There are many aspects to buying investment property in Charlottesville Virginia, and buying SUCCESSFULLY means looking at (amongst other things) :

-projected vacancy rate

-advertising costs

-broker fees

-after term re-furbishing

-court/sheriff costs

-and current rental rates around the area your unit is located.

This last one seems to be one that is oftentimes either forgotten, ignored, or miscalculated.

Here's an example:

I was doing my usual MLS search the other day, and I saw several units I had sold a few months back were now listed for rent.

And, looking at the listings, I saw that the asking rents had already been adjusted down several times--and still no takers.

I assume that the investor had looked at how much his monthly payment would be and what he would have to charge a tenant in order to make a profit or at least break even.  Most investors can quickly whip off those figures when asked.

But did this investor ask his agent to research going market rental rates? Was he then aware that rents were decreasing? And that withthe projected rental income from this particular property, it might be tough to cover all associated carrying costs?

I remember when I bought my first investment property. I was sooooo in love with the idea of buying SOMETHING, that I was almost blinded by all the particulars. I was sure that because I was buying a distressed property in a down market, that everything would work out just fine.

I understand the feeling.  It's exciting. And really, are you ever going to find THE perfect investment property?  No, but you can align yourself with a partner who has gone through it all before so you don't have to be AS scared, and you can work with someone, like me, who knows the market and can offer informative analysis, quantitative discussion, and reliable counsel--free of charge.

These investors found properties that on paper fit their requirements, but now they're having problems renting them, and so all they've done is incurred costs and liabilities, potentially halting their investment goals.

Call or e-mail me, today. Let's devise an investment strategy that takes into account ALL of the issues and roadblocks to success and makes you profitable FAST!

Sponsored by: Central VA HUD Homes   and

Fulton W. Gaylord--Assoc Broker, SRES, ABR, e-Pro
Authorized HUD Representative, Certified REO Specialist
Keller Williams Realty
1885 Seminole Trail, Suite 100
Charlottesville  VA  22901
434-220-2228

Fulton@KW.com

"Licensed to Sell Real Estate in Virginia

Each Office Independently Owned and Operated"