All Forum Posts by: Iggy Smith

@Malcolm Lawson ideally I'm looking for a duplex or a mutli-unit property. I'm also considering renting rooms in a personal house until it's paid off. Until the first house/unit is paid off, I'll look into other properties or SF homes. I suppose I assumed that the rental laws in MD would be more lax compared to DC, but my impression is that they are quite similar. 

Hi all, I'm new to the BP community and I'm an aspiring landlord in the DC area!

I will be moving down to start my new job in DC very close to the Navy Yard, and I am considering some homes & rentals to purchase when I move down to the area. I'm essentially looking to buy an "up and coming" income property that I will own for about 30 years, in the hopes that I can make some rental money to cover my mortgage in the short term, and then pay off my mortgage in 15 years as a long term goal. I am considering all areas in the DMV, but closer proximity to the Navy Yard is one of my goals. With this, I have a few questions that I feel others here might have some insight to share:

1). I've heard that the Navy Yard used to be a dump, and now it's generally a nice area. Are there any "up and coming" areas that aren't nice now, but may go through a similar transformation in 15-20 years that are worth looking in to? Anacostia? PG County? Fort Dupont?

2). How unfriendly are Maryland's laws regarding rental income? I realize there is a property tax in MD, but I also heard that it's difficult to find tenants that are not receiving section 8 subsidies. 

As a newcomer to the area in the near future, I'm open to all of your input and suggestions. Thank you in advance!

 Thank you for the reply, Malcolm. I was considering some places in PG near the border of DC, but I'm not sure how "up & coming" they all really are. I'm not really interested in renting to section 8 tenants, but out of curiosity, do you think that's the only downside to owning rentals in Prince Georges county? I'm just wondering if there were other unfriendly landlord laws in that county. 

 Thank you for the advice and the welcome! I absolutely plan to live a unit and rent out the rest, but since I will be working along the green line in DC I'm looking at areas probably closer to southern Maryland or SE DC. Once my portfolio expands I would love to consider Baltimore then!

 I'm always open to new investment ideas, but for now I'm just looking at properties I can rent out long term in the DC area. I believe in being an active landlord and I want to develop a strong rapport with my tenants and community. 

 Thank you for the welcome! Given that I will be looking at areas in northern Virginia and southern Maryland as well, do you know what other tenant laws similar to TOPA I should look in to? I appreciate the suggestion! 

 Thank you for reaching out Russell! 

 Thank you for the welcome! I absolutely agree with you, and I do look to get involved in an organization there. My family has rental units in other states, so I am very thankful to be familiar with some of the landlord basics when dealing with tenants. DC metro area is very large and I see lots of opportunity, so I look forward to networking more on this forum and in the area when I make the move. Thank you for the advice!

Hi all!

I'm a recent graduate student moving to the DC metro area from NYC area to DC! I'm hoping to learn more about the rental business in the DC area, and would hope to become a landlord one day myself. 

I will consider purchasing an income property before I make the move, but I thought I can learn more from the locals from the DC area to see which up and coming areas are best to invest in if I will be here long term. I'm excited to meet and network with people from the area through the forums!