All Forum Posts by: Mike Webber

 I typically use the standard Virginia rental application. I could send you a copy of you'd like. I've also used rentsprees application as well which is very good. The main things are income, credit and criminal background check. If that is your only rental and you live nearby, I'm a big fan of doing the showings yourself and actually meeting/talking to the prospective tenants rather than just leaning on what you see on paper.

Hey Kevin, 

You probably don't remember me, but I used to play basketball with James every day almost haha

Anyway, I have clients who are investors who would love to see it once it is ready. One couple in particular is moving in from California at the end of January/beginning of February. Also, Have you brought up that you'd like to sell to your tenants? If you are looking for the lowest friction in selling, selling it to the people who already live there is usually the easiest.

I'd be happy to go over all of your options and what makes the most sense for you.

Brandis, congrats on renting out the condo! To keep repair costs down make sure you screen your tenants as well as you can. Tenant selection can make or break a rental property. If I have a great tenant, I prefer to keep them in place rather than replace them for an extra 100 bucks a month. I'm not saying let yourself be $500 below market rent, but there is a price to be placed on a phenomenal tenant. I didn't realize that until I got a bad one lol 

Live and Learn

Good luck on your journey!

I don't think you would have a problem renting it in West Springfield. I have clients right now looking in that area. As somebody else said, facebook marketplace and Zillow are great places to see how much demand there is for it. I'd be happy to take a look at recent comps and let you know my feelings. I'm of the mind that if your budget allows for you to hold on to a property, hold it. It will be a cash cow for you later in life. All of the investors I look up to in our area have homes they've held for 10+ years and they are absolutely crushing it.

Ways to add value would be "bird-dogging", or managing or working on a rehab (if you have the skills to do so). You don't need to bring them deals (although that would be awesome), but even bringing them solid leads from driving for dollars or whatever method you like. If he can convert a few of your leads you've provided a lot of value and will learn a lot in the process.

Here in Virginia people are still buying. I primarily see STR just outside DC (think Old Town Alexandria), or in the mountains. Mountain/lake/river rentals around the Shannendoah continue to do very well. We acquired 3 this year. 1 is up and running and is already booked over 75% for the rest of the year. Another is almost finished with the reno, and the 3rd we just started renovating. We've also helped several clients get STR around the same areas. Still very strong in my area.

In Virginia source of income is now a protected class. 

That said, I have investor clients who exclusively rent to people on sec. 8 because they are vetted and the money comes directly from the government. If the tenant doesn't hold up their end of the deal (keeping your property in good condition for example) they get kicked out of the program. The rents they receive from the voucher is often times higher than they could get on the regular market. 

So there are some benefits, but I think it depends state by state. I have friends in Maryland with horror stories about sec 8 tenants. I'd ask local investors for their opinions. They will be able to give you the lowdown on your area and if it is a net positive or negative.

While I'm not new to the forums, I've recently gotten back into using them every day. I had about a year or more where I was so focused on the agent side of the business that I let my investing fall off a bit. Now that I work primarily with other investors I'm diving back into BP with both feet. I live and operate out of Northern Virginia. I am interested in buy and hold investing. I work with a lot of first time buyers find good properties to house hack, as well as seasoned investors to find their next hold (1-4 units, short, medium, long term). 

My primary goal is to meet other investors that I can grow and share strategies with. I like teaching people what I know, and learning things I don't know from people who have different experience/education than I do.

Everybody else has already said it, but as somebody who is local, I will pile on lol... Living in an expensive market where purchasing investment properties that cashflow is more difficult, house hacking is even more appealing. It can become the foundation of your whole investing journey. I love house hacking for first time buyers in the DMV. Can't say it enough. Over the long term, it will change your life without ever seeming that difficult or like you did anything extraordinary. I vote house hack.

Hey @Alexia Healy

It is definitely possible to be primarily an investment realtor. I am :D I joined a team that was founded by an investor and we have a team that focuses on working with other investors (we also invest ourselves, of course). I would suggest using a bit of a different strategy than you would with regular residential clients looking for their primary residence. I'm happy to talk to you about how we work with investors if you'd like. I'm in Northern Virginia, and we have several Maryland and DC agents on our team, so I have a decent understanding of your market too.

Always happy to trade knowledge and pass on what has worked for us.