Who is investing in Virginia?

Local market in Richmond is very strong for investors. Overall prices have dropped 3% market-wide. We are buying excellent cash-flow rentals and still flipping to first time home buyers who are loving the $8,000 credit.

Anyone else investing in Virginia?

JIm

Edited: 06/26/2010 at 07:39AM

Webb Sledge

Real Estate Investor · Lynchburg, Virginia

41 posts
262 Influence
1 Award

Icon_minipost Jun 08 '09, 11:03 AM

I'm in Waynesboro, working in Augusta and Rockingham counties. Moving to Lynchburg at the end of the summer and probably taking the party down there. Haven't looked into that market very much just yet.

Does anyone know of any REI clubs/groups in the area?

Edited: 06/26/2010 at 08:29AM

Dory Peters

Real Estate Investor · dc, Washington D.C.

393 posts
1985 Influence
3 Awards

Icon_minipost Jun 08 '09, 01:48 PM

I'm looking at stuff in NoVA, and I'm thinking about checking out some stuff in Richmond.

Edited: 06/26/2010 at 08:29AM

Munir N

Real Estate Investor · Novato, California

29 posts
125 Influence
2 Awards

Icon_minipost Jun 08 '09, 02:02 PM

Jim,

I am also looking into investing in cash-flow properties in Richmond and surrounding areas. Do you have any advice on how to start there? Any contacts?

Thanks!

Edited: 06/26/2010 at 08:29AM

Ted Harris

Real Estate Investor · Portland, Oregon

660 posts
27102 Influence
15 Awards

Icon_minipost Jun 08 '09, 03:03 PM

Jim (and anyone else),
Can you give us details on a couple deals you've completed in Viriginia? Love to get a feel for what's available there.

Edited: 06/26/2010 at 08:30AM

Anthony Hubbard

Real Estate Investor · Woodbridge , Virginia

7 posts
42 Influence

Icon_minipost Jun 29 '09, 06:00 AM

Dory,

Are you an end buyer in NoVA or a wholesaler?

Edited: 06/26/2010 at 08:47AM

Dory Peters

Real Estate Investor · dc, Washington D.C.

393 posts
1985 Influence
3 Awards

Icon_minipost Jun 29 '09, 10:25 AM

Although I do both, I've been focusing primarily on wholesaling in NoVA at the moment. I'm saving up for something larger in another market.

Edited: 06/26/2010 at 08:47AM by Dory Peters

Jim Ingersoll

Real Estate Investor · Richmond, Virginia

30 posts
269 Influence
3 Awards

Icon_minipost Jun 29 '09, 10:34 AM

I have done a ton of wholesaling in Richmond over the past few years and would be happy to assist anyone in finding the right property.

This year I am adding as many rentals as I can and also flipping retail to a lot of first time home buyers as well.

There are great deals to meet your goals, but I would need to know your exit strategy, etc in order to help find the right areas for each of you.

Jim

Edited: 06/26/2010 at 08:47AM by Administrator : Contact info must be contained in your signature

Pete Milano

Real Estate Investor · Vienna, Virginia

9 posts
46 Influence
2 Awards

Icon_minipost Jul 11 '09, 11:40 PM

The further north you go from Richmond towards the DC metro area the more of a REO feeding frenzy you will find. For the average "Joe" it is near impossible to get a REO "deal" in northern VA.

Currently, I have a rental w/option in the Church Hill section of Richmond that I Rehabbed a year ago. Also, I just purchased a REO in Manassas and already have a purchase and rental contract on it.

I own my renovation/rehab company and find that gives me a bit of an edge over those without the know-how. I do GC, inspections, formal estimates and rehab work for other investors as well.

At the moment I am pursuing a few vacant income properties that will support 3 - 8 renters.

Pete

Edited: 06/26/2010 at 08:56AM by Administrator : Contact info must be contained in your signature

Jon Carcone

Real Estate Investor · Arlington, Virginia

16 posts
146 Influence
1 Award

Icon_minipost Aug 11 '09, 12:58 AM

I just purchased a duplex in clarendon (NOVA).

I'd be interested in looking at some properties in Richmond that cash-flow well.

Edited: 06/26/2010 at 09:18AM

David D.

Residential Real Estate Broker · Centreville, Virginia

1 post
-6 Influence

Icon_minipost Sep 25 '09, 06:00 AM

I didn't know there were duplexes in Clarendon, just in south Arlington... what's the name of the community?

Edited: 06/26/2010 at 09:50AM

Jim Ingersoll

Real Estate Investor · Richmond, Virginia

30 posts
269 Influence
3 Awards

Icon_minipost Sep 25 '09, 09:34 AM

Depending how you finance you should be able to capture a good amount ($50k or more) of equity and then cash flow at least $200 per month on properties in Richmond these days.
Happy house hunting
Jim

Edited: 06/26/2010 at 09:50AM

Jim Ingersoll

Real Estate Investor · Richmond, Virginia

30 posts
269 Influence
3 Awards

Icon_minipost Sep 25 '09, 09:34 AM

Depending how you finance you should be able to capture a good amount ($50k or more) of equity and then cash flow at least $200 per month on properties in Richmond these days.
Happy house hunting
Jim

Edited: 06/26/2010 at 09:50AM

Demos Loizides

Real Estate Investor · Dale City, Virginia

279 posts
1562 Influence
5 Awards

Icon_minipost Sep 25 '09, 12:10 PM

I'm a wholesaler in NoVa.

Edited: 06/26/2010 at 09:50AM

Ben L.

Real Estate Investor

15 posts
96 Influence
1 Award

Icon_minipost Oct 11 '09, 07:14 AM

I wholesale deals out Augusta County and surrounding areas (Charlottesville / Harrisonburg). If anyone is looking for properties in these areas let me know and we can talk.

There is a REI club in Charlottesville that meets once a month and we would love to see more new faces. If any of you find yourself up this way you are welcome to attend.

If there is anything I can do to help you out please don't hesitate to send me a PM.

Edited: 06/26/2010 at 10:01AM