Build Vs Buy a Multifamily

[Upesh De Silva]

Hello Friends,

I'm currently in Carmel Indiana and planning to move to Richmond - VA in the middle of this year. Initially, I'm planning to rent and then buying a property. I'm interested in multi-family homes. But all the multi-family properties you can find around VA are really really old and expensive. Recently I watched a few videos where some people are building multifamily homes using a construction loan and renting.

I tried to find legal limitations in building a duplex in VA. But there are no clear-cut answers. Is it something possible in Richmond - VA?

Is it a good idea to build a duplex vs buying an old property with high maintenance cost?

Appreciate it if you can share your input.

Cheers,

#brrrr #duplex #multifamily #buying #building #renting #richmond #virginia 

[Amira Manley]

@Dahanayaka De Silva personally I don’t like to own old properties but it really depends on the condition and location too. Regarding building your own it’s really good idea however financing is kinda the key here cause most of builders will be very particular about who they work with and the type of financing cause they will need to get paid in phases and once they finish a part they need to get reimbursed and if the lender is slower or has complicated procedures that can delay your project. I’m a realtor and investor that builds in Hampton Roads area and Richmond. Feel free to contact me for questions and help