Looking for Agent to find Multifamilies in Charlottesville

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Looking for Agent to find Multifamilies in Charlottesville

Account Closed
Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes

I'm looking for a real estate agent to help me find and purchase multifamily properties in Charlottesville, VA. Area codes 22903, 22901, 22904, and 22902.

If you know any, please reach out!

thanks,

Quin

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Shane Hedeen
Real Estate Agent · Saint Louis Park, MN · Member since 2015 · 213 posts · 82 votes
10y

Wish I had one for ya here. Hopefully someone else will see the thread and reply with a direct recommendation. Best of luck man! 

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  • Shane Hedeen
    Real Estate Agent · Saint Louis Park, MN · Member since 2015 · 213 posts · 82 votes
    10y

    @Account Closed, 

    It depends on the size of multi-family you're looking for, but one suggestion to find producing brokers. Head to loopnet (or a similar site), not for the deals themselves, but to see who is representing them in your area if they are Charlottesville. Chances are, you will find a handful of people representing most of the deals, and that can be a place to start if you were looking for someone on commercial side of things. A primarily residential agent could help you with it, but if it's not what they do regularly it may not be your best bet to help actually find deals. 

    You could use a similar strategy in small multi-family realm, to look through properties active on market and see who's representing listing side. I can't say I know your market in the least, but usually there are a few people who keep showing up with a handful they are representing. 

    This would take some due diligence on your end to interview some people and get a good feel, but it's probably one of the best ways (minus a direct referral on here) that you can get in touch with some active agents. 

    Best of luck! 

    1Reply
  • Account Closed
    OP
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    10y

    Thanks, @Shane Hedeen

    I'm working on just that. Loopnet is very useful, thanks for the recommendation!

    I'm currently out of town and was hoping for that direct referral. Looks like I'll have to keep looking.

    thanks again,

    Quin

    1Reply
  • Shane Hedeen
    Real Estate Agent · Saint Louis Park, MN · Member since 2015 · 213 posts · 82 votes
    10y

    Wish I had one for ya here. Hopefully someone else will see the thread and reply with a direct recommendation. Best of luck man! 

    1Reply
  • Robin Wallace
    Real Estate Agent · Fishersville, VA · Member since 2016 · 1 post · 1 vote
    10y

    Hi Quin- I'm a licensed agent in Virginia. I'm based in Fishersville, which is about 25 mins away from Charlottesville. I've done quite a few deals in Charlottesville and am a member of CAAR (Charlottesville-Albemarle Association of Realtors) and have access to CAAR's MLS. If you're still looking for an agent to help you, let me know!

    1Reply
  • Tom Fisher
    Rental Property Investor · Charlottesville, VA · Member since 2016 · 48 posts · 39 votes
    10y

    Quin,  Hi.  Im an investor in Ch-ville looking at SFRs and have lived here off and on since the 90s.   You want to talk to Roger Voisinet  with RE Max.   He's a top real-estate agent there (mine) and an investor himself, in a variety of property types

    Feel free to contact me with any questions.

    Best,

    Tom

    1Reply
  • Mike Dittman
    Rainmaker · Naples, NY · Member since 2016 · 14 posts · 3 votes
    10y

    Hey Quinn,

    What size / price range are you looking for? Re-position property or not? 

    Mike

    0Reply
  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    10y

    Hey @Account Closed !  Charlottesville is an excellent place for multi-family.  Finding multi-families for sale is the trick.  I purchased one about 2 year ago and its been a cashflow happy purchase.

    Lan Smith with ReMax is who I use.  Excellent agent at good friend.  www.forsaleincharlottesville.com 

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  • Account Closed
    OP
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    10y

    Hey Mike,

    I don't have the experience or knowledge to reposition.

    What I'm looking for now is something that I can learn as I go with. I don't need a ton of cash flow, just something that will break even that I can learn from.

    Just trying to take that first leap so I have some perspective for the next deal.

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  • Account Closed
    OP
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    10y

    Thanks so much, @Aaron Howell!

    The multi-family you bought- do you rent it to students?

    0Reply
  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    10y

    Yes.  The upstairs has been students all along and the downstairs is currently rented by a nurse from UVA and was rented by a student previously.

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    1Reply
  • Account Closed
    Investor · VA · Member since 2015 · 19 posts · 4 votes
    10y

    To each their own but reading the latest market report-

    https://www.charlottesvillesolutions.com/category/...

    Charlottesville real estate is very hot at the moment.  3.3 months supply, 12 average DOM and new bandit signs put up and removed almost daily in the city.

    I own RE here and it's a great place to be but personally, I think it's a terrible time in the local market cycle to be shopping.  I'm looking farther afield right now for purchases and waiting a few years to come back to Charlottesville for buys.  

    1Reply
  • Chris Lounsbury
    Real Estate Agent · Rock Hill, SC · Member since 2014 · 86 posts · 46 votes
    10y

    Hey @Account Closed in that the market is very hot right now directly inside Charlottesville.  I would extend your reach to some other smaller areas outside the city and you will definitely find some deals.  I'm currently working on a project in Waynesboro and have found some other great small MFH in Staunton, Harrisonburg, etc.  

    If C'ville is where your heart is at though don't let me tell you otherwise. I'm sure you can find something with some extra effort and all the more power to you if you do.  Good luck and if you ever want to connect feel free to reach out.

    1Reply
  • Account Closed
    OP
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    10y

    Hey thanks @Chris Lounsbury

    I grew up in Fishersville and know that area pretty well. I just recently had lunch with the Staunton city manager- are you aware of the upcoming projects at the 81/64 intersection?

    I totally agree with both of you though- Charlottesville is in a bad spot. None of the deals make sense.

    However, I need to rent in or around Cville until I graduate, and thought it would be much better to house hack while I'm there.

    I'd hate to have to commute to school, but it might be a much better option.

    thanks again guys!

    0Reply
  • Chris K.
    Investor · Charlottesville, VA · Member since 2015 · 19 posts · 6 votes
    10y

    Although I imagine the potential value is greater outside of Charlottesville, isn't the demand far less?  The prices look right, but I'm worried about long stretches of vacancies in some of those areas (I'll admit I am less familiar with them).

    1Reply
  • Account Closed
    OP
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    10y

    That's true.

    Rent demand in Charlottesville is huge.

    Many of the closer properties never go vacant, and the student rental season is in OCTOBER for the NEXT YEAR.

    I just signed for an apartment this Spring, but if I want to keep it for the 2017-2018 school year, I have to sign THIS MONTH.

    Of course, that's just the student market- the lower income areas further east are different.

    0Reply
  • Jake Johnson
    Property Manager · Charlottesville, VA · Member since 2019 · 30 posts · 18 votes
    4y

    Charlottesville is an excellent market for multifamily. Rents are going through the roof right now. Connect with Jamie White Real Estate. He is the best in Charlottesville and has his ear to the ground. He will know of something or be able to connect you with some other players. Most of our multifamily owners found their properties on loop net. 

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