New Consideration for Virginia Landlords with 5 or More Rental Properties
The Virginia legislature made some changes to Virginia fair housing law in this 2020 term, effective July 1 2020, and source of funds is now a protected class. This is important to understand for everyone who owns or manages rental properties in Virginia!
What does this mean? “It is now illegal to discriminate in the sale or rental of a residential property based on a person’s source of funds” according to this article from the Virginia Association of Realtors.
What does “source of funds” mean? It’s a rental assistance, benefit, or subsidy program. These programs are what we think of with terms such as “Section 8” or “Housing Choice Voucher”.
So if a rental applicant is using a rental assistance program, as a landlord you cannot factor that in to your decision whether or not to accept that applicant.
There are two exceptions to this law:
(1) if the landlord owns four or less rental properties in Virginia. Ownership includes having more than a 10% interest in a business entity that owns rental property.
(2) “If the source of income is not approved by the administering program within 15 days, the owner is able to deny the tenant’s application.” (source)
Questions about screening applicants, or owning investment property in Virginia? Reach out, I’m happy to help!
Also, check out my YouTube Real Estate Investing playlist for helpful videos on being a landlord!
Northern Virginia Real Estate Market Updated -June 2020
Looking to buy or sell a house in Northern Virginia? Here are the JUNE 2020 market updates for Fairfax County (NVAR) , Loudoun County (DAAR) , and Prince William County (PWAR)!
June-2020-chart-NVAR-1 June-2020-chart-daar-1 June-2020-chart-pwar-1YouTube Videos: Cell Phone Screen Protectors, AirBNB Age Limits, and Why Hustle Matters with Contracts
Hey there! I’m passionate about educating people about real estate. Here’s what I shared on YouTube last week:
Latest YouTube Videos
Hey there! I’m passionate about educating people about real estate. Here’s what I shared on YouTube last week:
Real Estate in Today’s Coronavirus Climate
The Northern Virginia market started off hot from right after New Years Day. With historically low interest rates, the market in January and February was aptly described as “tight inventory has continued to coincide with higher sales price to original list prices and fewer days on market” (source).
In March, as people started staying home, and schools and businesses closed, the real estate industry immediately started adapting so that we could continue to help people with the essential need of housing while keeping everyone safe.
Buyers: we can do everything remotely other than settlement: most mortgage lenders require wet signatures with in-person notarization (but settlement has been changed to maintain social distancing and limit exposure as much as possible). Most buyers (if not all!) would like to see a home in person prior to submitting an offer, and we can do that, too.
Process Overview:
- Virtual Buying Consultation
- Personalized Online Home Search Portal
- Recommendations for Lenders Who Can Work Virtually
- Video Home Tours, Virtual Open Houses, 3D Home Tours
- In-Person Home Showings with Safety Precautions
- Mobile Deposit of Earnest Money Deposit
- Virtual Home Inspections (home inspector goes to house, communicates results to you)
- Virtual Final Walk-Through
- Settlements with Limited Contact (Options Include Drive-By Closings Where Buyers Never Leave Their Car)
Sellers: we can do many tasks remotely, limiting your need to meet others in-person, and limiting the number of people who access your home.
Process Overview:
- Virtual Listing Consultation
- Professional Photography, 3D Virtual Matterport House Tour so Buyers Can See House Virtually
- Virtual Showings & Open Houses, Allowing Virtual “Visits”
- Limit In-Person Showings to Pre-Qualified Serious Buyers with Safety Precautions
- Virtual Home Inspections (only home inspector & agent in house)
- Virtual Final Walk-Through (only agent in house)
- Settlements with Limited Contact (Options Include Drive-By Closings Where Buyers Never Leave Their Car)
Everyone in real estate is working hard to facilitate the essential task of buying and selling real estate while keeping all involved safe.
Reach out to learn more, or to start the process of buying or selling your home.
Titling Property in a Trust: with Bobby Feisee of Insight Law
Bobby Feisee walks us through the process of moving any real estate into a trust, why it’s important, and an important consideration when the property is not a person’s primary residence. If you have a trust, or may have one in the future, this video applies to you!
For more information, or to work with Bobby, visit insightlaw.net or call 703.654.6019.
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Looking to buy a non-local investment property, perhaps a beach retreat? Here’s what to consider!
Maybe the winter weather has you dreaming of owning an investment property elsewhere? Some place you can rent for now, expense maintenance trips, and retire to later? Here are 3 pros and 3 cons to buying a non-local investment property!
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The Best House Search Email Ever!
Interested in buying a house? I can help you with the most specific search ever in the MLS, so you get only the houses that are promising and don’t waste your time on the rest! Here I detail just FOUR of the dozens of customizable search options I can utilize!
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