Looking to get starting with rental property investing

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Looking to get starting with rental property investing

Brandon Eike
Member since 2024 · 3 posts · 1 vote

Hello everyone! I am looking to get started with investing in rental properties. I am considering small multi family homes or single family homes. I am currently try to find my first deal and would love all the help I can get. Thanks!

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Jaycee GreenePro Member
Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
1y

@Brandon Eike, on an investment property, most lenders will max out their loan at 75% LTV, which doesn't cover transaction costs, which are usually 5%-8% of the purchase price. And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home.... I'd estimate you'd need to rent it for $1,900. Happy to answer any questions.

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  • Savannah Holzer
    Lender · Austin, TX · Member since 2023 · 233 posts · 96 votes
    1y

    Hey Brandon - are you thinking of more rent ready or fixer upper? Also which markets are you looking at?

    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Hey @Brandon Eike, welcome to the BP Forum! What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"? 


    Do you have a city/market in mind for these investments? The first thing I'd recommend is focus on a market where you either 1) currently or have previously lived, 2) have family/friends that live there, or 3) travel to/vacation there frequently.

    [email protected]
    0Reply
  • Brandon Eike
    OP
    Member since 2024 · 3 posts · 1 vote
    1y
    Quote from @Savannah Holzer:

    Hey Brandon - are you thinking of more rent ready or fixer upper? Also which markets are you looking at?


    I am looking for more of a rent ready property in Richmond, VA and surrounding areas.

    0Reply
  • Brandon Eike
    OP
    Member since 2024 · 3 posts · 1 vote
    1y
    Quote from @Jaycee Greene:

    Hey @Brandon Eike, welcome to the BP Forum! What is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"? 


    Do you have a city/market in mind for these investments? The first thing I'd recommend is focus on a market where you either 1) currently or have previously lived, 2) have family/friends that live there, or 3) travel to/vacation there frequently.


    I have about 75k waiting to put down on a turn key property in Richmond, VA.

    0Reply
  • Tom S.
    Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
    1y

    @Brandon Eike  That's a decent amount to put down.  Have you gotten pre-approved with a lender?  Or working with a real estate agent yet?  I can't speak to Richmond, but when I started out I was able to get referrals to a good agent from a real estate investor group in my area.  The agent in turn also knew good lenders that worked with investors, so that's a good starting point.

    Good luck!

    1Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    @Brandon Eike, on an investment property, most lenders will max out their loan at 75% LTV, which doesn't cover transaction costs, which are usually 5%-8% of the purchase price. And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home.... I'd estimate you'd need to rent it for $1,900. Happy to answer any questions.

    [email protected]
    2Reply
  • Brandon Tusing
    Real Estate Agent · Richmond, VA · Member since 2021 · 18 posts · 17 votes
    1y

    Hey Brandon, 

    I am an agent here in Richmond, VA and would love to help you get started!

    1Reply
  • Austin JonesPro Member
    Realtor · Richmond VA · Member since 2023 · 48 posts · 17 votes
    1y

    Hey Brandon, I help different investors around Richmond do exactly what you're trying to do. Feel free to reach out if you have any questions or need advice. 

    0Reply
  • Nico Ericksen-DerisoBusiness Member
    Real Estate Agent · Richmond, VA · Member since 2024 · 13 posts · 0 votes
    1y

    Richmond is a great place for first-time investors to start to build their portfolio. Happy to help answer any questions you might have about the Richmond market.

    [email protected]303-502-6658
    Nico Ericksen-Deriso - River City Real Estate Co, brokered by eXp Realty515 Reviews
    WebsiteView Page
    0Reply
  • Julian De la Guardia
    Member since 2024 · 10 posts · 15 votes
    1y

    Hey @Brandon Eike, welcome to the BP Forum! Is there a target cap rate you are going for?

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1y

    @Brandon Eike

    From my experience, finding your first deal starts with clearly defining your goals and thoroughly learning the market. I used tools like BiggerPockets to analyze deals weekly, and building a reliable team and networking with experienced investors helped me gain confidence. Starting small with solid fundamentals and not waiting for the "perfect" deal was key to getting started. Podcasts, books, and forums like BiggerPockets were invaluable, and when the right deal came along, I leaped and you can too!

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
    WebsiteView Page
    1Reply
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