All Forum Posts by: Susan P.

I lived in Hampton/ Newport News before moving to Smithfield. We've bought both from MLS and private, I'm a licensed RE agent. Deals for flips is competitive in areas we're interested in (Peninsula & Isle of Wight). Have you been to any of the area RE Investing group meetings? PREIA (Peninsula Real Estate Investors), meet once a month, & a group on the southside, can learn some area information & meet other investors, lenders wholesalers, & contractors.

Hi Shawn!  I'm in Smithfield too! Smithfield is a desirable area, depending on what initial investment your looking for.  We did our first flip in Newport News & looking for our second.  Have you been working with an investor/flipper in the area?

@Carson Sweezy Hampton Roads is a good size area, includes several cities and each city has it's pockets of better returns. Started investing in single family and haven't dug into cap rates. Most of investing as been on the peninsula  (Newport News, Hampton, York County), I've been looking in Norfolk recently too.  House hacking is a great way to keep you cost down. Which area are you considering?

Hi Cason,  I'm also a licensed agent in Virginia.  I live in Smithfield, have a son at ODU and a student rental at another college in Hampton Roads area and we are currently finishing up our first flip.  Hampton Roads includes several cities and population is migrating out to what was more rural areas.  Best of luck and although relatively new to RE as an investor and agent, I'd be happy to share information or answer questions you have.

Thanks for the reply Ron! Yes, have vetted New tenants, & think option 1 would work best in our case.  I like your inclusion of sign off of the others consenting to the sublease! Do you have attorney drafted  sublease agreement or any recommendations to sublease agreement such as inclusions for condition of property and removal of personal belongings in the agreement?

Our rental house is leased by senior college students and runs through the end of July.  This is our first buy & hold.  We inherited the lease and closed at turn over.  How students are graduating seniors & have been great.  They are active in a group and we had multiple applicants and have a lease and deposit in place for our upcoming lease year (August - July).  The incoming students have requested to sublet from one or two of the departing students. Some stay during summer for jobs while others will depart after graduation.  My question is how should I handle or structure this request, my concern is turn over inspection, lock change etc?

re now under contract for our first rental property and have tenants in place that will be moving out 3-4 days after we close.  The current owner didn't use a formal walk through check list, but said he looked for clean when tenants vacated. There is a lease in place that starts 10 days after the current lease expires and I want to be sure to start out on the right "foot" with the tenants.  I'm hoping some can share or tell us from your experience any items that are crucial to include on the following:

List for tenants departing,  check list for cleaning etc.

Walk through check list new tenant.

Hand out to educate new renters for what is expected, rent. 

Thank you all for your help!

Hi Brian.  

First, thank you for your service to our country! 

Wonderful seeing another BP member from Smithfield!

We also live in the Ham Capitol and started our RE  Investment journey this year. We moved to Smithfield from Newport News 21 years ago and purchased our first buy and hold this summer.  I've worked in the medical field as a x-ray tech and office administration.

I received my real estate license in March to assist with investing, we closed on our first rental in July..(from a for sale by owner).. BP is a great place to learn...read, and be sure to listen to the podcasts.  We're in agreement that this is not  a get rich quick process.  

There are a couple of REI groups in the area, we haven't made it yet but want to go to one of the peninsula meetings..PREIA meets every month in Hampton. Not a blogger...looking forward to hearing more from a local!!

I have been in the background on BP trying to learn all I could absorb for our investing.  We are now under contract for our first rental property and have tenants in place that will be moving out 3-4 days after we close.  The current owner didn't use a formal walk through check list, but said he looked for clean when tenants vacated. There is a lease in place that starts 10 days after the current lease expires and I want to be sure to start out on the right "foot" with the tenants.  I'm hoping some can share or tell us from your experience any items that are crucial to include on the following:

List for tenants departing,  check list for cleaning etc.

Walk through check list new tenant.

Hand out to educate new renters for what is expected, rent. 

Thank you all for your help!

I have been in the background on BP trying to learn all I could absorb for our investing.  We are now under contract for our first rental property and have tenants in place that will be moving out 3-4 days after we close.  The current owner didn't use a formal walk through check list, but said he looked for clean when tenants vacated. There is a lease in place that starts 10 days after the current lease expires and I want to be sure to start out on the right "foot" with the tenants.  I'm hoping some can share or tell us from your experience any items that are crucial to include on the following:

List for tenants departing,  check list for cleaning etc.

Walk through check list new tenant.

Hand out to educate new renters for what is expected, rent payments to be sent/deposited to: (new owner). 

Thank you all for your help!