New Investor in Richmond
Hello BP Community!
My name is Tom and I just recently moved to Richmond last year. Have been renting for too long and am finally looking to purchase an investment property.
A little background on myself is I have worked in the construction industry for ~10 years and 2 years ago started a residential construction company in Chicago. With that I’ve gained a lot of experience in renovations as well as working with lenders and different types of financing. However, I would now like to jump into it myself and would love some advice either in general or on the Richmond area.
At this time I would love to find something in need of a cosmetic rehab with intention to either flip or rent out to tenants. My biggest concern is if this is a bad time to start with the current market?
Appreciate any and all advice! Thanks in advance.
Hi @Thomas Zidron, I would say that now is not a bad time to start. There is still low inventory, there is still bidding wars. The market should start to open up in the summer so that will have more options for you to get in the game. Worst case scenario, the market has a correction.
Even if it drops 10%, because you are implementing a rehab strategy, you will still have equity in the property.
Your biggest issue will likely be finding a good property.
Hope this helps! Let me know if I can be of any assistance.
Hey @Thomas Zidron!
Welcome to Richmond! This can be a great city and surrounding area for what you're looking to do. Your price point will probably dictate your geographic search parameters.
The market has been crazy as I'm sure you've heard, but not impossible. With good timing, savvy offer writing, and a willingness to work, great deals can still be had. I just helped a first time home buyer close on a great tri-level that needs cosmetic work. He was able to buy it with $20k in instant equity - not bad for the hottest market in recent history!
I'd be happy to hop on a call to discuss more and see if I can help. I've helped several investors locate rentals, house hacks, duplexes, etc.
Richmond has quite a bit to offer and it all depends on which strategy you want to deploy. Do you think you are more interested in Single Family or Multi-Family?
It’s hard to say whether it’s a good time to buy or not. It’s always situational, so a more in depth look into your goals and game plan is the best place to start.
There are lots of value add opportunities in Richmond. I would say that once you get good grasp of the different areas of Richmond then you will be able to make a decision more easily. The main thing I would focus on is connecting with a few agents, like myself, that have off market inventory. Get a few good agents on your side that want to add value and provide resources. Looking forward to seeing how you help the city!
-
Real Estate Agent Virginia (#0225258885)
- Jordan Scroggins at Exit First Realty
It’s nice to have you on Bigger Pockets!
Make sure you check out all that this site has to offer.
There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro
@Thomas Zidron Hey man! Definitely recommend getting around some fellow investors in the Richmond area. There’s definitely a lot of good people here that support one other. Deal finding can be competitive but they’re still out there so just have to stick with it. 1000% recommend attending Richmond RING which I’d say is the best meetup here where you get around 100ish people that attend with all levels of experience. Great group!
I also run a golf group with fellow investors here if you (or anyone else) golfs, let me know!