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Midlothian Sugar Creek Townhome Available!

Looking for the unicorn of a Midlothian Sugar Creek that’s available?  Look no further!  Check out this link for more information about the Sugar Creek neighborhood/subdivision in Midlothian: http://www.sugarcreekhoa.com/home.html

Here’s some available information about Midlothian, courtesy of our friends at Wikipedia: https://en.wikipedia.org/wiki/Midlothian,_Virginia

Midlothian Sugar Creek

Midlothian History and Map

This lovely townhouse in Sugar Creek (https://wrightchoice.appfolio.com/listings/detail/8c1071e0-92b1-445d-8961-3cf6a28b7503) at 12304 Darien Circle is conveniently nestled between Courthouse and I-288 to the East and West and between Midlothian Turnpike and Hull Street Road to the North and South.  And, therefore, it is close to virtually everything including access to downtown Richmond (https://en.wikipedia.org/wiki/Downtown_Richmond,_Virginia ) to the East (and then further East to the Richmond International Airport (https://www.visitrichmondva.com/listings/richmond-international-airport/38/) , Petersburg/Fort Lee (http://www.lee.army.mil/)to the South, Ashland (https://www.town.ashland.va.us/ ) to the North, and Powhatan to the West (plus Goochland to the Northwest and Amelia to the Southwest).  This area is also close to the Chesterfield Town Center mall (http://www.chesterfieldcenter.com/, as well as the newer Westchester Commons.

 

Godwin Area 22 Rentals

Godwin Area 22 Rentals can be hard to find sometimes and they often don’t last very long because of the low supply and high demand!  The high demand is largely based off the wonderful school district (https://www.greatschools.org/virginia/richmond/901-Godwin-High-School/), but also the close proximity to employment centers, shopping, dining, and both Downtown Richmond to the East (through Patterson Avenue or I-64E) and Chesterfield or Goochland to the West (through I-288 or I-64W).

Currently, we have an affordably priced ranch-style home 12301 Pleasant Run in this area that’s available in September (https://wrightchoice.appfolio.com/listings/detail/8245021f-7836-4518-8a67-cd4afd1cb3c).  There just so happens to also be a newer listing for sale on the same street for $279,900.

This area is called the West End and prior to the building boom in the late 80’s and early 90’s was really the Western Edge of civilization as far as Henrico goes.  Then, later Short Pump Mall was built and a lot of new construction homes, dining, and employment centers popped up, as well as West Broad Village, and really extended the reach of the county and area.  That being said, the Godwin area of the West End is still VERY popular because it is near everything, has very good schools and is still affordable to middle America.

Godwin Area 22_The West End

Godwin Area 22 Map_The West End

Realtor.com link to 23233 zip code rentals: http://www.realtor.com/apartments/23233

See our other available rental listings here: http://www.thewrightchoicerichmondrealty.com/vacancies/.

Feel free to contact us if we can help you further with Western Henrico Rentals or property management!

Finding a GREAT tenant is obviously SO important!

Finding a GREAT tenant is obviously SO important! I know that your first reaction to this statement is DUH!  In my opinion, finding a great tenant is about 75% of property management.  If this is done well, then everything else comes easy.

Finding a Great Tenant

Finding a Great Tenant-We Have the Tools to Make this Easy!

Ok, great. But, what is the definition of a great tenant?  Then, how do we go about finding a great tenant?

Our definition of a great tenant is a tenant that has a demonstrated history of stability, consistent payment history, a realistic ability to consistently pay, a good communicator, and has a strong likelihood to be a long-term tenant.  With our model, the owner actually approves or declines the rental applications and tenants, but we do assist with screening and providing the benefit of our experience.  Also, we integrate the showing experience into the rental decision, as that can also sometimes provide key data to the owner.  Sometimes we will have multiple APPROVED or Approvable tenant parties for one home or unit and then the owner has to decide who’s their favorite.  Sometimes there can be some tough decisions to make in this situation…

