Real Estate Investment Basics

We love working with investors! We have lots of experience with both guiding first-time investors and alerting well-seasoned investors when an ideal property comes to market!  If you've been thinking about dipping your toes in Real Estate Investment here's some great basic tips to follow to make sure you're getting the best return!

Making More Money: Real Estate Investment Tips and Tricks

More and more people have been turning to real estate investments nowadays. While this can be a great way to make some money, it can also be disastrous. Failure is more likely to occur if you’re not educated on the subject. Get all the real estate investment information you need here.

Liston more than talking when negotiating. By dominating the negotiations with your own talking, you might miss out on a great opportunity. When you listen, you can catch the right moments to position yourself at the price which you desire.

Hire a professional inspector to come out and see the property you’re thinking of putting your money into. You may think that you can just look over the property on your own to find problems, but if you’re not trained you may miss some things. When problems are found, you should make sure to get some money off of the property or have the owner fix it for you.

Do not purchase properties in poor areas. This is tempting because of the price but is not a good investment. Buy something a bit more expensive to ensure it is off the market quickly.

Choose wisely who you allow to live in your rental property. They should pay a deposit and the first month’s rent early on. If they cannot meet these basic monetary requirements, there is a great likelihood that they will be poor tenants, as well. You must then seek out a different person for the rental agreement.

Be wary of any prospective tenant who tries to negotiate the rent. While he or she may just be a savvy businessperson, they could also be in a financial bind. Ask a few more questions and be careful about signing a contract with them. You may find yourself constantly fighting to get your monthly payment on time.

If you are looking to buy a rental property from a seller, ask to see his Schedule E tax form. That particular document will honestly tell you what kind of cash flow you can expect from the property in question. Crunching the numbers tells you all you need to know about whether or not to buy.

As this article has proven to you, some knowledge can mean all the difference in whether or not you are successful with investing in real estate. The tips you have just read will more than likely help you get the outcome you desire. Be sure to make use of these tips.

You can find the original article on News Go.

Sunday Open Houses!

We are hosting 3 Open Houses this Sunday, June 5th! Come out and see these great homes in Richmond and Henrico before they're gone!

3620 Tanby Rd 2 pm - 4 pm
Richmond, VA 23235
4 bedroom
2.5 bath
$349,900

Looking for a home that has a GREAT location & the ability to get anywhere in minutes? You have found it right here. This spacious home is located on a cul-de-sac & has 4 bedrooms, 2.5 baths WITH ROOM TO GROW. Walking into the home you gaze upon the formal living room, with elegant columns. Keeping straight you land in the family room that has been wired for surround sound & has an open floor plan on into the kitchen w/new granite counter tops and back splash. There is a nice bay window to sit and enjoy the views outside from the eat-in kitchen. From the kitchen you have an office or sun room space that has access to the basement. Upstairs you have 4 bedrooms. The master has two closets, one being a walk-in closet, talk about space! The master bathroom has a double vanity, garden tub, and stand up shower. The basement has been framed and has electric and water. It's framed out for two bedrooms, a full bath, and a living room/den space. You can walk out onto the two level deck in the rear and enjoy the privacy of your fully fenced rear yard. Let your creativity flow and come finish this untapped potential in this great home! Make an appointment to see this home before its too late!

9011 Old Holly Rd  2 pm - 4 pm
Richmond, VA 23235
3 bedroom
2 bathroom
$250,000

Great home in Nottingham subdivision by the river. This home has beautiful landscaping with new mulch and shrubbery. Walking into the home you have newly sanded and remodeled hardwood floors throughout. The living room greets you with a brick wood burning fireplace to keep you cozy in the winter months. The kitchen has granite counter tops and stainless steel appliances. The master bedroom has a full bathroom with marble top and a beautiful one of a kind hand painted sink from Mexico. The other full bathroom in the hallway has a marble top and also another beautiful, hand-painted masterpiece as the sink. The roof is only 1 year old, new light fixtures, new heat pump, and floor vents. Outside, enjoy your rear deck that wraps around to the side. Enjoy the peaceful setting and the privacy of having no one behind you and your backyard backs right up to Lewis G. Larus Park. Come see this nice ranch home in its serene setting before its too late!

