Hello everyone, I'm an engineer in Richmond Virginia. I have some investment experience in stocks and cryptocurrencies but the volatility and risk involved in both have motivated me to look for other ways to invest, so for the past 6 months to a year I've been looking into various options. Real estate has always interested me but in the past I've always had the mindset of , "I just don't have the capital yet"... After stumbling across the podcast in the recommended section of youtube I have been going through 10-15 podcasts a week and reading a lot on the website. I would love to connect with people in Virginia that have experience in BRRRR or multi family properties, so far I haven't seen many people on the forums from my area but I'm sure you have to be out there!
I have to respectfully disagree regarding a primary residence. By your photo you appear relatively young (myself being 38). Having purchased a primary residence first which then became a rental, I'd suggest only buying a primary if you can house hack to live for free, otherwise keep your personal expenses as low as possible to save up for a rental. There are quite a few 4plexes in Carytown that you could purchase on a primary residence loan, though I'm not a Richmond resident and am not current on pricing. Hope that helps.
@Bobby Montagne I have considered it but i'm more interested in the business side and possibility for financial freedom that owing my own properties can provide.
@Brandon L. Thank you for the detail. I apologize for the delayed response, I was traveling for work and moving apartments over the past couple weeks so now that I'm settled in all of my free time will go back into learning all that I can.
I would certainly be interested in chatting with you in the near future. As I mentioned before I just signed a lease for another year but I would like to try and get started in some way before my current lease ends. I'm currently considering taking on something small in my hometown of Mathews Virginia because I know local contractors there that are friends of my parents, my dads best friend owns multiple rental properties in the area so i plan to pick his brain before I close on anything and its also what im most familiar with/ is in a good school district and is one of the cheaper areas in Virginia to live in as long as its not on the water.
All that being said I would definitely like to hear from experienced people that I dont know to get an unbiased opinion/ outside look on things...
Would you be available anytime soon? I know its difficult this time of year with the holidays but even a 10 minute conversation would be great!
@Bobby Montagne, I've heard of that strategy, but haven't looked into it much. Where could I learn more about that? Is there a threshold amount that you have to lend? What does it look like from the other side (what if I wanted to borrow)?
@Matthew Thomas, I bought in North Chesterfield. I'm still 10 minutes or so from the fan/museum district and 15 from Scott's Addition. Most of the homes in these more desirable areas with the same # of bedrooms, bathrooms, and similar square footage were double what I paid, but rents certainly didn't double.