Setting Up Initial Systems: First Rental from Primary Residence

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Setting Up Initial Systems: First Rental from Primary Residence

Conner Hitchcock
Member since 2022 · 11 posts · 7 votes

Hey all,

After some thought and help from previous posts, I have decided to begin taking some steps to turn my primary residence into a rental. It's a nice townhome in Northern VA, that I know is fairly in demand, especially with the surrounding growth and DC being so near. As I am in the process of moving out and renovation to be "rent ready", I would love to know the most important systems and order of operations to focus on from your perspective.

Once I'm ready to go, having a thorough tenant screening process, having a clear form of lease agreement ready to go, and solid understanding of Virginia housing laws is a must.  Out side of "the bare minimum" what would you suggest I invest in learning?  i.e. landlord softwares, communication templates or business numbers, templates for marking expenses and profits, etc.

I plan on growing and expanding.  I want to set myself up with a solid structure so when the time comes, I can act fast, scale fast, and be the most optimal landlord, whether it be for 1 tenant or 1000 tenants.

I appreciate the time and I look forward to seeing what ya'll think.

Conner Hitchcock

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Aj Parikh
Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
4y

Hi Conner! I am also an investor in the Northern Virginia area and I would suggest reaching out to @Joaquin Camarasa. He has experience in house hacking and he has helped multiple investors in the area to rent out part of their primary residence. 

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  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    4y
    Quote from @Conner Hitchcock:

    Hey all,

    After some thought and help from previous posts, I have decided to begin taking some steps to turn my primary residence into a rental. It's a nice townhome in Northern VA, that I know is fairly in demand, especially with the surrounding growth and DC being so near. As I am in the process of moving out and renovation to be "rent ready", I would love to know the most important systems and order of operations to focus on from your perspective.

    Once I'm ready to go, having a thorough tenant screening process, having a clear form of lease agreement ready to go, and solid understanding of Virginia housing laws is a must.  Out side of "the bare minimum" what would you suggest I invest in learning?  i.e. landlord softwares, communication templates or business numbers, templates for marking expenses and profits, etc.

    I plan on growing and expanding.  I want to set myself up with a solid structure so when the time comes, I can act fast, scale fast, and be the most optimal landlord, whether it be for 1 tenant or 1000 tenants.

    I appreciate the time and I look forward to seeing what ya'll think.

    Conner Hitchcock


     Honestly rentals are super easy, Lease through Zillow, They do all the backround credit check etc. collect rent, put a lockbox on unit so you don’t even have to meet repair people. Set up a separate bank account just for rentals, reconcile that whenever you want (Monthly, quarterly etc.) and that’s it, I spend like 10 min a month tops on my rental once they are rented.

    1Reply
  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    4y

    Hi Conner! I am also an investor in the Northern Virginia area and I would suggest reaching out to @Joaquin Camarasa. He has experience in house hacking and he has helped multiple investors in the area to rent out part of their primary residence. 

    2Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
    4y

    Hi Conner, I've been househacking in the area for several years. I would be happy to share the systems I have in place. Feel free to send a DM. I and other Biggerpockets members in the nova area also run a real estate meet up, you could get different points of view there as well, we met once a month. We are actually meeting today in Tyson's area. 

    1Reply
  • Conner Hitchcock
    OP
    Member since 2022 · 11 posts · 7 votes
    4y
    Quote from @Joaquin Camarasa:

    Hi Conner, I've been househacking in the area for several years. I would be happy to share the systems I have in place. Feel free to send a DM. I and other Biggerpockets members in the nova area also run a real estate meet up, you could get different points of view there as well, we met once a month. We are actually meeting today in Tyson's area. 


     I'll send you a DM.  I'd love to hear from someone with more experience!  Next time there is a meet up I would love to participate and join as well!

    Thanks so much!

    Conner Hitchcock

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