All Forum Posts by: Patti Robertson

What state are you in?  In my state, the tenant's cannot dictate that the contractors cannot come in to make a repair. Tell them when the contractor can go and meet them to get in if the tenant cannot be there.

Thank you @Helen Lowery.  We connected by phone yesterday.

I am a landlord and PM with more than 125 SEC 8 tenants in Hampton Roads and have worked with the program for 15 years.  SEC 8 tenants are not going to want to rent one bedrooms and studios. The one bedroom voucher budget is high enough that they can qualify for the two bedroom apartments in Norfolk, and there are plenty of them.  I personally find that one bedrooms end up being rented by people moving out of weekly hotels.  Our highest turnover and vacancies are with one bedrooms.  I only have a couple of studios and they are VERY hard to rent.  I don't care what the price of the building is.  This would not be a rental building I would personally be interested in buying based on my extensive experience with the Hampton Roads rental market.  

I know at one time VHDA was offering 40 year financing on mixed use projects. That may even be better than VA if they are still offering it.

 We have some mixed use in down town PTown but I don't know if they have multi residential attached. Some in downtown Norfolk as well. I remember Tim Churchwell had a mixed use listing  at one time. 

Very interesting!  I am interested to hear the answer.  I haven't heard this!

No SEC 8 tenant ever will be able to move with 30 days notice.  60 days is even a stretch.  From the time they find a place they can get accepted for it is at least 30 days until the day they can sign their lease, assuming there are no inspection issues.  You also have to consider how long it will take them to save up for their deposit if they have limited income.  If you need a SEC 8 tenant to move quickly, the best strategy is to offer them cash for keys to move out quickly. Even this will require at least 45 days.

That would be me! I own many rentals in Norfolk and manage many more. One suggestion I give new investors is don't be adverse to just buying a rent ready property, financing it and then renting it. Everyone gets their mind set on BRRRR and doesn't even consider the small homes and townhomes that may already be rent ready. Keep your options open, especially in this challenging market!

BP has state specific leases if you pay for an upgraded membership. The one thing you want to be sure to include is the Virginia Statement of Tenant's Rights & Responsibilities. I'll post a link below to a page on the VA Dept of Housing & Community Development Website. They have lots of good resources there.

Also, be sure in your address format you # the rooms, and then label the doors to match your room #.    This will be critical in the event you ever need to evict a tenant. The Sheriff removed every living being (humans and animals) from the premises at the address.  If the address doesn't include a room #, they will evict the entire household.

https://www.dhcd.virginia.gov/landlord-tenant-resources

If you don't have 2 years of income history, and your parents are willing, you can buy it with them until you are in a position to refinance them off.