Just getting started in Richmond, VA

5 Replies

Hi Everyone!!

I'm Laurie and just joined BP to get some information on getting started in real estate investing. I'm still a little bit out in order to get more money to get started, but feel like I should gather as much information as possible before then. 

I purchased my first personal home in 2012 and sold it earlier this year. It was a foreclosure that allowed me to do some (mainly cosmetic) upgrades and sell for a profit. I just purchased my second home a few months ago. While I'm in a similar situation with it being a foreclosure that has some minor upgrade potential, I'm not in love with the house and starting to regret tying up a lot of cash in it. I'm toying with the idea of doing the fixes/upgrades and sell it in the spring to find a multi-family to live in while renting out the other units. 

I love the idea of finding a flip too-- one of my favorite parts of the old house was seeing where it came from and what I made it look like. I've looked at a couple places in Richmond that are in my current price range (with what I can get a mortgage on), but they are in not great areas and need more work than I could do myself. Ultimately, I'd like to get to the point with investing where I don't need to have a full-time corporate job.

I look forward to meeting people on here and gaining the knowledge to become a very successful investor. 

Thanks!!

Welcome Laurie!  

You definitely came to the right place to find information.  This site is packed with info.  Sometimes even too much lol.  

Congrats on getting that first house sold for a profit, even if your intention wasn't to flip the house, you were able to gain some real hands on experience and learn the benefits, and pit falls of REI.

While you're learning and saving up for your first true investment property I would suggest analyzing deals all the time, even if you can't buy them.  That way when you are finally ready you will have a ton of experience looking into the numbers and will know immediately when that deal comes to your attention.  Brandon Turner suggests analyzing three a day.  

Anyways, good luck from a fellow Virginian Investor.  Feel free to reach out with any questions and I will do my best to assist!

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Hey Laurie,

Welcome! Good to see another Richmond-area investor here. Congrats on the success with the first house. 

My wife and I are looking for a rental property in the area this fall. We have a rental in DC and also run an AirBnB here in Richmond, but this would be our first buy and hold property in the area. Bigger Pockets has been great. Another good resource we've found for networking is the RVA REIA group, which you can find by searching Meetup. They have meetings at least once a month.

Are both of the houses you bought in the Mechanicsville area? Are you looking in the city now? Best of luck!

@Chris Lounsbury   Thanks! I actually grew up just north of Charlottesville-- I love that area and would love to come back some day.

@Dave Visaya Thanks for the welcome!

@Kenny Fletcher Thanks for the advice! I'll have to check out both. My first house was in Glen Allen near Virginia Center Commons. I was looking in the city for this second one, but it was definitely a seller's market and I wasn't impressed with what I got for my money. I work downtown so I'd love to be close enough to bike to work. My goal is to find a multi-family in Church Hill.

Welcome Laurie

Congrats on your flip. Church Hill is a great area, and likely to become even more popular with Stone having its operations in the area, which will likely attract even more services to the near east end. Deals in Church Hill are tough to find, unless they need significant work. 

Wish you all the best!

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