New from Arlington VA

[Heather Harmon]

Hello Everyone,

I've joined the site and been looking around because I'm about to become a first time landlord. It's a long story but the short version is I have to move for educational reasons but I don't want to sell my condo. So I've decided it makes financial sense to rent it and then in 3-4 years (when I'm ready to buy/settle down again) I can either sell it and use the profit for a down payment, or keep it and continue renting it out if being a landlord isn't a huge hassle/cost.

After spending a few days reading everything I can find about being a first time landlord (which led me to this very resourceful site), I realize I may be in over my head. There's so much advice on here, but some it seems hard/costly to follow. My profit margin is going to be pretty slim (mortgage of $700, HOA of $400, similar units in the building have rented from $1300-$1500) so I don't know if I can afford a property mangemnt company especially since they all seem to charge a full months rent for leasing services. Any advice from other landlords, especially landlords in NoVa, appreciated! Thanks :)