Tapping into the Washington, D.C. real estate investment market is a smart idea for investors who want to grow large portfolios and build significant long-term wealth—but what if you don't live here? No matter where you live, D.C. rowhomes for rent are available to anyone with the right team.
Growing a real estate portfolio out of state can feel daunting when you're so far away. However, markets outside of your hometown offer excellent opportunities to find the ideal properties that add more income toward your long-term financial goals.
- When choosing out-of-state investments in a strong market like the D.C. area, you need the right strategy and local help to make sure every property adds profit.
- The best team on the ground helps you research your next properties, choose the best renters, and maintain your rentals to keep them in excellent condition.
Grow sustainably with these tips from expert property management in D.C.
Strong Markets Yield a Strong Portfolio
The rental market where you live is an excellent place to start—but what happens if you want more? When you restrict your rental properties to only the city in which you live, you're missing out on opportunities. If your local market experiences a downturn, you won't have investments in other markets to sustain your portfolio.
However, not every market outside of your local area is a good addition to your real estate portfolio. Pursuing strong real estate markets like D.C. with ample opportunity for rental housing helps build a strong portfolio to support your long-term income goals.
D.C. rowhomes for rent are an excellent addition to your portfolio as a long-distance investor—but make sure you approach the market wisely and with the right resources to add properties and manage them for your success.
'Strong' Is No Substitute for Due Diligence
Even in a strong rental market, investors need to do their due diligence before buying a property and choosing the best local help to make it successful. Good markets still have bad properties, and not just any property management in D.C. will be the right team on the ground to manage profitable properties for you in the D.C. area.
Finding the right rental properties for your portfolio can be challenging when you don't live in the same city as your potential investments. Unless you plan to make frequent trips to look at potential properties, you need a trusted resource in D.C. to look for properties, do the research, and present you with the best options that will boost your portfolio.
The right property manager:
- Understands the D.C. rental market
- Listens to your goals and identifies new investment properties that work well with your portfolio
- Conducts market analysis to evaluate properties and estimate potential income
- Answers all of your questions and make sure you're comfortable with a new property purchase before moving forward
Your long-term wealth goals are yours: Every new property and your local partners—no matter the market—should work toward your goals as the highest priority.
When buying a condo for rent in D.C., make sure your property management in D.C. pulls together the research you need to build trust (and more income) through your long-distance investments.
Long-Distance Investments Need Year-Round Care
After you add a new property to your portfolio, someone needs to keep an eye on it—especially if your new rental exists within a community association structure. An empty house costs money and can potentially rack up fines. Without quality renters, excellent rental property maintenance, and on-time rent collection to make sure you get paid, your long-distance investments become a liability instead of assets.
Choose a property manager who not only helps you find the best properties but also knows how to manage them to maximize your ROI. The D.C. market can present challenges for investors. Navigating local laws, finding the best renters, and delivering professional rental property maintenance are keys to your success—but you can't do it on your own if you don't live in the district.
Your property manager should:
- Stay up-to-date about changes in regulations for the operation of rentals in D.C.
- Recommend property upgrades that attract better residents
- Find and screen quality renters
- Collect the rent and make sure you get paid on time every month
- Conduct routine maintenance to improve property values
- Handle repairs promptly and accurately to keep renters happy and safe
- Be available 24/7 for renter needs
- Provide financial reporting to keep you informed about every local property in your portfolio.
Successful rental properties require a lot of work. Your condo for rent in D.C. and your renters deserve the best care throughout the year to help you maximize returns on your long-distance investments.
We're Here to Help You Grow a Long-Distance Portfolio
It's time to invest in D.C. The EJF Real Estate Services team has a long history of helping investors get more out of their D.C. rental homes and other investments—no matter where they live nationwide.
- There's no need to worry about your properties or renters when you partner with our team.
- We handle every detail of the real estate investment experience, including finding and researching the best new properties—and managing every aspect for your success.
You can learn more about the benefits of growing a portfolio with expert property management services in our area by downloading your free copy of our guide to real estate investing!