New Member from Richmond, Va

17 Replies

New member in Richmond, VA, who just moved here last year from Northern Virginia where I spent the last 12 years, but am enjoying the Central Virginia area much more.

Currently own 11 residential rental properties; 2 TH's in NoVA, and a slumlord of 9 properties outside of Atlanta, GA.

Also have the potential to developer/build up to 4 homes on a 20ac plot in So Cal, 2hrs north of LA in the town of Tehachapi, CA.

Looking forward to hopefully discovering financing options for future purchasing, transitioning to multi-unit properties, commercial real estate, and potentially becoming a builder/developer.

-Steve

Hi Carson,

  My NoVa properties are in Gainesville, not too far from you. 

RVA is a different market, and there seems to be a heavy volume of 'flippers', although quality is crap. I'm learning the area is a good buy-and-hold (pretty good rental market) or if you have deeper pockets, downtown Richmond has potential as well. Due to the historic nature of the RVA, there are quite a few areas with multi-unit properties with great rental demand, even outside of VCU clientele.

Welcome Steve,

I'm in Richmond and your assessment is correct about our market.  Inventory is low if your looking for those knockout flip deals but there are still some good deals - you just have to work for em. Hope to work with you sometime. Welcome again!

Daniel, I will be in touch. I'd like to see what kind of flip opportunities are available in the RVA. I think I will continue to buy-and-hold in NoVa, but accumulating capitol in RVA would be great and good experience. 

Welcome!  Richmond is a strong market right now, inventory is low and the cost of properties is increasing, although it is a pretty even market with the cost to acquire and the cost to buy both moving up in tandem.  The rental side i think is below avg, it certainly isn't like the Midwest, cash flow opportunities are few and far between and there is nothing cheap near vcu anymore.  There are a lot of investors and flippers in the market here, I would disagree with the "crap" assessment above.  The RIEA is great and very active and I would recommend it.  Good luck and I would be happy to help you with any thing I can.

@Steve Sterne

Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Originally posted by @Account Closed :

@Steve Sterne

 Welcome to RVA! It sounds like you have a solid history and I'm sure you'll find success here.

Did you buy your properties in Georgia while you were living in NoVA?

I did. I lucked out; my uncle in the area is an investor/agent and my cousin runs a property management company. The catch to 'slumlording' is the high turn-over rate and piss-poor condition the property is left in majority of the time. If I had to do it again, I would have invested that money in a TH in the NoVa area!

Hello Steve ... my wife & I are beginning investors in the RVA area looking for our first property.  I just joined BP and am already impressed by the content and info here.  If you know of any opportunities where we may work together, I'd be happy to help in some capacity.  Our goal is to create legacy wealth for our son and financial independence for the family. 

@Steve Stern

I am just starting in real estate and have been looking at properties in RVA. It seems like there are a lot of great deals and much lower costs to enter the market than in the DC area.

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