Will Nesbitt
If you currently find yourself in the enviable position of looking to buy a second property in Alexandria, Virginia, then congratulations. The equity that you stand to gain from this purchase can be considerable, just remember to plan properly, to maximize your gain. The first step in this process is to decide what the second home will be utilized for. Is it a vacation home? Perhaps a long or short-term rental? Either way, the more detailed about your forward planning you are, the smoother the process will be.
If you are looking at this purchase as a source of revenue then there are certain steps that you should take to ensure the home will bring in as much money as possible, thereby allowing you to pay off the mortgage quickly. For this type of investment, the cleaner the better. Nice homes are in high demand, and they fetch a good monthly rate. Enough so that the mortgage payment can be made easily with cash to spare. Also, ask yourself, "am I ready to be a landlord?" This will involve the task of finding and maintaining good tenants, and sometimes having to do what's right for you and your property, not what's right for the renters. If you have the tendency to be "too nice," land lording might not be for you.
No matter what your property is intended for, be sure to cover all the bases. Be as diligent as you were when buying your first home. Even more so, you will be able to apply any lessons you learned during that process on the new home, and avoid any mistakes or area of stress that were present in the first purchase. Many people buy a second house only to find themselves buying yet another. Once you start to climb the equity ladder its kind of hard to stop!
Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia.
Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com
Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.
