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How to Get Your Chesterfield Home Rent-Ready

To attract the best tenants and collect the highest rents, you’ll need to make sure your property is ready for the rental market. Many landlords rush to get it listed and then wonder why they’re not getting a lot of interest. It’s better to take the time that’s required to really prepare the home and make it rent-ready. When you offer prospective tenants a property that’s move-in ready, you’ll have better luck placing a great tenant who will take good care of the home.
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What to Expect in Your Chesterfield Rental Lease Agreement

Rental Lease Agreement

Landlords need to have a strong lease in place that lays out the expectations for the property and protects the owner, the investment, and the tenant. Many landlords make the mistake of downloading any lease template they find on the internet. This is a big mistake. The lease needs to be specific to the state of Virginia and its laws. It also needs to be specific to your rental property.

There are a few things you should absolutely expect to see in your lease agreement.
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What to Look for When Going Through a Quarterly Inspection for your Chesterfield Rental

Property Inspection

Regularly inspecting your rental property will accomplish two important things. First, it will ensure you’re successfully maintaining the home, and protecting its condition. Second, it provides you with an opportunity to ensure your tenants are complying with the terms of your lease agreement. We recommend you have a licensed Realtor inspect your rental property on a quarterly basis. There are a few specific things to note during these inspections.
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What is the Eviction Process in Chesterfield, VA?

Eviction Process

There are two reasons to evict a tenant in Chesterfield, and those are: nonpayment of rent; or, a refusal to comply with the terms of the lease agreement. The most common reason you’ll need to evict someone is because they’ve stopped paying rent.

Every landlord and property owner dreads the idea of eviction. However, if your tenant is not paying rent, you don’t want to wait too long to begin the eviction process. Act quickly to avoid a longer than necessary process.
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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

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