Looking to purchase my first duplex/triplex/quad in Richmond, VA

[Michael Costanzo]

Hey Bigger Pockets network, I am new here and just starting my search for multi-family properties in Richmond, VA. Where do you suggest doing research on available properties in this market? Thanks for the help!

[Tom Mole]

First of all, @Michael Costanzo, congrats on getting started! You're ahead of the pack already. In fact doubly so in that you knew to ask for help. (I wish I'd been that smart four years ago.)

So, I know you're new to this, but I got to ask. What are you looking for really? Fixer-uppers? Foreclosures? Duplexes? Apartments? Are you interested in cash flow or capital gains? What kind of neighborhoods, upscale and expensive or working class and cheaper? What do you intend to do with the properties you do find?

OK, enough of that. Where you look for deals will have something to do with what you're looking for and why you want it. Now, I'm gonna assume that you want 2-4 unit plexes (residential property). I'm gonna guess that you're hoping to find something where you can live in one unit and rent the others and that one day in the future you plan to sell this place at a hefty profit.

Believe it or not, I would start by searching on Zillow.com or Realtor.com. I'd be looking to get a feel for the market rather than focusing on a specific property to buy. I'd want to know where I would not want to look and where I would. Next, I'd check out Craigslist.com. I'd look at everything so that I'd get a feel for what's out there. Next, I'd check Meetup.com for local networking meetings, REIA's, FIBI's and (my favorite) Cashflow Clubs. The purpose would be to meet other real estate investors and make connections.

There's probably a thousand ways to "just get a list of properties for sale", but most will be a waste until you've worked out YOUR strategies and tactics. Get to know yourself as a investor first, THEN look for properties to invest in. When Robert Kiyosaki asked his Rich Dad if a property he was considering was a good investment, his Rich Dad replied, "I don't know, are you a good investor?"

So, are you a good investor?

Cheers!!