If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:
1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven’t yet listed their property.
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.
Are you leaving the area, but not quite ready to part with your Clarendon townhome? Are you active duty military, with upcoming orders for assignment in Germany? Regardless of your circumstances, property management is a great way of safely and effectively renting out your property. You could use your rental property income to put towards the mortgage, if you haven’t paid it off yet.
Separation between Clients
Tenants and landlords each have their own wishes that they each want met (e.g. timely rent payments, proper repairs / maintenance, thorough unit inspections, etc.) Having a property manager can make this process a walk in the park, especially for the landlord. Without a property management service, there is the potential to have quarrels over issues, which can lead to undesirable leeway being extended (i.e. late payment). For example, what if your tenant would like to paint the walls? Will you let them smooth talk you and guilt trip you into having it their way? Nesbitt Realty can enforce your rules and keep a diplomatic barrier between both parties.
Nesbitt Realty can file all of the legal paperwork (e.g. lease, pets addendum, lead based paint disclosure, etc.) involved with renting out your property. This documentation can provide a great preventative safety measure for the landlord, in case of a breach of terms. Nesbitt Realty has several NVAR licensed Realtors who can put your property into the MLS (multiple listing service) and thus reach a much larger audience, than say, using craigslist.
Reliability and Accountability
Whether we like it or not, sometimes homes need maintenance and sometimes they need maintenance at the worst of tim
es (e.g. the dead of winter, early Sunday morning, in the hot and humid summer, etc.) Nesbitt Realty has top notch accountability with handling maintenance issues – from sinks needing snaking, to hardwood floors needing updating, to lost keys needing replacing. If you need to get a hold of the Nesbit Realty, you can call and either a.) Get a hold of someone or b.) Get a call back from someone in a very timely manner. Not everyone has this level of reliability and accountability.
Outside political and economic forces can seriously affect the market conditions in the area. CMA’s (competitive market analysis) can help estimate what you can charge for you rental. On the other hand, Zillow estimates, can be very distorted and misleading. Additionally, Nesbitt Realty’s Principal Broker, Will Nesbitt, keeps a very up to date informed eye on the trends affecting the area. This can help to create an appropriate price to get your place rented quickly, preceding a harsh rental market.
Some smart people are aware of the fact that you can use your money to make more money. One way to do this is to buy choice properties, when the conditions are right. Will Nesbitt regularly surveys listings all throughout the Northern Virginia area, to find these assets for clients. Also, the combination of his experience with the vast array of properties, combined with his moral ethical outlook for your best interest, leads to a good partnership for everyone involved.