Rental Property Investor · Virginia Beach, VA · Member since 2018 · 5 posts · 0 votes
Hello BP! Basically the title. Pros and cons? Did you have to get permit/have the place inspected? How do you file for tax? What are the things that you would consider?
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
5y
@Gretl Anne Fortuna No place in our market, including Chesapeake, requires a rents permit for a long term rental. Tax wise, you report all income, just like you do any other income.
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
5y
@Gretl Anne Fortuna Are you talking about house hacking where you live or renting rooms separately where you don’t live? If the later, there are restrictions on how many non-related people you can have individual leases with. Basically they don’t allow boarding houses.
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
5y
@Gretl Anne Fortuna Here is a link to the Chesapeake rental inspection info. https://www.cityofchesapeake.net/Assets/documents/departments/development_permits/handouts/Guidelines+for+Landlords.pdf
Rental Property Investor · Virginia Beach, VA · Member since 2018 · 5 posts · 0 votes
5y
@Patti Robertson We’ll be house hacking our current house and rent out one extra room that we do not use. I see a lot of rooms for rent online (Roomies, Zumper etc) and I do not know if I can just list it right away. As always, you are a wealth of knowledge! Appreciate your help so much!
@Gretl Anne Fortuna No place in our market, including Chesapeake, requires a rents permit for a long term rental. Tax wise, you report all income, just like you do any other income.
Hi Patti, I was wondering if you know what is considered a long term rental, specifically in Chesapeake? I recently purchased a property there that I plan to focus on doing month to month rentals, like a "medium-term" and after much research online and some phone calls to the city I am more confused than when I started. I want to be compliant, but I don't want to pay/do more than is required. Any insight appreciated!
@Gretl Anne Fortuna No place in our market, including Chesapeake, requires a rents permit for a long term rental. Tax wise, you report all income, just like you do any other income.
Hi Patti, I was wondering if you know what is considered a long term rental, specifically in Chesapeake? I recently purchased a property there that I plan to focus on doing month to month rentals, like a "medium-term" and after much research online and some phone calls to the city I am more confused than when I started. I want to be compliant, but I don't want to pay/do more than is required. Any insight appreciated!