The D.C. area has historically had a strong rental market for a diverse and mobile population.
In previous columns, I’ve written for people considering their first home purchase about why it makes financial sense to buy instead of rent. In this column, I want to address people who are moving up or moving out of their first house: If you can afford it, keeping your home and renting it out can make more financial sense than you think (especially if you can get positive cash flow out of the house).
Looking to diversify your retirement savings plan? Holding rental real estate can augment your savings and investments and provide a strong income stream in the future.
If you are interested in learning more, you can do so at the panel entitled “Investing in Rental Real Estate” at the g.life U program that is part of g.life, “A Day in D.C., All Things LGBT” sponsored by the Capitol Area Gay & Lesbian Chamber of Commerce at the Marriott Wardman Park on Nov. 9 from 10 a.m.-5 p.m. The g.life U program will offer speakers and panels focusing on aspects of personal and professional life for LGBT people.
In the rental real estate panel, a financial planner, real estate agent, a mortgage banker and a property manager will discuss why rental real estate might be appropriate for you, how to find properties that will make sense for rental, how to finance the purchase and what to do once you have the property. Geared toward the small investor or those just thinking about getting started, this panel will provide a high level overview of how to get started as a real estate investor. Each panelist will speak from a particular perspective:
Financial planner — Why holding rental real estate is a good diversification of investments for retirement.
Mortgage lender — What lenders look for when people wish to finance an investment purchase.
Real estate agent — How a professional agent can help you find the ideal investment property.
Property manager — How a rental management company can care for your investment while the value grows and take the burden of being a landlord off your plate.
Moderated by someone who is already a successful real estate investor, the panel will begin promptly at 2 p.m. and end by 2:50 p.m. But the panelists will stay around afterward to chat with anyone interested in taking the next steps as a potential investor.
You can find out more about g.life overall by going to the web site at g-lifeexpo.com. While there, you can also register for free for this amazing event now in its second year.
Ted Smith is a licensed REALTOR® with STAGES Premier, REALTORS specializing in mid-city D.C. He can be reached at TedSmithSellsDC@stagesrealtors.com or follow him on Facebook.com/MidCityDCLife , Youtube.com/TedSmithSellsDC or @TedSmithSellsDC. You can also join him at monthly free seminars for first-time home buyers or weekly tours of open houses specifically geared toward first-time home buyers and in a different neighborhood each week. Sign up at meetup.com/DCMidCity1stTimeHomeBuyers/.