All Forum Posts by: Account Closed

Here is a helpful tool Peter. http://maps.dcoz.dc.gov/. Click on the "2016 zone boundaries overview" map in the lower left corner. You will be able to see all the parts of town where the zoning would accommodate your goals. 

I feel your pain Cynthia. I am currently in permitting for converting an Anacostia rowhome into having a separate legal basement rental unit. This has only just been allowed in Anacostia since the September DC zoning changes (property is zoned R-3). So there are no comps in the area for me to use either. I am projecting that the separate unit will increase value by around $60k. I am doing quite a bit of work though. Underpinning to get 8' ceiling height and picking really nice finishes. This is going to be added to my buy and hold rental portfolio so I won't be selling but I am definitely curious to see how the appraiser comps the property when I am doing the cash-out refinance at the end.  

This has been discussed ad nauseam in the forums before. Search for CPA questions and you will find a bunch of threads. But the most important one...ask if they invest in real estate themselves.

Definitely find a tax professional to add to your team

Hi Sunny, 

This is where it really becomes obvious how important having a CPA is to your team. The tax code is thousands of pages long and normally the answers to questions depend on other variables that you don't think of. And I know it is frustrating, but without knowing your unique circumstances nobody on this site can give you a definitive answer. My suggestion would be to find an accountant you trust and that you can work with. They will help with these kinds of questions but also with the tax planning and strategies that will save you more money than you pay them. 

Best of luck on your real estate investing journey. 

I would love to hear any recommendations you have as well @Russell Brazil. 

@Russell Brazil

SRECs are very valuable in DC. In Virginia they are basically worthless. Thank your politicians. You can get around $520 per megawatt right now in DC and I think about $4 per megawatt in VA (I think this was the last quote I heard). But there are other things to consider like @Russell Brazil says. And like he says, solar panels are very ugly which can decrease the value of a house. I have a property in DC where the roof is essentially flat and you could never see solar panels on the roof. That property has an increased property value from the panels because the house aesthetics are not affected at all and the savings and income generated add value. So, like everything in real estate, there is no set rule and you just need to analyze your particular property and the different variables to determine if it makes sense for you. 

I am also interested in any recommendations people have for Washington, DC architects. Preferably a smaller shop architect, to save on unnecessary costs, and also one that utilizes Autodesk Revit for their work. 

If you are renting, I agree with the others here and you should see if your father will help you with a down payment as well. Without paying for the down payment yourself, your monthly mortgage payment would probably be very close, if not less, than what your current rental payment is. 

Rather than pay an attorney I would just try and get the tenant to assign you the TOPA rights for a fee. Could be less than an attorney.