8801 Hungary Rd 1 pm - 3 pm
Henrico, VA 23294
5 bedroom
2.5 bath
$250,000

Welcome to this beautifully renovated home in Henrico. This property encompasses not only the main home but another separate studio-style home behind it! YOU GET TWO FOR THE PRICE OF ONE!! The homes sit on over 1 acre that has been freshly landscaped. The main home has new gutters, new siding, newer windows, all new hardwoods on the first floor, fresh paint, and new fixtures. The kitchen is like new with new cabinets, granite countertops, stainless steel appliances, and island. Upstairs you will find two bedrooms with refinished hardwood floors and a full bath with new tile in the shower, new vanity, and new tile floor. The studio would be a great in-law suite or guest house. It includes hardwood floors, new windows, fresh paint throughout, new hot water heater, and more. The downstairs has a wet bar with granite, new cabinets, new sink and fixtures. Full bathroom downstairs with new vanity, new tile in shower, and new fixtures. Upstairs has two additional rooms with newly refinished hardwoods. Come check them out before they are gone!

Welcome to Our Newest Team Members!

We just had a great team meeting at Plaza Azteca to welcome a couple of the newest members of our team; Kendall and Chris! We are excited to have them aboard for all the new and exciting changes we are looking forward to this coming year!

Open House in Midlothian!

Come check out this gorgeous property located in Midlothian, VA! A great area with lots of amenities and great schools!  This Saturday, May 28 from 1 pm - 3 pm.

1670 King William Woods
Midlothian, VA 23113
$365,000
4 Bedrooms
3.5 Baths

Looking to invest in a great property & area? Or maybe you want to put some personal touches on a house w/great bones! You have found it! This home sits on over 2 acres & is a quick car ride to 288 or route 60. Walking into the home you have a large foyer & half bath. Then you walk into a large family room with vaulted ceilings and skylights with a brick wood-burning fireplace. There are sliding glass doors that will lead to the rear deck with a serene view. The kitchen has a large island and cooktop with an eat-in area and skylights. Across the way, off the family room, you have a first-floor master with a walk-in closet. The private master bath has an oversized vanity, LARGE tub/shower, and a large linen closet. Upstairs you will find 3 more bedrooms, one with a direct entry into the bathroom that also has an entry from the hall. Another bedroom has direct entry into a large unfinished attic above the garage, this could be an office, bonus room, or rec room. Anything you could imagine! The third bedroom upstairs has the potential to be a second master with its own private bath & large sink/vanity. Come see this house today and see how you can make it your home!

A Gem in the Heart of Henrico!

     This home is a gem in the heart of Henrico County!  Live near all the      conveniences of the West End, including Short Pump, Glen Allen, and Innsbrook, but with the privacy and beauty of an acre property!  This newly renovated home has 5 bedrooms and 2 and 1/2 baths with a separate, studio-style home adjacent to the main house with so many potential uses!  Rent it out for extra income, use it as a home office, an in-law suite, or a haven for your almost college graduate!

     Some of the best Elementary, Middle and High Schools in the County are just minutes away, as well as post-secondary schools like J. Sergeant Reynolds Community College and the University of Richmond.  Virginia Commonwealth University is just a short drive downtown!  Work commutes are no problem with easy access to Interstates 64, 95, 295, and Route 288.

     Take a short drive to Goochland and enjoy the country, travel minutes to Carytown for a day of shopping, or just enjoy the view from your own oasis in the middle of Henrico County.  Set back from the main road, you can enjoy your privacy on this acre lot.  Brand new, beautiful hardwood floors are featured throughout the home, with updated fixtures and fresh paint!  The kitchen has brand new cabinets, granite counter tops, and stainless steel appliances.  Outdoor maintenance will be a cinch with new gutters, siding, and windows!

