You Are or You're Considering Becoming an Investor in Real Estate
Often a person becomes an investor in real estate because the have lived in one property, built up equity in that, and decide to move from that primary residence to a new one. The "old" primary residence is now an investment property.
Some people build up cash reserves and have stocks, bonds and other investments and they realize that a real estate investment would be a good choice for them.
Some people buy a property in a location where they would like to retire in several years. In the meantime that beach property or sunny location is something they rent out. Your tax advisor may even recommend to you to consider buying such a property 15-20 years before you think you'll retire so that you have a small (or no mortgage) on it when you're ready to move there full-time.
Have you noticed there is actually a housing shortage? Have you considered these things?
Answers to common questions are here, but for more specific planning, we may need to talk in detail. But we'll get started.
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Are You Considering Selling One Property and Buying Another?
Before you go any further we should talk about 1031 "Starker" Exchanges. First the reason for urgency.
1. If you are going to sell a home and want to take the proceeds from that property and use them in the next property, YOU CANNOT DIRECTLY RECEIVE THE FUNDS. Furthermore, YOU HAVE TO HAVE POTENTIAL PURCHASE PROPERTIES IDENTIFIED before you go to the settlement.
2. There are Intermediaries that follow the IRS code on handling this so you avoid taxable gains.
3. I will be happy to review the requirements with you and provide you introductions to these intermediaries.
4. For more information, please contact me.
Do You Have More than 5 Properties
There are special rules when you have more than 5 properties, including the one you live in if you own it. If they are in Fairfax or Arlington Counties, the number is lower. For the purposes of this page, if you own multiple properties, we should discuss whether the Virginia Residential Landlord and Tenant Act affects you. Please contact me about VRTLA
Fair Housing Rules and Compliance
As a Realtor, I am obligated to abide by Federal and Virginia Fair Housing laws and as my client, I will advise you so that you remain compliant in marketing and leasing your property. For more information on Fair Housing - Click Here for Fair Housing