Are Andresen

Being a landlord Category

Overcrowding of Rentals in Virginia and Fairfax County

We did an article on overcrowding a while back (Overcrowding in Fairfax County – When is One More Tenant One Too Many) that has received a lot of hits on our website. That goes to show that there is a lot of confusion out there as to what is allowed and what is not allowed in regards to limiting occupancy.

The conflict is generally between HUD (that typically deems reasonable occupancy to be 2 persons per bedroom) and local jurisdictions and building codes (that calculates reasonable occupancy based on square footage of the bedroom.) As few agents and landlords want to get a Fair Housing violation, they typically choose to abide by the HUD/Fair Housing laws to be on the safe side.

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My Tenant’s Dog Ate Up My Hardwood!

Being a landlord is stressful and challenging at times. The move-out inspection and subsequent security deposit disbursement even more so. You may have had wonderful experiences with a tenant that always paid on time. You may have baked them apple pie for the holidays and sent birthday cards to their children.

However, when they move out and it comes time to assess the condition of the property (and return the deposit), all that is water under the bridge. Fights over security deposits is a “favorite” in small-claim courts throughout the country. Fights can and do get personal and in the end it usually ends up about “being right” – not over getting the $200 that one originally was arguing about.

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Is Flipping Properties a Flop?

Making a quick buck flipping homes seem easy on TV - purchase a run-down home, paint and replace flooring, put in some new grass and then sell for a huge profit. In real life things get more complicated though. The Washington Post recently ran a story about a beginner investor learning the hard way that easy money is far and between.

I often get inquiries from buyers looking for a good fixer upper or an investment to flip. They’ll typically give me their info and tell me to call them when I find a “good deal.”  Good deals do exist. There are people making a good/decent living in todays market flipping homes. Locating properties at a great price is hard and the price you pay for the home up-front is really where the profit is.Even if you do get a home at a significant discount, it is at a discount for a reason. That reason is the risk of unknown problems like buried storage tanks, termite damage, mold damage, collapsed sewers, outdated septic etc etc.

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Finding Great Tenants – Bad Apples and Genuine Articles

If you followed our earlier articles in this series  ”The Craig’s List Ad“, “7 Questions You Are Allowed to Ask“,   ”The Showing Appointment” and read our articles on Overcrowding, Renters Insurance and “My Tenants’ Dog Ate My Hardwood” you should have a good idea of what lies ahead as a landlord and be prepared for the final step - qualifying and selecting your tenants! 

So, lets say you met some nice tenants at your property and one you particularly liked fit one or more of the following:

• They were as polite can be – they came on-time (actually it looked like they had already been there for a while checking it out) and spoke about how great tenants they are and how much they care about the homes they rent.
• They had all the paperwork pre-filled and ready. Even had a printouts of their own credit reports and a pre-filled lease ready for the landlord to sign.
• They said they were handy and not to worry about the last few repair items. They also offered to paint the “bland and boring” walls and to do any other repairs necessary. 
• They offered to pay two or even three months rent upfront – they offered to write a check right there to prove they were serious. 
• They could move in right away – you don’t have to worry about the house being empty anymore.
• The current landlord gave glowing reviews (landlord may have called even before you showed the home to say how great tenants they are.)

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What To Do About Dangerous Trees

After the severe thunderstorm that took place in July there has been concerns from many homeowners regarding their own and the trees of their neighbors. The storm caused a number of trees to fall completely and also left others in a damaged and potentially hazardous state.

If the tree is on public/county land, contact the following agencies:

• Near public streets and roads: Call VDOT at 1-800-FOR-ROAD (367-7623), TTY 711
• Fairfax County Parks: Call the Park Authority’s Operations Division at 703-324-8594, TTY 711
• Northern Virginia Regional Parks: Call the Northern Virginia Regional Park Authority at 703-352-5900, TTY 711.
• Stormwater management ponds: Call the Maintenance and Stormwater Management Division at 703-877-2800, TTY 711
• Public school property: Call the Fairfax County Public Schools at 571-423-2350, TTY 711.

If the tree is on private property, the property owner is responsible for maintaining their trees. Fairfax County has no authority to force a tree removal on private property unless it is  a public hazard. See our article from last year called “My Neighbor’s Tree is Ruining My Driveway“.

