One of the best perks of investing in real estate is generating income without being near your properties. Whether you live out of state or you're overseas for your tour, excellent rental properties continue making money for you while you're away.
We love this aspect of real estate investing for members of our military: while serving your country, you can still enjoy passive income while deployed—but it requires some help to make that happen!
How can Arlington, VA investors successfully manage rental properties from overseas? If you can't be nearby to handle maintenance or screen renters, you need someone local to do those things for you. You also need an expert to navigate local, federal, and Virginia rental law regulations and keep your properties compliant within the laws.
Don't walk away from real estate income while you're overseas! Let Arlington property management help you with these tips.
The Legal Notice: While we're expert property managers here at RentSimple, we aren't practicing attorneys. This blog post isn't legal advice, but if you need real-time help, reach out to us!
Screen Quality Renters—Legally
Choosing a renter you "like" is the wrong approach to placing a resident in your rental property. However, if they also turn out to be great people, that's a bonus!
Property investors have to follow fair housing law when choosing residents, and that can be difficult while overseas—without the right expert help. Protecting your great spaces and finding great people to provide monthly rental income requires a balance of meeting your renter criteria while avoiding discriminatory practices.
Professional Arlington property management like RentSimple handles the renter screening and leasing process for overseas investors! You don't have to worry about who lives in your property or how they were chosen when you trust an experienced property manager.
We stay current with federal laws to make sure we never choose (or deny) a resident for your rental property based on:
- Sexual orientation
- Familial status
Selecting the wrong renter or making a decision that violates the law can result in a lawsuit and the loss of your rental properties (and income). Having a local property manager on your side to keep your rental property business compliant is a huge perk when owning rental properties while you're abroad!
Protect Your Investments With a Legal Lease Agreement
A downloaded lease template might leave your investment property business at risk for a renter to take advantage of a loophole. Overseas investors need the professional insight of a property manager and the oversight of a trusted lawyer to create legal lease agreements.
- An inaccurate, ineffective, or illegal lease can lead to lawsuits and the loss of your investment property business!
- Your lease must include critical pieces of information to make sure residents understand the rules of your property, know the monthly rent amount and when it's due, and the penalties for violating the lease terms.
- It's also essential to avoid clauses that can make your lease an illegal document.
Property Managers Help Investors Avoid Illegal Clauses
What can't you say in your lease agreement? While residents must follow the rules of the lease, property owners must be careful about what they require in the lease.
Your expert Arlington property management ensures your lease doesn't include these violations:
- Requiring a non-refundable security deposit: By law, residents must have the opportunity to receive their security deposit back when they move out. Of course, they can forfeit the deposit if they leave your property in shambles—but the lease can't declare the security deposit as "non-refundable."
- Offering different privileges to different residents: Your lease must be fair to everyone who rents your property. If you own a multi-family property, pay special attention to this detail in your lease. Every resident must have equal privileges while leaving in your property to avoid claims of housing discrimination.
- Waiving rights to privacy: Your lease can't require a resident to waive their right to privacy or to sue you. Residents have the right to a reasonable expectation of privacy, and property owners must follow the law if they need to enter an occupied property.
- Waiving rights to sue you: Your resident might not have a valid case against you, but rental law allows renters to sue their property owners if they experience a violation of their rights or the law.
Preparing your lease agreement can never be taken lightly! When you're overseas serving our country, it can be challenging to stay up to date on rental laws and ensure that your lease is a legal document. Choosing the expertise of an Arlington property manager and legal counsel helps protect your investments while you're away!
Manage Your Great Spaces With Expert Property Management
Deployment overseas doesn't mean the end of your stateside investment property income. The expert guidance and support from RentSimple means you can pursue your military career—wherever it takes you—while building your long-term retirement income through real estate!
RentSimple understands that your location can change at a moment's notice. We prioritize the protection of rental properties and income for our property investors—near and far! With our management skills and your excellent Arlington rental properties, you can relax, knowing that we follow the laws when choosing your residents and preparing your lease agreements.
Before your next deployment, let's chat! We're ready to serve you while you're busy serving our nation.