The fully functional studio features hardwood floors and new windows as well as a brand new hot water heater!  It has a full bath and a wet bar with granite countertop.  Any guest would be comfortable staying in this little retreat!

Make an appointment to see it today!

Are Investment Properties For You?

At Clocktower Realty Group, we handle a lot of investment properties.  In fact, it's how I got my start in Real Estate! We love the opportunities that investing Real Estate can bring.  Its effect the neighborhood, the block, and the property itself is really an investment back into the city. We've worked with lots of investors who rely on us to find properties with a high return value and long-term growth.  If you're a seasoned investor, or just looking to get started, here's some tips on making a smart investment that works for you!

Want To Be A Landlord? HGTV's 'Income Property' Star Has Advice
By: Vanessa McGrady

Vacation properties? Out. Investment properties? In.

According to a recent National Association of Realtors report, for the first time in five years, more people are putting their real estate dollars into investment properties rather than purchasing vacation homes.

“Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year,” said Lawrence Yun, National Association of Realtors chief economist in a press release. “The expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales and caused the price of vacation homes to rise. Furthermore, the turbulence that hit the financial markets the second half of the year likely seized some would-be buyers’ available cash.”

The survey found that after a five-year decline, investment-home sales in 2015 jumped 7% to an estimated 1.09 million from 1.02 million in 2014; vacation-home sales last year declined to an estimated 920,000, down 18.5% from their most recent peak level of 1.13 million in 2014.

If you’re considering buying or renovating your property to take in a little cash with a home-sharing site or longer-term rental, Scott McGillivray, host of HGTV’s Income Property show, says you have to think beyond the purchase price and monthly mortgage outlay to figure out if landlording makes sense financially. “Always make sure the total rent will cover all the costs of running and maintaining the unit, plus a little extra. This positive cash flow will ensure you’ve got a profitable long-term investment,” he says.

Before you put pen to paper, you’ll need to do some research, especially if renovations are required to make a property suitable for multi-unit or multifamily use. “Zoning and bylaws always come first. Make sure it’s legal to have a multi-family unit in your area,” McGillivray says. “ The properties with the best opportunities will also have a separate entrance, good ceiling heights on all levels (6’11” in at least 75% of the space), good size windows, and a large floor plan. Bungalows usually have the biggest lower level floor plans if you’re thinking of a separate basement unit. You should also look at the proximity to destination areas such as schools, hospitals, and highways. Usually, the closer you are to an urban center the easier it is to rent.”

McGillivray says that the biggest mistake would-be landlords make is going light on the soundproofing between units, which can be expensive or complicated in an already finished space.  “Noise is the number-one complaint in multi-unit residences, whether it’s a house or a condo. And sound separation is not a simple fix in a finished space.”

And if you’re wondering if you should leave things alone in a fixer, vs. making improvements and charging more rent, he says to go ahead and make the place the best it can be —this means adding a washer, dryer, and dishwasher to the unit, and making sure that the entryway is easy, without requiring too many stairs up or down to the sidewalk. “Always go for higher rent, because you get a double payoff. You can charge more rent and you can increase the value of your home through value-added renovations. Also, the higher the caliber of the space the higher caliber of tenant you will attract—they will treat it better and likely stay longer.”

Finally, if you’re hiring out the work, ask the contractors lots of questions. “If you’re adding an income or in-law suite always ask if they have ever done a legal two-unit conversion. There are some legalities involved that the average contractor might not know about. Also, be sure to get (and check!) references to find out the circumstances of their previous jobs,” he says.

For the originial article, click here

Forest Hill Open House

We have an amazing open house from 2 pm - 4 pm this Sunday!  It has amazing features and is in the popular North Side neighborhood of Richmond at 5607 Forest Hill Avenue!  This 3 bedroom and 2 full bathroom house is a steal and comes with a one year home warranty and closing cost assistance! It's amazing walk-out, partially finished basement has SO much potential and the 2nd-floor master suite really sets this property apart!