All Forum Posts by: Minnae Chabwera

@Erica Osborn thank you for your feedback. I am also biased towards the Hampton Roads area over Richmond.

I grew up in Hampton Roads and know that market fairly better than I do about Richmond (I didn’t spend too much personal time there).

Hampton Roads does have a lot of little gems. But, it will be more challenging long distance than if I still lived full-time in that area.

@Taylor L. @Bill Hancock thank you both for your insight on the Richmond market

@Ben A Snyder what areas in Richmond have you all been investing?

Anything near the monuments or the university?

I know Richmond has tons of little pockets and it seems like there’s always new construction

@Deontae Posley how long have you been investing in Hampton Roads?

Hello!

So I am debating on whether a good rental property investment would be best in Richmond or Hampton Roads.

I know of some wonderful pockets that would suit my needs in the Hampton Roads area, but a good friend has been putting ear worms in my ear with regards to Richmond.

This would be a first, any suggestions?

Congratulations on your first deal! I look forward to hearing about your future successes.

If you are still in the market for a real estate agent in the area, just let me know. I can give you a few suggestions.

2. Should I open a separate bank account for all rental income and expenses that will occur? From my understanding you should have a separate account for all rental property expenses. It prepares you for tax season and allows you to easily determine whether or not you have a cash-flowing property. 2a. Do I then pay my mortgage from that account? Yes 4. Lawn care, is it the tenants responsibility? What if they don't take care of it, as I would like? You can put lawn care in the contract for t to be the tenants’ responsibility. But, if I’m being honest from personal experience the tenant is renting to not have to take care of anything outside of the home and they will either neglect or do the bare minimum to the lawn. Therefore, when they move out of the property you will have to re-landscape because it will not have been maintained to a level that you would approve of. 5. What else am I forgetting? Listen to Real Estate podcasts (BP included) and buy/rent from the library some books to give you a glimpse into some of the questions and answers you may have not even considered up to this point. I hope your first rental goes smoothly!

Naftali Tolibas that’s really good information. If you don’t mind my asking, what neighborhood did you decide to buy in and why? I’ve only lived in the Marana area, so I’m learning the rest of Tucson.

@Nicholas_Weckstein thanks for the update. And yeah, I can even theoretically see how lying would be a terrible idea. I am actually planning to live in one unit of the investment property. It is good to know the rules whether I live in the property and whether I do not.