Donna Williams

How do you handle decisions related to your investment property(s)? Most folks who are not professional investors, just do the same thing year after year, hoping that no real harm will come of them or their home, and wishing they will have a stellar tenant. And for many, this scenario does come true, but is it the best way to handle their financial future?

For the non professional investor, I always recommend learning the applicable laws first and getting advice from a real estate professional; however, I know many folks who just want to try it alone. With that in mind, I emphasize the importance of developing a process for everything, such as how you'll handle repairs, complaints, qualifying tenants and most importantly how to evaluate your own investment.

Here's a few tips for evaluating your investment:

• Add to your calendar a reminder to evaluate your investment, four months prior to the lease ending.
• Then identify your options, evaluate them, make a decision, and execute.
• Every year go through the process of deciding whether or not you should continue on the current path, stop it, or make a change.

By intentionally focusing on these steps annually you will put yourself in a better position to gain both financial and emotional success with your investment property.

What are your options?

• Continue to rent the home with the current tenant.
• Find a new tenant.
• Sell the home.

Each of these options has several additional points to consider and you need to determine if you are prepared to manage your own rental, find and qualify your own tenant, make repairs to the home, collect rents and deposits, evict tenants, etc., or is it time to consider hiring a professional real estate agent and/or property manager to help you properly manage your investment. BTW - also get some professional tax advice to make sure you are taking advantage of all deductions you are entitled.

In the end, it may not be worth (emotionally) the monetary monthly gain or tax deductions you may be receiving. This might be the most important factor to consider when evaluating your investment property.

Two keys points in summarizing the real estate market activity across Prince William county for December 2011:

* Average days on the market (DOM) is up 25% year over year. In December 2010 the average DOM was 48 and in December 2011 that has increased to 60. If you plan to put your home on the market soon, keep in mind the average DOM is 60 and you will want to price your property accurately so buyers will have more reasons to send you an offer over your competition.

* Average sales price is down .73% year over year. There is a lot of competition with existing resale homes and brand new homes.

Zip code specific details are posted in the RBI reports located here - http://www.rbintel.com/statistics/prince-william-county-va

The town of Occoquan is located on the north eastern part of Prince William County. It is located close to several commuter routes - Route 123 going into Fairfax County, I95 and Route 1 to points North and South, and Old Bridge Road if you lucky enough to be going to the western part of the county against most of the rush hour traffic.

Below is a video of the town of Occoquan showcasing a variety of restaurants, retail stores, historic landmarks, events, and the people of Occoquan. It is one of the best I've seen and it really does a great job of covering all the different aspects of the town. If you have not stopped by the town recently or are thinking of relocating here, check out what the town has to offer.

http://youtu.be/VRDdV5ItnFo

Here's the website to find directions, events, etc., - http://www.occoquan.com/