This weekly column is written and sponsored by D.C. real estate agent and Kalorama resident Jeffrey Tanck. He can be reached at [email protected].
And we’re back for the final segment on being a Do-it-Yourself Landlord.
At this point you’ve gotten all of your required licenses, identified and vetted a great tenant, signed a lease and are ready to start collecting rent.
In DC, Landlords can only charge tenants a security deposit equal to or less than one month’s rent. This deposit must be placed in a separate interest bearing account and you should notify your tenant of the name and location of the financial institution that is holding the funds.
For leases 12 months or longer the interest earned is to be provided to the tenant upon return of their security deposit, which must occur within 45 days of the tenants leaving. If you’re not planning on returning the deposit due to non-payment or damage to the property, you are still required to inform the tenant in writing of the status of their deposit within the 45-day time frame.
You also need to decide how you would like your tenant to pay you every month.
Thankfully, “There’s an app for that!” Venmo and Paypal are great ways to receive money and they create an easily accessible record of the transaction. You can also ask your tenants to set up an auto-pay with their bank into your account. Checks are also an option — but are increasingly rare.
Management: Hands-on or Arms-length?
Its 2:35 a.m. and you get a call from your tenant that the dishwasher is flooding the apartment. This counts as an emergency — for the tenants and you, but potentially for other apartments adjacent to yours. You need to have a plan in place to deal with the emergencies.
If you’re equipped to deal with something like this (or are willing to be), great.
If you’d rather not get these calls, you can have your property professionally managed. There are several companies in DC that cater to the individual landlord.
Many provide comprehensive services that include marketing, leasing, rent collection, maintenance and accounting. Some firms offer al-la-carte services such as being the point of contact for property emergencies.
Each company has a different fee structure, but a good rule of thumb is 6%-8% of the monthly rent.
For When You’re Ready to Let it Go
Last month the DC Council voted to change the Tenant Opportunity to Purchase Act (TOPA).
For landlords who wish to sell their rental property, this process is now much simpler: notice of the intent to sell the property must be provided to the tenants, as well as to the Office of the Tenant Advocate. No longer does the intent to sell the rental unit trigger an automatic first right of refusal or obligation to work with the tenant.
The good news here is that when you’re ready to sell that rental, you won’t face the potential delays (and costs) that the previous version of the law allowed.
Having a rental unit can be stressful — but it can also be a wonderful asset. Like most things in life, being prepared and planning for the random curveball will put you in a better position for success.
photo by Victoria Pickering From Alert DC: “Please be aware a fireworks display will take place on December 2 at 8PM in the area of the District Wharf. DC Fire…
From District Made Spirits (1135 Okie Street, NE): “On Saturday, December 2nd from 1 – 6 PM, please join us at the distillery for a spirited celebration. Your favorite District…
Thanks to Paul for sending from Bangkok’s Chinatown. If you get a photo with any of your shirt/merch on your travels – please send a photo with where you went…
Photo by Erin Ed. Note: If this was you, please email [email protected] so I can put you in touch with OP. “Dear PoPville, Was at Urban Roast on Wednesday (11/29)…
You are cordially invited to the Embassy of Austria for a thrilling evening with Mozart. What a better way to spend Christmas and Hannukah! Our full orchestra and lead singers, some of whom sing at the Met, will appeal to teens as they begin their journey to the classics! We expect to be sold out soon…..
Get your tickets now!
Under the Gracious Patronage of H.E. Petra Schneebauer, Ambassador of Austria
Julien Benichou, Conductor
Kevin Short as Figaro
Manna K. Jones as Susanna
Stephen Powell as Count Almaviva
Laquita Mitchell as Contessa
Anna Kelly as Cherubino
Maggie Polglaze as Barbarina
John Gibney as Bartolo
Leah Heater as Marcellina
Christopher Jon Hartung as Antonio & Don Curzio
Narration provided by Robin Phillips
Embassy of Austria
3524 International Court NW
Washington, DC 20008
Doors Open/Cocktails 6:30 pm
Performance including Intermission 7:15 pm
Wine Reception with Heavy Hors d’oeuvres 9:15 to 10:30 pm
Box Seats $250
Orchestra Reserved $150
Seniors (over 65 years old) Unreserved $80 [sold out]
Students with ID $50
Come solve a crime that took place in Takoma Park 130 years ago!
HouseMouse Books and Vintage is excited to announce the debut of Escape the Bookshop II, our new limited-run escape room experience. Escape the Bookshop II is a unique group puzzle game that is based on a real crime that took place in Takoma Park around 130 years ago. It is designed and created by HouseMouse to be played in our atmospheric little bookshop. This is not your typical corporate escape room and makes for a memorable evening out with friends or family!
Bookings are now open for game dates in January through April 2024. The game generally takes place Wednesday through Saturday at 8 PM but special arrangements can be made upon request. It is designed to be played by a group of 3 to 6 people (ages 16+) and lasts for one hour. No prior escape room experience is needed to enjoy the game.
Egg Nogg Extravaganza
Join us for a festive celebration at Spirits & Spice D.C. ! Get ready to indulge in the most delicious and creamy egg nogg you’ve ever tasted paired with our liqueurs. This in-person event is the perfect