Have you considered purchasing an investment property in a high-value area like Virginia but were nervous due to living out of state? Working with a Chesapeake property management company can smooth the process of both real estate investment purchasing and management.
Local teams can provide you with the property management services that you need conducted 'on the ground' while you manage the general direction of your real estate investment business from afar. Consider these important points as you transition towards becoming an out-of-state investor in the Chesapeake rental market.
Not in the Chesapeake Area? You Can Still Invest!
Gone are the days where you could only realistically invest in properties near your own home. The advent of computer technology and excellent phone service means that much of the interaction you need to have with your Chesapeake property management company can easily happen no matter where you live.
At Renters Warehouse Hampton Roads, we learn your desires and needs as a property owner and then execute them when it comes to day-to-day operations, from marketing to leasing to maintenance requests.
Multi-State Real Estate Portfolios Help You Diversify
If you're already an active real estate investor in your area and are considering branching out to the Coastal Virginia rental market, this point becomes a very valuable one.
Much like investors in the stock market like to have stocks in a variety of industries and at various levels of risk, it can be helpful to expand your real estate portfolio to include homes in a variety of areas. The simple truth is that when prices or rental rates drop in an area, it could impact all of your properties if they are just located in one place.
Choosing to invest in multiple, out-of-state locations may seem challenging until you remember that your Chesapeake property management company is looking out for your needs as a property owner. You'll manage all of your diversified properties the same way you'd manage properties located close to home: by calling, emailing, and otherwise communicating with your Rent Estate™ Advisors at Renters Warehouse Hampton Roads.
We can help you take advantage of all the benefits the Coastal Virginia real estate market has to offer. Diversity is a portfolio-building must and allows investors the breathing room of smoothing over market changes in any given area.
Competitive Areas and Hot Housing Markets Make for Solid Returns
A particularly good reason for out-of-state real estate investors to start purchasing in the Chesapeake area is that these housing markets are particularly hot and result in incredible rental income.
If you live in an area with a relatively low cost of living—but own property in high-cost areas—you receive rental income on the high end while experiencing the expenses and overhead of your home turf. It's a great deal for out-of-state real estate investors.
What's more is that the rental market in this area of Virginia is particularly solid: with draws from major employers that call Chesapeake home, the beauty of Virginia Beach, and the valuable proximity to places like Richmond and D.C., this area is likely to continue to have strong rental markets.
Real estate 'flies off the shelves' when it becomes available, and it's because many people right here in Chesapeake (and investors from abroad) recognize the stable, positive investment they can make here.
Building Your Virginia Portfolio? We Can Help!
While being a DIY real estate investor who handles all their own marketing, leasing, and maintenance may be a possibility when you live nearby, it becomes particularly challenging to do your work well when you are an out-of-state investor. Finding a great partner like Renters Warehouse Hampton Roads is a must, but it's also going to help you continue to grow your business!
We bring a lot to the table for you and your real estate investments as your Chesapeake property management company. From knowledge of where people in this area look for rental listings to a thorough understanding of Virginia's rental laws, our years of experience working with renters and our dependable approach to maintenance and repairs ensures they have a great experience.
However, we go above and beyond: we have our fingers to the pulse of the local market, and we can be of use if you are looking to add more properties to your portfolio. We can share insight into how fast properties seem to be moving, what neighborhoods are getting better and better rental rates, and more crucial details investors need to grow.
When you're ready to take the plunge and purchase real estate in the Chesapeake area, do it with a trusted property management company by your side! Get started by downloading our free guide to growing your real estate investment portfolio!