Short Term Rentals / executive rentals in Fairfax County, VA

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Short Term Rentals / executive rentals in Fairfax County, VA

Brian Harker
Member since 2019 · 20 posts · 12 votes

My wife and I are going to be moving out of our home in Reston, VA. We don't intend to sell, but we're trying to figure out how to make the most out of our home as an asset. Doing a traditional rental will allow us to just about break even (but not after paying a property manager), so we've been considering it for short term rentals. Upon further investigation, it looks like Fairfax county is really trying to make it difficult to do STR as a legitimate for-profit venture. The regulations say that it has to be rented out by the full time resident, and you can only rent it for 60 nights in a calendar year, which pretty well sinks the prospect altogether in my book, but I'm wondering if there are any creative entrepreneurs out there doing STR successfully in Fairfax county as an investment strategy and not just a side hustle in their primary residence. There are lots of properties in the county listed on Air BnB and VRBO. If so, how are you doing it?

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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    7y

    @Brian Harker. Sell it. If they don’t want you there you’ll be gone sooner than later and you’ll have wasted your money on all that furniture. 

    I’d advise messaging the folks you’re seeing on AirBnB and asking them this question. 

    Also use AirBnB to figure out how much it’ll make. It needs to make AT LEAST 1.5% of the purchase price per month self managed or you’ll end up in therapy. 

    But seriously. Sell it. 

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  • Brian Harker
    OP
    Member since 2019 · 20 posts · 12 votes
    7y

    @Lucas Carl

    Well, it’s very likely that we end up coming back to this area one day, so we’re not quite ready to dump the house altogether. This whole area appreciates super fast too, so even though it’s won’t cash flow positively initially, it may down the road, and if we do move back, we’ll end up losing money on a new place over just keeping what we have.

    I’m definitely going to reach out to the people I’m seeing on air bnb here to see if they’re just ignoring the rules or if they found a way around them.

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  • Brian Harker
    OP
    Member since 2019 · 20 posts · 12 votes
    7y

    Here's another idea though... Fairfax County classifies short term rentals as anything less than 30 days. I wonder if I could get around it an be successful by requiring a 30 night minimum for people on long business trips. I saw another person in my area requiring a 30 night minimum...

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    Most most of the jurisdictions in the DC metro area have recently passed short term rental regulations.  Community support to clamp down on short term rentals has been overwhelming. DC, PG and MoCos county councils passed theirs with unanimous votes and no one really lobbied the other side.  I would not be trying to implement a business strategy around short term rentals in this area.

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  • Shadonna N.
    Developer · . · Member since 2014 · 520 posts · 162 votes
    7y

    @Brian Harker have you thought about renting rooms?  Reston is a good location.  There is a site where people go to look for roommates.  That may be a way to charge a higher amount and rent more space.  Convert the dining room, family room, and basement and you are now renting 6 rooms vs a 3BR house.  Also risk is spread.  I know someone who has been who has rented a house in Virginia for over 10 years.  Think about it.

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  • Brian Harker
    OP
    Member since 2019 · 20 posts · 12 votes
    7y

    @Russell Brazil

    That’s definitely helpful and important insight.

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  • Brian Harker
    OP
    Member since 2019 · 20 posts · 12 votes
    7y

    @Shadonna N. Interesting idea. What’s the site that you’re referring to, and do you think your friend would be open to letting me pick their brain?

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  • Shadonna N.
    Developer · . · Member since 2014 · 520 posts · 162 votes
    7y

    @Brian Harker I will ask my co-worker for the name of the site.    My friend is a tenant, I mention her as an example of longevity you can find.  Multiple rooms will also allow you to be more competitive with rents.

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