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Inspections: We Inspect What We Expect, QUARTERLY!

Inspections are not usually the first topic brought up by would-be landlord clients (and definitely not by tenants or applicants), but they are a VERY important part of the property management process.  While they probably are slightly less important than Tenant Selection, they are VITAL as they help us to identify minor issues before they become major, and thus mitigate costs.  The issues that they may uncover could be none (yay!), could be related to potential repairs, or could be related to non-approved pets or non-approved additional occupants.

Quarterly Inspections

Property Inspections are Vital and Thus We Do Them QUARTERLY

Nonetheless, these inspections keep us as property managers in consistent communication with both the tenants and the landlords, reinforcing positive relationship building and maintenance.  It also eliminates one of the biggest reasons that tenants move, which is having landlords that don’t keep the house up.  These consistent quarterly inspections also keep the repairs done at the early stage and in many cases, prevent a huge expense at tenant move-out prior to re-renting or later selling the home.  Therefore, the inspections also assist in keeping up the curb appeal and keeping both the neighborhood and Homeowners Association relationships strong.

So, what does a Quarterly Inspection involve, you may ask?  Well, it starts with an appointment with the tenant while they are there at the home (with at least 1 adult for liability reasons).  The trained inspector will visit the property, complete a one page checklist, take time-stamped photos of all rooms, all mechanicals, any noted repair items, all sides of the exterior, and the yard, fence, and outbuildings.  Then, the inspector (independent contractors) will provide the inspections materials to the firm and we will forward them to the owner.  The best news about these inspections is that they are only $25 per inspection and billed through the monthly statements on a Net 30 basis.  Again, these inspections are very important to keeping the property up keeping the tenants (and neighbors) happy and staying there for a long time.  This service is also a differentiator for us versus our competition, as most other property management firms inspect annually, if at all.

If you’d like to learn more about this and many of our other services, click here:

.thewrightchoicerichmondrealty.com/management-services/

And, of course, to see any of our currently available rental vacancies, click here:

Vacancies

New Rare Museum District Executive-Level Condo in Richmond, Va (23221)!

Here’s a link from Realtor.com that details a lot more general information about the Museum District in Richmond Va (23221) : https://www.realtor.com/local/The-Museum-District_Richmond_VA

Map of the Museum District:

Map of the Musuem District (23221)

Map of the Musuem District (23221) and surrounding area.

This Executive-Level Condo at 2805 Monument Avenue features 3 bedrooms, 2.5 baths,  2000 square feet and includes two tray ceilings with up lighting, crown molding, chandeliers, hardwood floors, gas log fireplace, wet bar, utility/pantry room, and a front patio. All three bedrooms have closets and overhead storage. Each bathroom has been totally renovated. The renovated kitchen offers granite counter tops, stainless appliances, and a center island with seating. Located near the Boulevard, there is easy access to the interstate, downtown, Carytown, the Virginia Museum of Fine Arts, the Stonewall Jackson Monument, the Diamond, restaurants, night life, and so many other city amenities.

If you’re interested to see and learn more and possibly, apply, then click here:

http://wrightchoice.appfolio.com/listings/detail/4ae736e1-b84f-493c-b06a-25fe1044096d

Build Your Rental Portfolio – 1 House to 10 and Beyond!

One exciting way to build wealth and probably the best way is to build your rental portfolio by HOLDING real estate for the long term.  One of the biggest challenges that relatively new investors have after they get through the experience of owning and renting their first investment property is to acquire additional properties.  Specifically, getting financing for investment properties and multiple of them can be tricky.

Build Your Rental Portfolio

Build Your Rental Portfolio – 1 House to 10 and Beyond!

See this link for a Podcast that goes into this topic of building a rental portfolio to go from 1 house up to 10 and beyond: (https://castbox.fm/episode/Bonus%3A-How-To-Finance-Rentals-(With-A-Case-Study)-With-lender-Caeli-Ridge-id8615-id77456301?country=us)

Fannie Mae and Freddie cap at 10 properties financed each, meaning that a couple (husband and wife) could do up to 20 financed properties if each of them were in their names individually alone.  Many folks use traditional banks and mortgage companies up to 10 homes but then they sometimes struggle to get beyond that.

