Category Archives: rental

Growing Your Passive Income Stream with Rental Properties 

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Here is a question I want you to ponder.

What is the shortest and most reliable route that you or anyone can use to change their financial destiny and arrive at a place of financial freedom? Depending on whom you ask, you will get answers like work hard and smart, have a great business idea, invent something, or save and invest.

While all these are valid answers, they may not always bring you to a life that is free of financial worries. Each method’s ability to reach the desired goal depends on how well it meets that one requirement which is the most important factor when trying to achieve a life of financial freedom.

What is the critical factor that serves as the basic foundation for wealth-building?

You can separate how much money you earn from how much effort you invest in the thing that makes you that money. When your income-earning ability is no longer limited to your physical labor, you free yourself from the constraints of your limited time and energy.

If you are committed to your goal of building wealth, the most important thing you can do for yourself is to become adept at identifying, managing, and maximizing opportunities that make it possible to consistently earn a lot of money without necessarily having to do a lot of work.

This kind of income is known as passive income.

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Non-passive income sources depend on your physical presence and direct effort to make money. They stop yielding income as soon as you stop contributing your physical presence or energy. Their income-earning ability is limited to how many man-hours you invest.

But how many hours do you think you would need to work to be able to earn up to one million dollars in a single year? The answer to that question will tell you why non-passive income sources are not the recommended path for pursuing wealth.

How can you get started with earning passive income?

Passive income through rental properties

Although there are several different ways to earn passive income, Keyrenter Hampton Roads advises the best one is putting your money into income-generating real estate, and rental properties. Why is owning rental properties a better source of passive income than investing in stock or bonds?

  • Steady and substantial income
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Both real estate and stocks can serve as sources of passive income. But rental properties are better because the income is more predictable than stocks. As a landlord, you often know how much rental income to expect and when to expect it.

  • A hedge against inflation

Unlike stocks, income from a rental property keeps pace with the rate of inflation. This is because as inflation forces the prices of goods and services upward, so the rental rate for your property is also pushed higher.

  • Tax advantages

Real estate offers tax incentives that are not available when investing in other asset classes. These tax deductions can be made from the everyday expenses of operating the property. They offer a way for landlords to increase their profits.

Strategies for earning passive income from rental properties

To make money from real estate, you must understand the following things about rental properties:

  • Types of rental properties

There are two kinds of rental properties – commercial and residential – and within these two broad categories, there are several sub-categories. Before you buy any property, make sure you understand the different types of rental properties.

  • Location

The most important factor in the performance of a property is its location. The neighborhood where a rental is located is a bigger factor than the physical qualities of the property. Learn how to evaluate the viability of different locations before you invest.

  • Leverage
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Your ability to get approved for a loan and negotiate the best terms is critical to your success. The cost of capital is a huge factor in how much passive income you earn from your property. If you don’t know much about this, hire a mortgage broker.

  • Know your numbers

Before you buy a property, find out the potential income from the property (based on the rental rate) and your projected operational costs. Take the time to look at numbers like the vacancy rate for the property or similar properties in the area.

  • Hire a property manager

Finally, you should know that real estate is not entirely a passive investment like stocks. Managing a rental property requires a lot of time and expertise. But there is a simple way to get around this problem and make the asset passive; you can hire a property manager.

Hiring a property manager to oversee your rental property is what transforms it from a non-passive form of investment into a source of passive income. A property manager takes on the responsibility of making the rental property work in exchange for a share of the profits.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Should You Sell Your House or Rent It Out?

You have found a new job, a new love, or a new desire to move somewhere else. These are all great reasons to buy that one-way ticket and start packing your bags! But, what about your house? You can’t just leave it be – you have to either sell it or rent it out. Both selling and renting have a lot of pros and cons; however, it will be up to you to decide which option will take the lead. This is going to be complicated and stressful, we know. And, we also know that you are going to need help to decide. That is why we are here—to help you determine whether you should sell your house or rent it out. So, if this is the kind of help you were looking for, keep on reading. 

Signs You Should Sell Your House 

1. Your House is in Seller’s Market 

There is a huge demand for homes in a seller’s market, but there are not enough homes. This means that if your house is in the seller’s market and you decide to sell it, you will do it without any delays and for the highest price possible. Your local real estate agents can help you with this—that is, they will tell you your home’s value and give you advice on how to sell it properly. 

2. You Need Money 

Should you sell your house or rent it out also depends on whether you have enough cash—for your new home and to maintain this old home? Everything costs money. So, evaluate your budget and assess all of your finances. If you have some money to spare, great! But, if you don’t, that is your sign to sell your home. 

3. Your House is Old and Requires Serious Renovation 

Maybe you want to move out of your house because it requires a lot of maintenance. It needs to be renovated and upgraded so that it can fit all of your needs and preferences. If that is the case, you should look for movers on bestcrosscountrymovers.com, relocate, and sell your house. If you can’t live in it, renters won’t be able to either. All renters look for comfortable and modern homes – if your home isn’t that, you will not be able to rent it out. 

An old, damaged wall.
With old and destroyed houses, there is no doubt whether you should sell your house or rent it out

4. You Don’t Want to Be a Landlord 

Renting out your property to strangers means that you will still be responsible for everything that is going on in your house. You will have to take care of all the household issues, finances, and many other problems. And, you will always have to be nearby. This will be just like any other job. Of course, it will provide you with a steady cash flow (almost) every month, but it will also require you to “work” on that property too. If this is not something you are ready to do, better list your house now. 

