New Investor Looking to Start in ROANOKE, VA- Good or bad idea?

Question

Hi There! I am completely new to real estate investing and just became a pro member on the bigger pockets website. I have read many books, listed to many blogs, and am ready to purchase my first investment. I have Virginia roots but am based in Colorado. I am a mountain girl and have seen the small mountain towns in Colorado blow up the past several years. I have been to Roanoke several times and see it as an up and coming Mountain town in Appalachia. And real estate is so much more affordable there compared to Colorado. I think it could be a promising area but still uncertain as this is all new to me.

Anyone out there experienced in Roanoke real estate investing? Any thoughts for a first time investor in the area?

Thanks so much!

Anyone out there experienced in Roanoke real estate investing?  Any thoughts for a first time investor in the area?

Thanks so much!

Cel Arrington · Answer

@Kelley Webber I'm relatively new to the REI world, but have been in and out of the Roanoke area my entire life. I have 6 doors in ROA now.  I'm not having much trouble still finding solid deals around here, and agree with what's been said about cashflow being pretty strong/stable in exchange for less appreciation than other metropolitan areas.  Also willing to help out with knowledge of the area.

@Dustin Morris You seem like someone I'd love to get to know in the area!  We should grab lunch or coffee sometime soon.  I live over in grandin village.

@Neil Seldomridge There are two REI meetups that I know about

- One happens every tuesday at Jersey Lily's in Salem, this is a long-standing meetup.  People that regularly show up are anywhere from brand new to multi-hundred door investors, so solid mix of people.  I've gathered that these meetups tend to be a bit more focused on landlording, but I know they try to cover everything over time.

- There is a newer BP meetup that happens on the last Wednesday of every month at Twisted Tracks - 6:00 PM.  You (and anyone else reading this) should definitely come!  Solid turnout of people with very similar goals/mindset.

Bryan Cox · Answer

hey @Neil Seldomridge, yes, matter of fact we do a investor meetup the last Wednesday of the month starting around 6 PM, at Twisted Track Brewery in Roanoke on Shenandoah.  We just had one June 29, next one will be July 27 and so on.  Crowds have varied in size, the meetup was started in the early stages of 2022.  Its not super structured or anything like that, just a bunch of people with similar interests meeting up for a drink and some convo about real estate.  If you are in town you are more than welcome to attend!

Dustin Morris · Answer

@Codie Sanquintin

Thanks for reaching out in the Roanoke area I highly recommend Hometown Holdings for Property management services. Property management covers Southwest VA and works with a lot of investors covering Roanoke, Martinsville, Danville, Tazewell, and growing in other areas about 1500 doors under management.

Happy to discuss other recommendations with you further as well! I sent you a PM

Thanks,

Dustin

Jake Jernigan · Answer

Kelley,

I have been investing in Roanoke since 2017, it has been a strong rental market (not as much for appreciation in the rental areas). There are some good and bad areas, my best advice for where you are at in your investing career is to start reviewing properties and making deals. Let me know if you have any questions about the area I can help with.

Cel Arrington · Answer

@Neil Seldomridge it is going on and it is every Tuesday at 6:30 PM.  I won't catch you this week myself, but I hope to attend one in the next week or two!

Robert King · Answer

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Greg Weik · Answer

@Kelley Webber I'm in CO and also have VA roots (NoVA/Falls Church) but I'm curious as to why you would not try to invest in CO?  Yes, it is more expensive.  If budget precludes investing in CO, then I understand, but many parts of CO have (and likely will continue to have) very strong appreciation.  Plus, it's a local investment and easier for you to manage.

Appreciation of an expensive property builds wealth faster than appreciation of less-expensive properties.  10% on a $500k house is $50k.  That same market, 10% on a $200k house is only $20k.

Neil Seldomridge · Answer

Hey @Cel Arrington, to circle back on this, my wife and I have moved to Roanoke since our last conversation and I'm planning to start attending meetups.  Do you know if the Tuesday meeting at Jersey Lily's is still going on and if so, what time it is?

Codie Sanquintin · Answer

Dustin,

I recently purchased a property in Roanoke, VA and am looking to hire a property manager in the area.  It is a potential 3 unit property with one unit being rented out until November.  I am planning on rennovating the vacant property and rent prior to the other being vacant.

What property manager companies do you reccomend as well as any trades (roofing, electric, plumbing) in the area.  Thank you for your time.

Codie

New Investor Looking to Start in ROANOKE, VA- Good or bad idea?

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