Riddick Property Solutions Provides FREE Consultations to Military Families faced with
REAL ESTATE SITUATIONS.
LEARN the Pro's and Con's of ALL your options...not just Renting or a Short Sale
Most Military homeowners use the VA Loan Program due to it's zero-down benefit. The downside is that this leaves many families faced with a Low or No Equity Scenario when they get new orders and want to sell. This is due to the flat real estate market and the struggling economy. Either way the home seller is faced with a dilemma: The cost to sell a home is around 10% of the sales price. That means a $200,000 home costs the seller around $20,000 in fees. So if this seller owes more than $180,000 they would have to pay out of pocket to sell their home. Most families can not afford to pay these fees out of pocket so they may sell via short sale but that hurts their credit and can affect secret clearance status (which could cost you your job and forever damage your career path).
For those who care about their credit the most common solution to rent the home.
BEWARE: Renting is a business and that means risks.
RPS has over 20 years of experience in Rental Property Management. Located in Virginia Beach and are currently managing properties throughout Virginia Beach, Chesapeake, Norfolk, Hampton and Newport News. We currently only manage our homes however we know when it's good to be a landlord and when it's not:
Below are red flags indicating when you may want to NOT be a landlord. We have a better way.
If your rental property will not double the current mortgage it's not good to rent that home.
If your rental property will not net you $400 per month or more it's not good to rent that home.
If your rental property is not in an area that you would live in it's not good to rent that home.
If your rental property needs more than paint and a clean up it's not good to rent that home.