All Forum Posts by: James H.

Greetings, BPers,

I am looking to buy a SFH in the Williamsburg, VA area (where I have lived for the last two years, but am currently renting on a local military base, and am about to retire). My goal is to buy a house, remodel it to my liking, but then rent it out in about five years when I will probably move to another state. I am single and am not too picky on the location or schools.

In your experience, what are the decent neighborhoods that appeal to renters in this area?  Kingmill (though I have heard that Kingsmill is not landlord friendly)?  Queen's Lake?  The Skimino area?  Gated communities?

I assume I should find a real estate agent that is also familiar with property management and can answer such questions?  Any recommendations?

Seems like Williamsburg has a LOT of inventory right now.  That's great for me as a buyer now, but not so great for me as a seller in five years (though, who knows what will happen over the next five years, of course).  Any thoughts on the current market in general?

I was hoping to ask all these questions at a the local PREIA, but had not been able to attend any due to work commitments.

Thanks for anyone's advice or thoughts,

J

Thanks, everyone. I think I oversimplified the question, making it sound as if both applicants were equal save for the family size. I do in fact trust this PM, as he has been in the business for decades, and has always given me very sound advice. The info all of you provided on the various aspects of the FHA was very informative, thanks!

Thanks for the responses; I believe, though that since the single woman was the first qualified applicant, then we wouldn't be violating that act. I assume if we passed over qualified families waiting for a single tenant, then we'd be in trouble, right?

Hypothetically, my property manager and I have discussed recent applications for my single family home. We feel that a single tenant would be less wear and tear long term than a family with kids. But... would that be considered discrimination under the Fair Housing Act (which disallows discrimination against children)? For the purposes of this discussion, let's pretend the single person applied before the family, and we feel both are "qualified". Again... hypothetically, of course.

and... Just noticed my stupid iPad autocorrected your last name incorrectly.  Sorry! Ms. Tamburri!

Ms. Tambura, are you new to this area as well as to biggerpockets? Either way, welcome and good luck with all your property searches.  I've only lived here for a year (I'm up the road in Williamsburg) but am really enjoying the friendly people. While I have not purchased any properties in this area (my properties are all in other states), it certainly seems as though there are wide varieties of opportunities.

Thanks to the both of you.  I'd like to check Jan's recommendation, but I need to check my work schedule tomorrow before setting up an appointment.  I'll let you know. Hope you had a nice weekend,

J

For me, bring a passive, out of town investor, the biggest expense is by far property manager commissions. But, you get what you pay for, and I've been reasonably happy with all of them over the years.

Actually, I've been very hands off over the past fifteen years of buy and hold investing.  I've always bought, lived in the place for a few years, then moved out (due to job relocation) and rented it using property managers.  Seriously, after moving out, I never saw the places again. I trust the PMs and collect the checks. I guess I remain blissfully unaware of their conditions! 

Hello,

After listening to the BP podcast concerning asset protection, I (maybe like many of you) realized I may not be as protected as I should be. I am interested in discussing my situation with an attorney with experience in asset protection. I'm in Williamsburg, VA, between Richmond and Newport News.

Does anyone living on the peninsula have any recommendations? Basically right now I own four buy and hold properties in four different states, but probably need to take them out of my own name. Thanks!