In general a homeowner can remove a tree on their property as they wish. However, conservation easements are common in Northern Virginia (may also be called things like  Resource Protection Area – RPA, or an Environmental Quality Corridor.)  See our article called “What RPA means and why you should care.”

If the tree is in a conservation easement, you will need contact the Urban Forest Management Division at 703-324-1770 for them to come by and take a look before you do anything.

My Tenants’ Dog Ate My Hardwood!

Being a landlord is stressful and challenging at times. The move-out inspection and subsequent security deposit disbursement even more so. You may have had wonderful experiences with a tenant that always paid on time. You may have baked them apple pie for the holidays and sent birthday cards to their children.

However, when they move out and it comes time to assess the condition of the property (and return the deposit), that is all water under the bridge. Fights over security deposits is a “favorite” in small-claim courts throughout the country. Fights can and do get personal and in the end it is about being right – not over getting the $200 that one originally was arguing about.

Read the rest of this entry »

Is a Home a Good Investment (what is this leverage thing?)

photo is (c) Gage Skidmore

Let’s say an potential client called Joe Investor called me up on a wonderful Monday morning. I was having my coffee - he had $50,000 sitting in the bank he didn’t know what to do with.  Like most people he wanted to maximize the return on the money. The stockmarket seemed overvalued but he was tempted to just “park” the money into an investment account and hope that he would hit is investment goal of 10% per year.

But, before giving that a try he decided to give me a call. He had received my mailers where I wrote about what a great investment real estate could be – so he was curious as to what return I could get him if he invested in real estate.

I started off by telling him that the historic annual appreciation for real estate may be in the 3-5% ballpark. Pretty quiet on the other end for while… He then asked how come people invest at all with those kind of returns? 10% is a lot better than 3-5%! Heck, it would seem even a 5% return on a mutual fund is better than dealing with real estate investments for only a 3-5% return!

The above logic seems to make sense. So, is Donald Trump a fool? His companies had a bankruptcy or two - maybe he just didn’t learn? Read the rest of this entry »

Is Renters Insurance A Waste Of Money?

Most landlords and residential leases in this area require a tenant to take out renters insurance during the tenancy period. To sometimes cash-strapped renters this may seem like an extra cost they don’t really need. Besides, you are paying rent – why shouldn’t the landlord take care of insurance – it is after all their home!

The homeowners fire and liability insurance covers the structure and his or her liability in case of injury. Insurance is usually required by their lender if they have a mortgage and is paid by the lender to ensure it is adequate and paid up. It is so important that in a foreclosure or short sale the lender will keep paying it even if the homeowner isn’t!

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Want to Buy An Investment Property In Tysons Corner?

One of the most common inquiries we receive is in regards to purchasing an investment property in the greater Tysons Corner area. In addition to doing a lot of business in the Tysons Corner area and managing investments for others (through our property management company), we also own investment properties ourselves.

Common questions are in regards to communities around the new metro stations in Tysons and whether prices and rents will go up. Also, there are questions in regards to what communities will give the best return on investment etc. So, here are some observations, comments, tips and information on the cash flow in specific Tysons Corner communities.

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Overcrowding in Fairfax County – When Is One More Tenant One Too Many?

Last year I spoke to an older couple in Pimmit Hills that said they had raised 4 children in one of the standard 3br/1ba ramblers. To them it didn’t seem like a big deal – but it must have been tight with 6 people in 3 bedrooms and 1 bath (spread over 884 square feet…)

Times change. A 5,000 sq/ft home with 5 bedrooms and 5 baths may seem just right for a family of 3 or 4 nowadays. It is not uncommon to want to have extra space for family and guests as well as rooms for a home office, a play room and a media rooms etc.

Still, even with larger homes the question of overcrowding and occupancy limits keeps causing controversy. This is particularly true in regards to homes used as boarding homes with the individual rooms rented out. Having a few roommates to make ends meet seems reasonable to most – subdividing living, dining and basement to make 10-15 extra “bedrooms” may not. In most cases, neighbors and communities start to suffer and property values follow. And that is not even gettin ginto safety concerns with doors and windows being locked and blocked.

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