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4 years ago
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My wife and I live in a townhouse that we own. It has an English basement style unit that we want to renovate and rent out. What steps should I be sure not to miss?

Does anyone have any experiences (either renting out a unit or even renting an English basment) that might be helpful to us? Any great resources?
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Colleen Corgan
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Roscoe,

You're in luck! DC's Dept of Consumer and Regulatory Affairs (DCRA) JUST released a site dedicated to owners who want to rent out a basement unit in DC! http://rentmydcbasement.com/

They have info about how to get licensed, a checklist for what inspectors look for to make sure it is up to building codes, and links to resources for more info.

It's a work in progress, but a great place to start!

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My husband and I rented out the basement of our townhouse for almost a decade and had mostly great experiences with our renters. One thing that we learned was that, while this is your home and not your primary job, you must still always have on your "property manager" hat.

Also, some people were a little leary about living in the same building as their landlord, so be sure to have as much distinctions in space as possible. We were fortunate to have a separate entrance so the interaction between our main unit and theirs was minimal.

But, overall, it was a great experience and we really enjoyed the extra income that we could put directly towards our mortgage.

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sounds like a good idea, how much work does the basement need? Did you know you can get a rehab loan from FHA to finish the basement and any other upgrades you want? Get your basement ready to rent and get EQUITY back in your home all in one step email mpj731@yahoo.com if that helps

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