Washington D.C. Area · Member since 2019 · 8 posts · 2 votes
I'm looking into Richmond, VA for deals and a new rental property. I have found some possible deals but not sure how to judge based off of the posting alone as I am a couple of hours away.
Any one care to share some tips of what they look for first in a posting before getting serious about it? Any local investors in Richmond (or agents) want to discuss?
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
7y
@Account Closed has the right idea, however with one small edit. They will help tremendously, but they will not do all the work for you. You have to be willing to put in the effort to help your team and they will do their part as well. It's critical to find a good property manager, RE agent, and General Contractor for a BRRRR. You might be able to find one rockstar and have them introduce you to the rest. However if any investor wants those professionals to do all the work for them I don't think you'll get very far with introductions. If you get to the point of doing many transactions at a high frequency with the same team then things might be a little different. Developing relationships in your desired market is the way to start, in my opinion.
Rental Property Investor · Milwaukee · Member since 2018 · 44 posts · 36 votes
7y
@Account Closed Put in place your four core: your team
1. Property manager
2. Real estate agent
3. CPA
4. Lender
With this team in place you can invest out of state. You will no have to travel. They can do the work for you. Take you phone call a few. You will find some people who would love to work with.
Rental Property Investor · Milwaukee · Member since 2018 · 44 posts · 36 votes
7y
1. The CPA will take care of the legal issues. You don’t want to start your investment business with problems
2. Don’t use your PM only to manage your property. They know a lot about the market. Ask them what you don’t know, don’t understand or information you are missing about your market
Rental Property Investor · Milwaukee · Member since 2018 · 44 posts · 36 votes
7y
@aquil nabizadah
1. The CPA will take care of the legal issues. You don’t want to start your investment business with problems
2. Don’t use your PM only to manage your property. They know a lot about the market. Ask them what you don’t know, don’t understand or information you are missing about your market
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
7y
@Account Closed has the right idea, however with one small edit. They will help tremendously, but they will not do all the work for you. You have to be willing to put in the effort to help your team and they will do their part as well. It's critical to find a good property manager, RE agent, and General Contractor for a BRRRR. You might be able to find one rockstar and have them introduce you to the rest. However if any investor wants those professionals to do all the work for them I don't think you'll get very far with introductions. If you get to the point of doing many transactions at a high frequency with the same team then things might be a little different. Developing relationships in your desired market is the way to start, in my opinion.
Washington D.C. Area · Member since 2019 · 8 posts · 2 votes
7y
@Stephen Glover absolutely. just getting started in my researching and am looking forward to doing as much of the work as I can myself so that I am learning the "ins and outs" of the whole process (understanding the big picture). I also believe the best way to learn it is finding a great first deal, something small in all aspects of BRRRR (especially buy and rehab).
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
7y
@Account Closed Just to be sure we are on same page- I don't mean doing the construction yourself or anything like that :) I Just mean in terms of sourcing the deal and being decisive and educated... then lean on your team to make sure your ARV's, repair costs, and rent projections consistent. After that, put your team to work once you've acquired the property!
You're on the right track. I'm happy to be a resource for you as needed.
Washington D.C. Area · Member since 2019 · 8 posts · 2 votes
7y
@stephenglover haha, we are on the same page. Aside from habitat for humanity volunteer efforts, learning actual construction will have to be in another life time. And definitely will keep in touch. I've got some more research and BP podcasting to do!