All Forum Posts by: Ika Sargeant

I agree with that the lesson here is now to build a new complete record keeping of your properties. It will help keep track of everything. Of course this is duplicating what property management is already doing but sometimes it helps to learn about your properties. Rather than finding out after a long time that management did not collect pet deposit or some leases are missing. If you do not build record keeping then consider regular audits on your management company and add a clause in the agreement that requires this. Yes go ahead and report them to DPOR if they are agents but the lesson here is real estate is a hand to hand combat even when you have turned the property over to the best people. 

@David Li Is there any way you can stablish whether the seller was aware that the units had to be demolished or they were illegal. Perhaps check if they were ever given notice from the city. Even if you are in a buyer beware state, if this seller knowingly hid this from you, I would think this is fraud. And yes if they were represented the agent too has some liability on what they did know. 

hi Justin, where in VA is your property?

Congrats!

@Alex Medina I love Loudoun county a lot, especially those idyllic wineries and horse farms. Northern VA in general is hard to cash flow but produces huge appreciation. I know a few investors who told me they have gone towards I81 corridor and Charles Town, WV and are doing well because the rents there have gone up. But the prices of homes, inventory and repair costs have colluded to keep most us out of Loudoun county.

My head is practically throbbing from woes of my HOA. Last year the HOA association decided to get a contract for cable and internet services at a negotiated price and then decided that every member of the HOA should pay for the cable/internet services. While this may be helpful to all the residents who want the services provided by the company selected, it left no option for those not interested in the services. I have 3 residential home within the association and none of my tenants want this service. This is also been implemented in the middle of lease agreement. I do not think I can go back and add on costs to my tenants. I have appealed for exemption for at least until I get new leases but I doubt if the association will grant it. May be someone can help me with what else I can do.

@Katie Stock Welcome to BiggerPockets from a fellow Northern Virginia. This is a great platform for learning and meeting a ton of people.

@Emily Smith Virginia is very difficult for these types of cases from what I have learned. We are really a buyer beware state. Although from what you are saying it sounds like water was in the basement when you inspected. I have learnt experienced inspectors are worth everything. Always pay additional for those laser moisture detectors they use if they charge more. 

@Jonn Vidal I think the crazy we will always have. As an agent is important to understand you are helping people make decisions but ultimately those decision should be theirs. If you have worked with someone and perhaps understand what they are looking for and what risks they are willing to take on and yes perhaps you can step in for the buyer. I would insist an out of town buyer especially if its someone I do not know well, see the home before it closes.

@Michael Gerry Welcome to BiggerPockets. You will meet other like minded folks.

@Patti Robertson for you guys with properties along the coast, are you seeing any changes in insurance requirements. I have homes in Orlando, FL and the insurance companies are requiring roofs to be less than 10 years. I have been told some are requiring 5 years. I like the VB-Norfolk area but I am concerned with the costs that are coming especially with coastal areas.