New guy in Richmond, VA

14 Replies

Hey everyone!

I recently stumbled upon Bigger Pockets through some random web searches on real estate, and decided to jump in after seeing BP articles come up over and over again. I'm still fairly new to the site, although I've already read through a ton of content and listened to a lot of the podcasts. I actually live in Charlottesville and drive to Richmond everyday for work, so those that know the area know that I have a lot of time to catch up on the podcasts. I am likely looking to move (with my wife) to Richmond sometime in the next 3-6 months.

I am totally new to the REI game, but see a lot of potential in real estate as a long-term wealth builder. For now, I am trying to absorb all of the info I can, but am probably not in the position to buy an investment-only property. My first step will likely be to buy our first home to live in for a couple of years while improving it so that we have the option to sell, rent, or stay (and look for another investment property).

Ideally, I would find an agent in the area that really understands real estate investing, since I want to find a place that is good for my wife and I to live in for now but would also be a sound investment if we decide to go that route. Any recommendations would be appreciated!

Thanks in advance for anyone who takes the time to read and/or respond!

@Jason King welcome to BP and RVA.

I believe as you learn more here on the site- and by reading "The Book on Investing in Real Estate with No and Low Money Down" by @Brandon Turner you will realize you are not as limited as you think in your ability to acquire your first investment property.

Stay persistent and take action. Those are the keys. Feel free to contact me anytime.

Welcome! Since you are looking at buying a home in the Richmond area you have opportunity as an owner-occupant that the investors don't have. The homes on hudhomestore.com are also on the MLS, but for the first couple of weeks that homes are listed for sale by HUD they are only available to people who will live in them. I've seen some really nice deals come through that are HUD homes. Best of luck! If you are in the area on Thursday evenings check out the meetup site for the real estate related meetup groups such as REIA and RING. Both happen to meet on a Thursday night each month.

Hope to see you at one of the meetings soon. Another site with similar restricted periods for owner-occupants is www.homepath.com. That's the Fannie Mae site. If you work with someone like @Jon Deavers they can give you tips on the values in various parts of Richmond. As with most medium size cities it's a diverse market. And you can also get some insights from folks at the REIA/RING meetings.

Welcome to BP @Jason King , and Richmond REI for that matter! Great group of folks here both BP and Richmond. As Shera mentioned, definitely take advantage starting off as an owner-occupant investor to get yourself some good deal. And agree with Dan, make sure you take actions!

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