Long disrance rental in VA

5 Replies

Hello

I’m interested in buying a property to rent in either Norfolk or Virginia Beach. This will be a long distance rental, so I have some concerns with managing it. Are there any other issues out of the ordinary I should be worried about?

You spelled "distance" wrong fyi.

Id be concerned of managing it yourself, give it to a pro local there.

Buy a light rehab at most, Let the Pro help you rehab it, find it, manage it.

Be concerned of buying and not cash flowing.

learn brrrr method, watch run your numbers.

Originally posted by @Randy Smith :

Hello

I’m interested in buying a property to rent in either Norfolk or Virginia Beach. This will be a long distance rental, so I have some concerns with managing it. Are there any other issues out of the ordinary I should be worried about?

Good morning Randy! There are many issues that come with managing a property remotely, however, I know many investors that have done it successfully. There are a few things you need to consider when attempting this:

  • How will you collect rent remotely? Relying on the tenant saying "the check's in the mail" can lead to issues.
  • What will you do if the property needs maintenance or repairs? It's good to know or at least know of a few providers in the area.
  • How will you handle tenant turnover? They're probably not going to live there forever, so it's good to have a plan for that as well.
  • Learn the local landlord/tenant laws for that state, in this case Virginia. Landlordology.com has a great section on this and helped me immensely when I was getting started.
  • Have a rock solid lease that covers any potential situation.

One way to handle all of this is by paying a property management company to handle all of these things for you. This usually costs around 10% of the monthly rent amount as well as a full month's rent amount as payment for finding a tenant.

Another way to handle it is with an online platform that allows you to handle it directly. I personally recommend (even though I don't get paid to) Cozy.co (not .com) to all of my out-of-state investors. It's completely free for landlords and has a TON of awesome features. You can collect rent electronically, implement late fees, take maintenance/repair requests, keep track of your expenses, everything. It also allows you to do credit and background checks on potential tenants with no money out of your pocket ($39.99 for tenants for both)!

For my rentals (in state), when I have turnover, I use a mixture of Cozy.co's listing feature, which propagates to other sites like Realtor.com, and Zillow Rental Manager, which is also free and propagates to Trulia and Hotpads. I also spent about a month when I first started just learning the ins and outs of rental leases and finding good clauses to add to mine. It's a living document that I'm always improving and changing with what I've learned.

If you're interested in buying investment property in Virginia, I'd love to help. I'm a licensed agent that works primarily with investors. So, if you'd like, fill out my investor questionnaire at https://forms.gle/T9sCnqRoy57P... and we can start searching for a great deal.

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    Hi Randy, definitely important to make sure you have a dedicated team in place if you decide to set your sights on investing out of state. It is a big undertaking but it can be easy if you have the right team. That said, there are some tools available to you where you can bring a certain level of automation to that rental management process (ie. automatically syndicating a single listing to 10+ major listing sites, thorough tenant screening with full background checks, digital lease creation, automated online rent collection, and maintenance tracking). Still, I'd look into evaluating good prop. manager options, just to keep it 100% honest. And then from there decide for yourself how you'd like to proceed (prop. manager vs landlord software). Let me know if you have any other questions, as this could be a good route to go if you are going to get into out of state REI. @Randy Smith