Property Management Blog

Tuesday, May 4, 2021

Emotional Support & Service Animals in Virginia
{{ post.title }}

Disclaimer – I am not an attorney and am not providing legal advice.  Always consult with an attorney familiar with your state laws before making decision related to fair housing.

There is so much confusion among the landlord and even property management communities regarding the disability accommodations that the law says we allow for a tenant who has an emotional support or service animal.  I was told last week by a well-known national animal screening vendor that no verification can be asked if the tenant claims a “service animal”.  This did not seem logical to me, because this same vendor does require verification from a c...

Sunday, March 28, 2021

The Unintended Consequence of Selling Your House “Subject To the Existing Mortgage"
{{ post.title }}

This is a real-life scenario, but the names have been changed to protect the privacy of the individuals.

Imagine my delight when I received a rental application from a sweet older couple who said they have lived in the same home for 20 some years. At first blush that sounds like an ideal tenant, and they really were!  Their application listed a landlord for the home they lived in, so I assumed they were renting. I was surprised to find a mortgage on their credit report. Both the husband and wife had excellent credit history except for this one mortgage that had only been paid on-time 6 times in the last 23 months of history that was displayed. Most of the payments were...

Monday, March 1, 2021

With Inventory Declining and Sales Prices Increasing, What's a Real Estate Investor to Do?
{{ post.title }}

UPDATED 3/1/2021

As you can see, the craziness of the Hampton Roads real estate market in 2020 has just extended into 2021, with even less inventory which is driving prices up even higher.  Sellers are clearly in the driving seat, forcing buyers to offer concessions such as offering way over list price, guaranteeing the price, even if the appraisal comes in less, eliminating any and all inspection contingencies, allowing sellers to rent back until they can close on a new property, and in some cases buyers are even offering to pay the seller’s closing costs!  Some people are afraid we are in a bubble just like we were b...

Wednesday, February 17, 2021

Debunking Your Perceptions About SEC 8
{{ post.title }}

Have you had any luck in finding an insurance company that will provide you insurance that will kick in in the event your tenants lose their jobs? Me either, but that is just one of the benefits that SEC 8 offers landlords who participate in the program. Especially in times like these, with a national eviction moratorium in place, the guarantee that SEC 8 will pay the rent if your tenants lose their jobs offers landlords tremendous peace of mind.

At PMI Virginia, we have participated in the SEC 8 program since about 2010, have worked with 7 different Housing Authorities, and have had over 1000 voucher paying tenants.  Currently we manage 105 leases with some or all of the rent ...

Friday, January 3, 2020

DETERMINING THE RIGHT RENT AMOUNT
{{ post.title }}

Landlords often focus so much on the monthly rent amount that they lose sight of total annual revenue.  They make the mistake of starting with their mortgage amount and set the rent amount based on their mortgage plus property management and whatever other expenses they have such as insurance.  I hate to break the news, but no potential tenant cares one bit how much the property owner&rs...

Tuesday, July 2, 2019

4 THINGS YOU MUST KNOW WHEN RENTING TO MILITARY TENANTS
{{ post.title }}

Landlords often assume that a military tenant is golden!  While it is a pretty safe bet that a military tenant will be consistent in paying on-time and taking good care of your property, as with every tenant segment, it is critical that landlords are thorough in their screening.  In the video that goes along with this article, I share several real-life examp...

Wednesday, June 5, 2019

Property Manager/Landlord: IE – Private Eye! Are “Professional Tenants” Getting One Over On Yo...
{{ post.title }}

As Property Managers, we expect to get a lot of terrible applicants, but the “professional tenants” are getting smarter and smarter and are taking things to an all-time level to try to pull the wool over the eyes of potential landlord. In the Property Management world, we define a “professional tenant” as one who knows how to manipulate and game the system to avoid being identified as a tenant who repeatedly fails to pay rent, over and over. You know that caller who always first asks “Are you a private landlord?”  That tenant is assuming that a private landlord will not be as proficient as a professional property manager at screening them.  I ...

Monday, May 27, 2019

SETTING YOUR RENTAL CRITERIA

 (NOTE – This blog will not cover fair housing, although we have a links to fair housing data below for your reference.)

WHERE DO YOU DEFINE YOUR RENTAL CRITERIA?

  1. Every one of your rental ads and fliers should contain your rental criteria.
  2. When pre-screening inquiries, ask each candidate your qualification questions to ensure you are showing the property only to those potential renters who say they meet the criteria.
  3. Your application is the third time you share your criteria with a prospect.  Ask each of your qualification questions right on your application so you have the potent...

Thursday, May 9, 2019

For Rent Signs – Should I or Shouldn’t I Use Them?

Like most questions related to real renting real estate – it depends!  There are pros and cons to using signs, and they are location specific. It will be up to you to decide if the rewards out weigh the risks for each of your properties and neighborhoods. Here are some things to consider…

PROS of Placing a For Rent Sign in Front of Your Property

  • Increased number of phone calls. There is no question that the more people who know your property is for rent, the more inquiries you will receive! 
  • Neighborhood referrals.  People generally tell their friends and family when they are getting ready to move, so having a sign that lets the pe...

Tuesday, April 23, 2019

Don’t Make This Mistake When Buying in a Flood Zone!

Buying in a Flood Zone? - Learn from one investor's very expensive mistake about why you need to check with your building permit office BEFORE buying a property located in a flood zone!


Showing 1- 10 of 13