Real estate investing can feel lonely. You’re making big decisions that will impact your financial future, and you’re facing an expensive, competitive market that’s constantly shifting. It can feel a bit overwhelming even for experienced investors.
One of the most important keys to your success is the understanding that you don’t have to do everything on your own. There are plenty of resources available to help you make the right decision and feel supported in your plans.
Whether you’re new to investing, new to the Northern Virginia real estate market, or an experienced investor looking for ways to grow a portfolio, let’s take a look at some of the local resources for Alexandria real estate investors.
Local Alexandria Property Management Partners
We’re always going to start with this resource: professional property management.
Property managers offer invaluable assistance, technology, resources, and expertise when it comes to identifying an investment opportunity, preparing that property for the rental market, and effectively leasing and managing the rental home.
Property managers will increase what you earn and decrease what you spend, whether you have one investment property or an entire portfolio. We’re able to negotiate better rates with vendors and contractors, for example. We’re also likely to rent your home faster, reducing vacancy loss.
Utilize your property management partnership to effectively set the right rent for your property, enforce the lease agreement you have in place, and protect the condition and value of your investments. Property managers know the market. We understand industry best practices. We also comply with all rental laws, including fair housing and security deposit requirements.
Establish your property management relationship before you invest. You’ll find it helps you navigate the entire investment process, and you’ll have an instant connection to some of the best resources for renting out a home in Alexandria and throughout the Northern Virginia market.
NARPM: Northern Virginia Chapter
The National Association of Residential Property Managers (NARPM) is a well-respected and highly influential professional association that serves property managers as well as landlords, real estate investors, and industry partners such as vendors and service providers.
It’s a great resource for anyone renting out a property.
Locally, there’s a Northern Virginia chapter of NARPM. We highly recommend that you join, get involved, and participate in some of the trainings and educational offerings the association provides. You’ll also have an opportunity to network with property management professionals.
Professional Investing Networks in Alexandria
Outside of NARPM, there are other associations, groups, clubs, and networks that you can and should join as an investor.
Joining a local investing group is a good idea for your current investment goals and those you may have in the future. There will be plenty of opportunities to network, learn from others, and even talk about potential investment deals and strategies.
GRID Alexandria is a popular investing network that offers classes, discussions, and events that can be useful to new and experienced real estate investors. Check social sites such as Meetup and Eventbrite for real estate activities and events that may be interesting to you.
Don’t forget local business communities. Joining the Chamber of Commerce can benefit your investment goals and put you in touch with local business leaders.
Local Government Resources for Alexandria Real Estate Investors
Don’t forget your government partners and networks. While a city planning office isn’t necessarily going to help you find your next investment property, you’ll want to have connections at various government buildings, courthouses, and offices to help you when you have a question about habitability, housing codes, and eviction.
Get to know the local laws and requirements. Visit the Office of Housing. If you’re interested in renting out affordable homes, you’ll want to educate yourself on Section 8 and other programs. The Virginia Department of Housing and Community Development can be a useful partner. The Alexandria Redevelopment and Housing Authority, too.
Gather Your Maintenance Resources Early
If you’ve ever invested in a property, you understand the value of maintenance resources.
A preferred network of vendors and contractors is an invaluable resource especially when you have an emergency repair that needs attention or a major renovation that you’re undertaking on an investment property you just bought.
Maybe your property manager provides this for you. One of the best reasons to partner with a property manager is so that you can leverage their vendor relationships.
Some investors prefer to build their own network, however, and that makes sense, too. When you’ve been working for years with specific plumbers, contractors, roofers, or HVAC techs, it’s hard to let them go. Those relationships are valuable. They will help you save money and increase your profits on the investment homes you own.
You want to know who to call when you need rehab work done, preventative maintenance, or cosmetic turnover work.
A good maintenance team is critical when you invest in Alexandria real estate. A preferred network of vendors and contractors who can work quickly will help you during:
- Emergency maintenance calls from tenants.
- Routine repairs that can help prevent deferred maintenance.
- Turnover work while preparing your property for a new tenant.
- Renovations and rehabs when you’ve just invested or you’re trying to increase your rental value.
- Updates when you’re ready to stop renting out a property and you’ve decided to sell it.
Things will inevitably break at your rental property, no matter how new the home is, and no matter how great your unit’s condition is. There will always be normal wear and tear and general deterioration that occurs during your tenancies.
Improvements will also be needed. When you find yourself dealing with longer vacancy periods, you may want to take those opportunities to make some upgrades and updates. Those renovations will increase the rental value of your property and help you attract good tenants. They may also be necessary to compete with other rentals on the market.
We can share additional resources that will help you meet your specific investment goals. Please contact us at Comfort Property Management to hear more. We lease, manage, and maintain investment properties throughout Northern Virginia, in Arlington, Alexandria, Fairfax, Falls Church, McLean, Ashburn, Sterling, Springfield, Reston, Chantilly, Manassas, Centreville, and Herndon.