Ridge Lending is one of the Investor-friendly companies mentioned on this podcast that can do loans beyond the 10 that are allowed per person: https://www.ridgelendinggroup.com/

Another good company that does a variety of investor financing is Finance of America (Commercial) – https://www.foacommercial.com/.

Non QM Loans – 30 year fixed, 75-80% LTV, qualification similar to Fannie Mae/Freddie Loans, but the interest rate may be different (6.75%-ish).  Three primary qualifications are credit score (720 or greater, optimal of 740 or above to get the best rates), assets, and debt/income ratio (maximum 50%).

I have seen many clients have a lot of success with 15 year mortgages.  That way, they can build their equity in a much faster period of time.  Once you have secured the financing for additional property, we can help you find and secure the next property or set of properties through our sister company, The Wright Choice Team (at KW Midlothian).  Then, we at The Wright Choice Richmond Realty Group can help you to find the BEST tenants to set the home up for the best long-term success through experienced and highly-trained management (http://www.thewrightchoicerichmondrealty.com/).

We often help investors go from 1 to 2 to 3 to 5 to 7 to 10 and more homes as they exponentially build their wealth.  Please contact us if you’d like for us to help you get there too!

New Executive-Level Rental, Available in Chester!

This blog post is to highlight our latest Executive-Level rental, this one in the Cypress Woods subdivision in Chester!  It’s a great location about 20 minutes away from the City of Richmond (http://www.richmond.com/news/local/city-of-richmond/)and about 15 minutes from Petersburg and Fort Lee  (http://www.lee.army.mil/), convenient to both I-295 and I-95 near the Appomoattox River (https://en.wikipedia.org/wiki/Appomattox_River).

This rare breed of a Rental Brick Coloial Home has 5 Bedrooms, 4.5 Baths, 4413sf  and even includes a 3 Car Garage! This Beautiful and Immaculate Home Features a Lovely Entrance with a Kitchen with Breakfast Area and Large Family Room with Gas Fireplace. Formal Living and Formal Dining Rooms. Home has Hardwood Floors and a Tray Ceiling in the Dining Room. Fencing and Free Composite Deck and Screen Porch Leading into another Room which is adjacent to the house with a Hot Tub. The Master Bedroom has an Additional Suite attached and their are His and Hers Walk-in Closets and a Master Bath with a Garden Tub. Also – there is a Media Room/Bonus Room on the Top Floor. Very Private Backyard. NOTE – a Separate Hot Tub Maintenance Fee applies.

Executive-Level Rental in Chester

Executive-Level Rental in Chester (23836), only $2500

We often list our homes in this area (because of the proximity to Fort Lee) with the military housing network (https://www.ahrn.com/) in addition to many of the other 50-60 rental websites available.

See this lovely home and/or our other currently available rental listings at the following link: (http://www.thewrightchoicerichmondrealty.com/vacancies/)

If you’re interested in Chester homes For Sale, then look here: (https://dave.richmondvahousesforsale.com/search?sortby=highestprice&kw=chester%2C+va+&minbeds=&minbaths=&minprice=&maxprice=)

Tenants AND Landlords LOVE our 24/7 Maintenance Contact Center!

Everyone LOVES our 24/7 Maintenance Contact Center!  Tenants can contact our maintenance center at 804-495-2292 at any time day or night and the customer service representative will take down the information, troubleshoot with the tenant, and assign the appropriate vendors to get the work done.

In emergency situations (ex. forceful water leak/stream that can’t be stopped by cutting off the water at the line), then they can even have the work order immediately dispatched.  Immediate dispatch can be turned on or off at the landlord’s discretion.  The maintenance center is the BEST way to start the repair/maintenance case management work order process, because some issues can be troubleshooted immediately without even having to dispatch anyone.  And, there is no additional cost to either our landlords OR tenants for this wonderful feature.  This also differentiates our firm from other landlords and property management professionals that don’t have 24/7 maintenance services.

