New Buyer in Richmond, VA

[Geoff Bishop]

Hello Richmonders.

I am brand new to BP and soaking up info as fast as I can. I'm looking to get into a multi-family property, stop paying rent, and start collecting it. I've lived here for a couple of years, so I know a little about the city, but don't know where to find good deals, or how to quickly weed out properties that won't cash flow.

Would like to meet those who know how to efficiently find deals and/or rehab properties for a fixed (guaranteed) cost. I'm eager to buy something, but at the same time, want my first deal to be a smart one.

[Daniel Harnsberger]

@Geoff Bishop

A few of ideas from a fellow Richmonder.

-Call different brokerages and ask if they have any realtors who do any kind of volume in multi-family or work with investors.

-Have a realtor set up an account for you that will give you email alerts anytime a new multi-family property comes on the market, or experiences a price drop.  From there, run the numbers in the BP calculator for rental properties.

-Call some of the larger property management companies and ask them if they have anyone who owns multi-family properties and are looking to sell.  Incentivize them by telling them (of course follow through with this as well) that you will maintain their services for a minimum period of time (you wouldn't want to obligate yourself but for so long if you do not like how they perform).

Hope this helps.