Unlike your other assets, real estate lives up to its name. It is buildings or land someone owns. Many people that have the available capital sometimes buy residential and commercial buildings and rent them. Rental properties are effective ways to generate supplemental income for people that work and retirees. Learn how to successfully invest in rental properties with advice from a real estate attorney in Ashburn, VA.
Investing Can Be Lucrative, But It Takes Work
Real estate such as a home or condominium can be risky to purchase, like any investment, which is why you should follow the advice of experienced professionals. Invest in a property because it has an affordable price rather than an aesthetic reason. Remember, your primary goal is to make money from the structure you buy. It would be best if you also researched a building to make sure the property will attract your target commercial or residential renter.
Prepare Yourself for the Costs of the Transaction
Unless you have sizable savings, you will need to secure a down payment of at least 20% because mortgage insurance does not cover investment properties. Also, it would help if you chose the loan option that works best with your current financial situation.
Advisors and consultants, including a real estate attorney, may recommend investing in a low-cost home for your first investment property. You won’t lose much on a less valuable house if you don’t earn your desired profits.
Real estate issues can be complex with a myriad of details to be covered and procedures to follow. It’s not a simple journey for a layperson. It’s one that’s best taken with an experienced attorney by your side so you don’t take a misstep that can prove disastrous or end up making a simple matter into a very challenging one.
At the firm of Raymond A. Ceresa Attorney at Law, we know about attorneys in Ashburn, VA, and we’re going to tell you what to look for when you’re seeking a lawyer to handle your real estate transactions.
Experience should be at the top of your checklist for a real estate lawyer. Education is essential, but when it’s backed with practical knowledge gained in the field, it’s much more applicable. Make sure the experience has been achieved in the area you’re considering; it doesn’t make much sense to hire a criminal defense attorney when you’re looking to settle a dispute with your homeowners’ association, for example.
We suggest you choose an attorney once you’ve had the opportunity to consult with him or her in person or by phone. It will help to assure you that you are making the right decision.
Cases that are dismissed “with prejudice” are permanently dismissed. A case that is dismissed “without prejudice” is merely temporarily dismissed. A temporary dismissal means that the plaintiff is allowed to re-file charges, alter the claim, or bring the case to another court. There is sometimes confusion about whether there is a limitation on refiling an action after more than one involuntary dismissal without prejudice, particularly in the mortgage foreclosure context. This is where advice from a real estate lawyer in Ashburn, VA, is essential.
Virginia Rule of Civil Procedure 1.420(b) requires that the order of dismissal expressly state that the dismissal is without prejudice in order to ensure that an involuntary dismissal does not then operate as an adjudication on the merits. There are rare occasions where a trial court involuntarily dismisses without prejudice a second or third time after a motion. Later, the question can arise as to whether a plaintiff can continue to take “kicks at the can” after dismissal or whether the number of “kicks” is limited.
A real estate lawyer would advise you that the only question is whether the refiled mortgage foreclosure is based on the same underlying defaults as the one dismissed was. If that’s the case, and the five-year limitations period has run out, then it makes no difference if the dismissal was with or without prejudice as the complainant is at the end of its road. If not, even if the limitations period has gone by, the new action will not be precluded regardless of the number or type of prior dismissals.
Some property owners put their homes on the market for short-term summer rentals. This may be acceptable, or it may be a direct contravention of Homeowners Association (HOA) policies. If your association is looking to clarify whether “short-term rentals violate the regulations?” we’ll provide the advice you need at Ceresa Law.
As an HOA lawyer in Loudoun County, VA, we have a vast amount of experience dealing with HOA issues of all types and are prepared to handle this matter for you.
Some HOAs allow short-term rentals so that homeowners can use their dormant properties for extra income. Others are vehemently against this practice over concerns of noise and damage caused by transient visitors.
As your HOA lawyer, our firm can examine the current agreement to see if it allows such practices and act accordingly on behalf of your community. If the document prohibits short-term summer rentals, we can take steps to have them prevented. Our team can create a policy that clearly states they are not allowed and outlines punitive actions for violation.
If short-term rentals are not allowed, but your HOA wishes to permit them, we can draft an amendment to the policy that sets boundaries and requirements for compliance. This lets all parties know what is expected and helps homeowners stay in good standing and on good terms with neighbors.
Regardless if summer rentals are allowed or not, it’s wise to have an HOA lawyer in Loudoun County, VA, go over your association agreement to make sure that it’s well-defined and updated for modern considerations such as Airbnb. A little preparation can go a long way to preventing miscommunication and disagreements.