Investing at Smith Mountain Lake

INVESTORS

As the Owner and Principal Broker of CB Sales and Rentals, Pat Bailey has over 30 year of real estate experience. Most agents are only familiar with one side of the transaction (Buying or Selling) and not with management of your home. Pat Bailey is one of the few agents at Smith Mountain lake that truly understands all of the sides of this Real Estate business.

Pat Baileys years of experience in both the Real Estate and Property Management fields allow her to guide you through the many hurdles of property ownership. Without proper guidance you may purchase a property that is not well suited for your investment needs, not convey proper title to your dock or allow you to use it for the intended use. Smith Mountain Lake Virginia properties have many agencies that control use… The  Zoning Regulations of Bedford, Franklin and Pittsylvania counties that surround the lake vary greatly.

AEP (American Electric Power) regulates the Shoreline Management Plan at Smith Mountain Lake and this agency has many detailed regulations with regards to shoreline use and dock regulations.

Before you begin your search for properties, you really need to discuss or consider the following:

  • Example: How many days per year can I use my waterfront home and still qualify the home as a rental property?
  • Example: Who will do repairs and maintenance to my home since I am not there?
  • Example: What can I expect to receive in rental income and rental expenses?
  • Example: When financing a home… what rate and terms can I get and how much down-payment will I need? Does this change if it is my primary home as opposed to being a rental property?
  • Example: How can two identical homes sell for hundreds of thousands more?
  • Example: Dock rules as they apply to repairing docks, replacing docks
  • Example: Dock ownership and the many rules regarding this transfer of ownership
  • Example: Home inspections and how to protect yourself
  • Example: The different counties and their zoning rules as it pertains to rentals
  • Example: How do I obtain a rental permit and what are the rules in each area
  • Example: Property Owners Associations and their rules regarding property use
  • Example: Financing the home of my dreams
  • Example: Preparation prior to writing an offer to be able to negotiate and get the best terms from the Seller
  • Example: Are there any foreclosures or bank owned properties in the area?

As you can see, there are many factors to consider prior to beginning your search. Call me as soon as possible to keep you from wasting time or overlooking some important aspect of your search. Put my experience to work for you.