Ok…we bought a home in Virginia Beach, as our primary residence. However, we are now relocating to New York and want to rent our home out. We are closing in a few short days. I wanted to know if I had to live in it for a certian amount of time before I rent it? Some people keep telling me this and I am not sure if it is true. Also, about how much of a cut do proerty managment companies take? :-\
Unless you have a HUD-backed loan, there is no minimum time that you need to stay there. These people will also tell you that you need to hurry and get profits that you made selling into the next property or you will have to pay capital gains!
Property Management usually runs between 5-10% of gross rental. Find a good management company or you’ll have vacancies. To my knowledge the Tidewater (or the “Bilgewater” as some call it!) has a decent rental market.
Keith