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There are numerous benefits to investing in rental properties. By making an investment property purchase, you can increase your long-term wealth and generate a monthly passive income. If you're just getting started, it helps to seek an expert’s opinion on how to maximize your investment. Your financial situation will see a drastic change once you rent out a property, but you need to put in the necessary time for study and analysis. In this article, Redsail Property Management covers the basics of acquiring an investment property in Newport News…

As a landlord in Virginia, it is your obligation to keep yourself up to date with the rules and regulations that apply when a tenant breaks their lease early. A lease agreement is a contractually binding legal agreement when a tenant occupies a rental property. When a tenant signs the lease agreement, they agree to pay rent for the entire lease term whether or not they live in the rental unit. Sometimes circumstances occur that may force a Virginia tenant to terminate it early. Their breaking a lease early may have a legally justified reason …

The Virginia landlord tenant law allows landlords to evict if a tenant commits actions that violate the terms of the agreement at any point during the rental period. Common grounds for a tenant or tenants eviction include failure to pay rent and excessive rental unit damage. As Virginia landlord tenant law states, a landlord must follow proper eviction process for the exercise to be successful. It would be illegal for a landlord to evict a tenant due to retaliatory or discriminatory reasons. Self-help eviction actions, such as removing your te…

As a landlord, having tenants pay a security deposit can help provide a landlord with some cushion against potential financial damages. These can occur in any of the following ways: If a tenant moves out of their rental unit without paying the unpaid rent If a tenant moves out of their rental unit without clearing their unpaid utility bills In the case a tenant abandons a dwelling unit If a tenant (or their guest) causes negligent damage to the rental In such cases, the landlord will be able to minimize their losses by making appropriate ded…

As you may know, each state in the US has their own local landlord tenant laws to protect all parties involved with a rental unit. If you’ve ever been curious about the Virginia landlord tenant law, then keep reading! Tenant’s Rights and Obligations in Virginia In each state, the landlord and tenant has their own set of rights and obligations to protect both parties from being taken advantage of. To help landlords better understand the Virginia landlord tenant law, let’s start with the rights and obligations of the Virginia tenant. The rights …