBnB in order to appease the hotel industry).  It's always cast as a local revenue issue, or as a protection of local renters issue.  

In DC we eliminated the local revenue issue argument by passing a bill whereby AirBnB rentals are charged hotel/motel taxes.  

It's the same thing that's happening with Uber.  The taxi industry and lobby are actively opposed to Uber because they are a direct competitor.  The taxis in DC are horrible.  More often than not, they refuse to run the AC (or it's "broken"), their cars are dirty, and many drivers are rude (this is of course a generalization based on my own experience).  The DC taxi industry's response to Uber wasn't to improve the quality of their customer service or their cars, instead it was to attack Uber drivers and cars as being unsafe and unregulated. 

There's an obvious need for local governments to figure out an appropriate level of regulations for AirBnB, but let's not vilify AirBnB or property owners for trying to get the best and highest use/return on investment out of their properties.   

I have a good property manager in DC.  He manages all of my rental properties.  His name is Chris and his company is Sherman Cooper Property Management.  You can find his contact information on the company website.

Hi Lee,

Why do you think that your units would not qualify for conventional financing? You're right that FHA and VA financing for condos in your building would be a challenge, but Freddie Mac or Fannie Mae might be okay. I know the lenders I work with have started loosening their standards on conventional loans in condo buildings and some even have loan programs for "non-warrantable" condos. I suggest talking to a local lender to figure out if they can work with your circumstances (I have a couple of lenders I can recommend). Then, when you got to put your properties on the market, list that lender as your preferred lender and offer a small incentive for the buyer to go with them since you know that lender can finance the purchase.

-Rob

The real estate market "bubble" is not popping.  Interest rates are still at historically low level and will continue to remain relatively low, even if the Fed starts raising them.  Inventory levels are low in my market and in many markets across the countries.  There's not enough housing stock for all the buyers out there.  That means we'll continue to see strong price appreciation.  The biggest challenge in this market is affordability.  It's true that lenders are loosening lending requirements, but that's because they over-corrected after the last market crash.  

I would communicate through your PM, assuming your PM has a good relationship with the tenants.  You're going to have to notify them that you're planning on selling at some point anyway if your plan is to sell the home regardless of whether or not the tenants are interested in buying it.    

Are there any local laws, rules, and regulations that you have to follow regarding tenants in a home you plan on selling?  In DC, we have something called the Tenant Opportunity to Purchase Act, which has very specific documentation and timeline requirements when selling a tenant-occupied home.      

I'm a landlord in Washington DC.  I own rental properties in both NE and NW DC.  To me, the most crucial aspect of being a successful landlord in DC is doing proper tenant screenings.  Don't just look at the potential tenant's credit score, employment history, and landlord references.  You should also check to see whether or not they've had any criminal or civil court cases brought against them.  It's a huge red flag if someone has been in court before for an eviction or related rental issue.

I've been a landlord for many years now and I've only had to go through the eviction process once.  It was very painful, but thankfully the tenant voluntarily moved out and signed a promissory note for the back rent owed as soon as I filed for eviction because she didn't want it to go on her record.