That being said, if you’d prefer to log the maintenance request from your mobile device or desktop computer, you can do that from your tenant portal or the following link: http://www.thewrightchoicerichmondrealty.com/maintenance-request/

Landlords like the fact that the 24/7 maintenance contact center increases our response time and ability to quickly diagnose the situation.  Therefore, we can mitigate the repair cost and quickly get the right professionals on the job.  Also, managing this 24/7 maintenance work order process minimizes repairs needed to be done between tenants, as most issues will have already been corrected/addressed.  Finally, for landlords this feature benefits them by keeping their properties in good condition which keeps their property values high!

 

We often hear from folks at showings for our rentals that they really like seeing our name pop up on a rental because they know that the home is going to look better and be well cared for (both prior to them renting it and while they are potentially renting the home).

If you have additional questions on this wonderful feature for our firm, or if you have any questions about any of our other services or properties, then please contact us and we’ll be happy to chat with you right away!

Rent Your Primary Residence to BUY a Better New One!

Rent Your Primary Residence to BUY a Better New One!

Would you like to buy a bigger, better new home than you currently live in? We can help

We often help clients to rent your primary residence in order to help them qualify for the mortgage to be able to buy a bigger and/or better new home. Often, the owner and now landlord, will have us help them later sell the home when they’re settled nicely into the home. But, more often than that, we have done a good job placing excellent tenants and mitigated the potential risks, and the now landlord decides to continue onward renewing the existing lease as they start to build wealth through the long-term ownership of real estate! The key is getting into the new house (and we need to quickly rent your primary residence to qualify you to do that) and often there are very tight timelines from the mortgage company, but we can and have helped many clients make this “dream” a reality!

Rent Your Primary Residence

A Former Rental Where we helped the Owner Rent it Out so they could buy. Then, a year later, we SOLD it to the tenants!

Sometimes, the now landlord (after we have rented their primary residence) decides that, because we have made the property management process seem so easy, they want to buy more rental properties. And, we’ve even had where the owner/landlord repeats the process with their new property to continue to trade up! The basic tenet here is that if the single biggest financial asset that most people own is their house, then why stop at ONLY 1? And, with long term hold real estate, it’s very likely to appreciate while providing consistent cash flow, irregardless of what the stock market volatility. This is very important when considering the trade-offs of stock market versus real estate, in light of the current situation with the stock market being at or near all-time highs!

All of that is great, but remember, we can help you quickly and easily rent your primary residence so that YOU can BUY your very own dream house AND start additional wealth building through real estate all at the very same time!

Click here to learn more about our company or for our contact information to get started TODAY!

We can get YOU a RENT INCREASE for your home!

Have your ever wondered what your home should or could rent for?  Or if you are an existing landlord and wondering whether your rental price is at market levels or how much under they are? We can INCREASE YOUR RENT, many cases!

 

Well, recently we took over the management of an existing rental home from a fellow Realtor referral.  We were able to successfully get the South Chesterfield (Matoaca High area) home rented for $1210/month.  Previously, it was renting for only $900/month.  That’s an annual increase of $3,720 and an additional 23.68% R.O.I.  (after taking into account our management fees).

 

Maker:0x4c,Date:2017-10-4,Ver:4,Lens:Kan03,Act:Lar01,E-ve

Because of this increase that will sustain over time, the owner was then able to update and properly maintain the home to include a brand new HVAC system, which of course this and future tenants would appreciate and benefit from.  Now, this home has been converted into a true asset with consistent positive cash flow. Of course, we’ll also ensure that it stays that way for the long haul, monitoring for rent increases as the lease gains additional tenure and negotiating that with your current tenants.

Contact us if you’d like an evaluation on your home or if you’d like to join the ranks of investors building wealth through real estate!

Click here to learn more about our property management services: http://www.thewrightchoicerichmondrealty.com/management-services/

Click here to see our currently available rental vacancies: http://www.thewrightchoicerichmondrealty.com/vacancies/