Richmond VA…good place to start?
Me and my husband are looking to buy our first investment property (long term rental), and have been exploring Virginia. Is Richmond a good place to start investing? Does anyone have thoughts on or experience in the Richmond area?
thanks!
Hey Hannah,
My wife and I own a small real estate business here in Richmond and things are looking good for the area. Crime was horrendous in the late 90s to mid 2000s but things have turned around. Yes, there is still violent crime (like any major city) but we wouldn't be doing business here if it were a problem.
The East side of Richmond is growing and being revitalized. The community is on the older side and as those homes become available, they are usually a good deal if you're willing to do some minor to major renovations. Same thing with the East side of Henrico County.
We are currently renovating a house in Chester which is performing in much the same way.
My hopes are to, shortly, renovate a historic home in either the Fan or Museum districts on the West Side of the city but I may start in the Church Hill area as it is less expensive.
Are you local or looking to remotely own?
@Hannah Ivy
Just make sure you look at the taxes if in the city. Not sure if you are looking in the metro area or city itself. It can add up, just like a townhome that has steep HOA fees and affect monthly cash flow. But of course with an HOA, it at least covers exterior maintenance and repairs. With the city, also be familiar enough with the neighborhoods, it can vary quite a bit. Not sure if you are investing from out of state or nearby.