Next, how do we go about finding a great tenant?  The first step is our expansive marketing.  We market to just about every known rental website that you can think of.  Some of the biggest websites are Realtor.com, Zillow, Trulia, Craigslist, AHRN, rentals.com, rent.com, apartments.com, and many others.   We also leverage our other currently available listings through our Rental Showing Agent at the showings and also through the other vacancies shown on our website (http://www.thewrightchoicerichmondrealty.com/vacancies/) Then, once everyone in town knows about our rental listing, then we show the house and encourage a rental application.  This is made easy by our mobile-optimized website, so would-be tenants can apply on their phone, their tablet, or their computer from any location throughout the world.  Once they’ve applied, we apply world-class screening from all 50 states (many of our competitors only screen from the state of Virginia).  We screen for Credit, Criminal History, Eviction/Court History,Sex-Offender Status, Terrorism, and Rental Payment History.  We also verify ALL sources of income and require all adults (anyone over the age of 18) to apply.  This extensive screening may cause some would-be tenant applicants NOT to apply because they imagine that they are likely to have wasted their money with a denial outcome.  More importantly, it allows for the owner to make a very well-informed rental decision which ultimately results in good tenants that pay on time, stay a long time (as vacancy rate/turnover is a huge cost of being a landlord), and take good care of the home.

If you’d like to learn more or schedule an appointment to talk about this in person for your home, then please contact us.  We’d be happy to help you to achieve your property management goals and become another satisfied landlord client!

Buy a Rental Home – Look for Cash Flow & Appreciation!

When looking to Buy a Rental Home, it almost sounds like common sense to say that you should look for Cash Flow, but Also Future Appreciation.  And, it is!  But, unfortunately, it’s not what most investors (in our experience) do.  Just like most stock investors know to buy low and sell high, but don’t often act that way as emotions and fears often get in the way.  What we see most often is that investors/landlords come to us with a strategy and don’t veer from that strategy, even if it may financial sense to do so.  For instance, we recently had a new potential client with us and their strategy was to buy urban properties for student population rentals.  While that can be a good strategy, we are trying to help that client expand their horizons to other potential VERY lucrative strategies (in addition to their current one) that will maximize their money in both CASH FLOW, but also in future or current appreciation.  Not only is this a good idea, but in the current limited inventory (1.7 months of homes available right now) seller’s market environment it may even be a necessity.

Here’s an example of a property that may not jump out at a lot of rental home purchasers, but could do fabulously on cash on cash returns, overall ROI, and price appreciation.  Such a home could be the foreclosure house at 5904 Seven Forks Lane in Powhatan.

How to Buy a Rental Home

Powhatan 4 Bed, 2 Bath Foreclosure on 2 Acres

This 4 bed 2 bath, 1904 sf Powhatan home is currently listed at $85,400 and because its been sitting for a little while could probably be purchased for slightly less.  Let’s just use the round number of $80,000 for this example.  It probably needs about $10,000 worth of sprucing up for paint, carpet, and landscaping.  So, you’d be into the property for $90,000 total.  Here we’ll be especially conservative and use $20k in repairs and a total cash outlay of $100,000.  The property should rent for about $1400, as determined by our Rent Match Comparison tool (that pulls local comparable rents from many of the property management firms).

How to Buy A Rental Home_Powhatan

4 Bedroom Powhatan Comps

With these numbers, you’d have a Cash on Cash Annual Return of 15.46% (after deducting our management fees).  Given that this home is currently estimating to sell at a move-in ready figure of $150,000, then you’d also be making $50,000 in equity and that’s with no future appreciation.  After holding for one year, the house should be worth $157,500  with a 5% appreciation, providing an ROI of 57.5% and appreciation equity of $57,500.  Clearly, this house is an incredible money maker and will always be fairly easy to rent, given the scarcity of available rentals in affluent Powhatan County.

If you’d like to search for your own incredible deals in order to buy a rental home similar to this one, so that you can buy your very own first or next rental home, click here: (https://dave.richmondvahousesforsale.com/)

Or, you call us at 804-307-2589 to discuss further about helping you buy a rental home.  And, of course after we’ve helped you to find your next rental home, we’ll be happy to manage it for you to make sure that you capture all of the potential financial gains and minimize your risks with the property.  To learn more about our property management services click here:

Home

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!

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