All Forum Posts by: Adrienne Green

Generally, on a flip replacing window's isn't worth it unless they're REALLY bad, like won't open at all. People like new windows, but they're just so expensive, and people aren't willing to pay much more for a house because of new windows.

If you have the ability to replace the windows with your own labor, as some have noted above, then I'd say the cost/benefit could sway in favor of replacing the windows.

I agree with what @David Lee Hall, III stated: separate bank accounts by businesses. Each property should have its own LLC to limit your liability and protect each property from litigation around another property, so that would mean a bank account per property. Remember an LLC offers no protection if you're not operating it as a separate business, and separation of funds is a key part of that!

Hi Jay! Welcome to the BP forums. I hope to see you participating in some discussions!

Investors are still buying in Northern Virginia! I just had a client lose in a multiple offer situation where the other buyer offered a lifetime lease to the current tenants with a cap on monthly rent. It was important to the sellers that the tenants could stay, and that made the difference! (For comparison, my buyer offered a 2 year lease at the same monthly rent rate).

Hi @Jeremy B., it's a great idea. Riskier than a whole house rental, but as always greater risk=greater reward. There is at least one business doing this in DC, junehomes.com, that may be a good resource to look at.

I think you're accounting for the biggest issues by addressing parking, utilities, and cleaning. I'm sure you've already thought of this, but wear and tear on the furnishings will be higher than in your own house. 

As far as rental comps, I'd say look at Facebook Marketplace and Zillow. 

I suspect Washington Capital Partners could do that, @Jarred Sleeth?

I am not aware of any Fairfax County permit you would need if you were renting out rooms on a long term basis. If you were renting out rooms on a short term basis (<30 days), then there is a permit and other regulations: https://tinyurl.com/y2gtcw3z.

@Collin Hays I was lucky we could get them to take it back- it took a while to find the process that would make that happen!

You make a good point about timeshares- how are they still a thing?!

Hi @Kelly McCormack! I have a STR in Myrtle Beach, so I am familiar with buying and managing a remote STR.

Are you going to self-manage or having a management company? Make sure you're clear on the costs of each. I self-manage, and since that's very common in Myrtle Beach, there are a lot of service providers (cleaners, pest control, etc) that are used to remote owners managing a house. In some areas self-management is rare, and there's not the service industry presence to support self-management.

Also, I think Ken has some good advice about looking at Pigeon Forge. I've found with Myrtle Beach that I have year round demand, and that really helps make the #s work. It sounds like Pigeon Forge has comparable demand.

When I had a timeshare, I rented it out on Redweek.  While that helped cover the annual maintenance fee, it wasn't worth the hassle. Ended up giving the timeshare back to the timeshare company to just get out of it. Paid the #stupidtax with a timeshare, and won't ever do it again!