Investing in Virginia
Anyone here investing in Northern, Glen Allen or Richmond area of Virginia? How is the market there and your experience? I'm a newbie looking to invest out-of-state and researching these areas for buy and hold. Please share your experience.
@Stacey Parker-Herman Hi Stacey. Northern Virginia is a very strong real estate market and has only gotten stronger in recent weeks with the Amazon HQ announcement. Prices in the area are very high and make cash flow numbers on an investment difficult to maneuver. While cash flow is generally less in “Nova”, it’s a market that is one of the most recession proof in the country because of the number of quality jobs in the area. Appreciation is historically strong here.
Hi @Account Closed -- there is a very active investor community here in the Richmond area. As with most urban areas there is a wide variety of neighborhoods within a 25 mile radius. Tools like rentometer.com can be very useful (I use it every time I want to analyze a potential buy & hold here). However, you need to look at the detail, not just the average because in some sections properties within a half mile of each other can rent from $800 to $1400. You will find lower priced properties in Hopewell and Petersburg just south of Richmond but the rents are lower and the properties can be in VERY bad condition. Do you have anyone local to be your "boots on the ground"? I think that will be very important in this market. Good luck! Send me a PM if you want to discuss further sometime.
@Ryan Koehler Thanks for your response. I'll definitely not pursue anything in NOVA. Since I'm just started out in investing, I'm looking for lower cost properties that cashflow well. Seems Glen Allen and Richmond have better prices, so I'll focus my research in those areas.
@Shera Gregory I did notice the difference in prices within just a short distance and its a huge difference. Yep, Petersburg and Hopewell didn't appeal to me at all. I'll definitely will continue my research of Richmond. I do know people there as well and I plan to go there for a few days next month. So, I'll definitely check out some of the areas then. I'd love to chat with you further...sending you an IM.
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#4 New Member Introductions Contributor
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@Account Closed the market in Northen Virginia is great. One of the highlights being the Amazon HQ that has recently been confirmed for the Arlington area. There are other companies that are scheduled to move in as well but Amazon takes the spotlight because of their name.
I recently closed on a property in close proximity and left closing with a check. Don't let anyone tell you there is not affordable investments in the area.
If you have any questions let me know.