5. The House Is Just Not Good Rental Material 

As previously said, all renters want to live in modern and comfortable homes. But not only that, they want to live in safe homes that have all the needed amenities both inside and out. They want to live in homes that are close to the city center or, at least, close to some means of transportation. Just think about it–would you rent out a home in the middle of nowhere, and that will make your life extremely difficult? Probably not. So, if your house has similar features, don’t even think about whether you should sell your house or rent it out. The answer is rather obvious. 

A house-shaped keychain representing the uncertainty of whether you should sell your house or rent it out
If you wouldn’t want to rent your home, other people won’t either.

Signs You Should Rent Your House 

1. Demand for Rentals is High in Your Area 

If, for example, you have to move from Virginia to some other state, don’t let all of the reasons mentioned already force you to sell your house and decide to leave for good. There are some great reasons (signs) for you to keep your home and rent it out before you leave. And one of those signs is that you live in an area where there is a high demand for rentals. Those are typically urban areas, areas around schools and colleges, areas close to business districts, etc. Renting your home can be quick, easy, and financially good in these areas. So, before you decide to leave for good, think about this – renting your house can be a wise decision. 

2. Wondering if You Should Sell Your House or Rent It Out When You Are Still Attached to the House 

Maybe a job or some new life event forced you to move out and buy a new house. And, maybe you still love your house—it has everything you need, and it reminds you of your family. It is okay to feel emotionally attached to a property! And, it is okay to rent it out until you figure out what to do. By renting the house out, you will have enough money to take care of it even from the far. So, don’t push yourself to do something you are not ready for. Rent the house until you are ready for the next move—whatever that move may be.

One person giving home keys to another.
If you are still attached to your house, be sure to find some good and reliable tenants.

3. The House is Good Rental Material

If you still don’t know whether you should sell your house or rent it out, just check whether it is a good rental material or not. Besides being in a desired, safe rental market, the house should also have all the wanted amenities. For instance, most renters look for amenities such as big kitchens, new bathrooms, substantial square footage, outdoor area, etc. If your house has all of this, then rent it out. You will certainly be able to find good renters who will be suitable for your house and who will be able to pay a good amount of money for it. 

As you have seen, many signs can help you decide whether to sell your house or rent it out. However, it all depends on you at the end of the day. Look at these signs and evaluate your situation and your house’s condition, but don’t forget to ask yourself what is good for you. 

Meta Description: Wondering whether to sell your house or rent it out? Wonder no more—keep on reading for some expert advice. 

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Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

market stats

April 2022 Lake of the Woods Market Statistics

In April, 24 homes SOLD in Lake of the Woods.

1 sold below $250,000.00
3 sold between $250,000-299,999;
5 sold between $300-349,999;
6 sold between $350,000-399,999;
4 sold between $400-499,999;
5 sold between $500,000-$999,999;
0 sold over $1,000,000.

25 Active/Coming Soon Listings for Sale
39 Homes Under Contract
85 Homes Sold since January 1, 2022.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata

109 Battlefield Rd, Lake of the Woods Virginia Home For Sale 22508

109 Battlefield Rd, Lake of the Woods Virginia 22508 SOLD by the Licata Group Exp Real Estate Advisors!

Welcome to 109 Battlefield Road! You will love the open airy feel of this well cared for home! Step into the living room that boasts two skylights in the vaulted ceiling which offers wonderful natural lighting. The fireplace  and mantel provide that cozy feel and will bring out the decorator in you. The spacious kitchen with abundant counter space and cabinets will satisfy the chef and combined with the living room makes entertaining  a breeze! Enjoy the sliding glass door to access to the alluring screened in porch with all the finishing touches.  Formal dining room is adjacent to the living  room with a  beautiful bay window. The spacious owner’s suite with an adjoining sitting room is perfect for a home office,  with access via sliding glass door to the screened in porch. The en-suite bathroom with a walk-in tub, separate shower, commode room, walk-in closet and double sink, perfect to accommodate all your need for space. The second and third bedrooms are roomy and comfortable, but the fourth bedroom is one not to miss!

A separate stairwell leads you above the garage  to a fabulous fourth bedroom which will be a perfect, private flex space for a guest room, game room, office or anything you can imagination. This  home is definitely one not to miss! A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from the high-$200,000s to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

118 parliement st, lake of the woods virginia rental

118 Parliament St, RENTED in Lake of the Woods, Virginia 22508

Come see what this lake life is all about! Enjoy this beautifully furnished, one level living with an open floor plan, spacious living room with vaulted, wood beam ceilings and fireplace. Amazing kitchen with stainless appliances, gorgeous granite countertops. You will love the owner’s suite with en-suite bath and walk in closet. Relax on your rear deck and enjoy a meal with a wooded private backdrop. APPLICATION FEE IS $30.00. BACKGROUND, CREDIT AND EMPLOYMENT VERIFIED. NO PETS AND NO SMOKING! NO EXCEPTIONS!!

A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $100,000 to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

1006 Lakeview Pkwy, Lake of the Woods, Virginia 22508 now RENTED!

Welcome to 1006 Lakeview Pkwy! One level living close to the front gate and Harper’s Ferry beach. You will love the spacious family room with a fireplace for those chilly nights. The kitchen boasts oodles of cabinets, counter space, a center island, and access to the deck. Enjoy relaxing on the deck with your favorite beverage. Immediate Occupancy. Credit scores to apply need to be 600 or above!

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Beautiful Home SOLD!!! in Lake of the Woods, VA 312 Yorktown Blvd

Come see what this lake life is all about! Enjoy one level living with an open floor plan, spacious living room with vaulted ceilings and floor to ceiling stone fireplace. Amazing kitchen with newer appliances and all the amenities. You will love the owner’s suite with en-suite bath and walk in closet. Relax on your rear deck and enjoy a meal in your own gazebo with a wooded private backdrop.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.