All Forum Posts by: Wendell Hall

I agree with Russell. Rents via the programs can be above market but there appears to be some uncertainty with rents moving forward. Local politics, NIMBY, and conflicting data all make it difficult to ascertain what happens with rents in the future. Some argue they’re too low in some areas of the city and too high in others - with data presented to support the respective viewpoint/argument. 

I’ve had success with the city and other programs (i.e., other non-profits, schools). 

@Aaron Silver If the city got its act together and actually invested in areas EOTR, Minnesota Avenue (not Deanwood but not too far) could be another great street (walkable, shopping, restaurants, trolley that never was). Area has some small multi families but never had a deal accepted. I do have a SFR near.

Otherwise, I would watch any area walkable or short drive/bike ride (across the bridge in NE or SE) from RFK. I’m eager to see the long-term plans. If that becomes mixed-use— rec, retail, residence, demand for nearby areas will increase. I remember not long ago when that part of DC (near RFK/Stadium Armory) was “undesirable” to some.

@Russell Brazil @Nathan Silver I don’t have property in Anacostia, but know folks who invest and “even live there”—not all parts are as bad as folks will make it seem.

That said, it a few years when the walking bridge to Navy Yard and Yards is completed, it’ll then be “hyped” and so will the prices. To each his own. I try buying before the hype—so far, so good.

Nathan. As you probably know as a fellow DC investor and owner, “SE, DC” includes everything from the Supreme Court, parts of Cap Hill, Hillcrest and many other parts of the city. 

Just like most of the city (including NW), DC is block by block. I have properties in SE and they’re just fine (understatement). They’re not in the hood, or what some might classify as “war zones” as some describe specific neighborhoods, and they’re a great part of my portfolio. 

I also own in NE and NW, and each cash flow and have appreciated. Happy to discuss any particular neighborhood or area, many of which will be unfamiliar with out of town folks who only know neighborhoods once they’re fully gentrified and overpriced. 

Agree with Russell and Justin. Your immediate need must be for personal use and can’t be to turn them over for higher rent. DC tenant laws, as I’m sure you know, are very tenant-friendly.  

@Ki Lee If your PM gets a portion of the rent and/ or leasing fee for each turnover that can be an issue. I know many charge first month’s rent in addition to a leasing fee. Is that the case?

I had to have a talk with my PM when he wanted to raise one of my rents $25-50 per month to keep with market rate. Told him no thanks—pushing that tenant out for $300-600 per year isn’t worth me paying him $1,800+ and the potential for lost rent that month.

Does the PM have any incentive to keep tenants from turning over? Sounds like the incentive ifht be to turn them over...

@Paul Allen Thanks. The BP community is great and I’ve been appropriately “schooled” in just a few hours. Greatly appreciated...

@Michael Plaks And I’m now in greater Houston as well. I’ll be sure to connect if we continue investing in the area.

@Lance Lvovsky Thanks, Lance. My CPA alluded to that but wasn’t very good at convincing—or maybe I was not ready to hear this. Appreciate the quick reply and now I’ll relax a bit! Thanks.

@Michael Plaks Thanks. And yes, all advice appreciated! Agreed and both cash flow and appreciation are priority—so no issue there. Greatly appreciated.