Remote Landlording in Virginia

[Harold Osmun]

Hello everyone,

I had a question regarding Remote land-lording in Virginia. I currently reside in Northern Virginia, but I am looking to invest in an area where the housing costs are lower. I spent time in the Navy and I know that there is a lot of traffic of people in and out of the Hampton Roads area each year. I was wondering what some of you think about remote investing in that area. I am not far away if anything goes really bad, and I have worked it in my plan for 15% for a Property Management company. I have done a lot of research as to plumbers, carpenters, HVAC pro's, etc. Does anyone have any experience with this scenario they wish to share? I have also considered utilizing the Rental Partnership Program with the Military, as I used this program myself many years ago. Any experience with that?

Thanks In Advance

Harold Osmun

[William Randolph]

Harold, it's actually not that hard. I live in Northern Virginia (Woodbridge), invest/self manage in HR area (buy and hold ... and my first flip goes to closing on Friday!!!!!) and I'm a prior Navy guy too. The keys to my success have been threefold - buy distressed above average properties, put some working into the house (averages about $3k above paint and carpet) to update all the usually suspects (toilets, faucets, water connectors, old cruddy light switches, and any visble plumbing and caulking issues -- you know, standard PM work from the Navy days and then get a home warranty. That 1, 2, 3 combo fixes 90% of little, nuance troubles and the home warranty covers appliances, hvac, electrical, plumbing, etc calls with only $75 out of pockets per event. Had an existing fridge go bad and the HW couldn't fix so they REPLACED it for the $75 trouble call. He home warranty a purchase was $320 so I'm playing with house money now!!!! My tenant was the POC on the warranty and I never met the contractor or the appliance pickup or install guys. The warranty co manages it all.  I just get emails from the Home warranty stating what has be done. It can be done. This model was taught to me, it works. Good luck!!!

William Randolph