I am an investor living in California trying to utilize the BRRR strategy in Virginia. Specifically in the Lynchburg area. My reason for choosing Virginia is that I have family there and have helped family purchase a house there recently. Meaning I have started building some necessary relationships and have someone I trust in the area as well. I am seeking any and all advice regarding Virginia. How is it as a state in terms of tenant-landlord laws? Does anyone have experience owning rentals in the Lynchburg area or Virginia on a whole that could provide some direction or advice helpful to someone starting out in the area.
Rental Property Investor · Orlando, FL · Member since 2017 · 138 posts · 51 votes
7y
A good way to gauge a market or MSA is looking for employment and population trends. Are people and employers moving there? What the average increase/decrease of employment and population for the last 3-5 years? For employers check if one industry owns more than 20% of the entire job market there. For example, if a military base is the largest employer, what happens if that base moves or closes?
Once that is figured out, you can look into the demographics of the prospective tenants in Lynchburg. If they are mostly families, you'll want low crime areas and good school districts. If they're young workers, you'll probably want your rentals nearby transportation hubs, cafes, and restaurants. If they're older, maybe healthcare facilities are of greatest importance.
I think the most accurate place to understand landlord-tenant laws will be from the state government statutes. If it helps, this site provide an overview: https://www.nolo.com/legal-encyclopedia/overview-l.... I'd dig into the details after reading thru this site.
Rental Property Investor · Orlando, FL · Member since 2017 · 138 posts · 51 votes
7y
A good way to gauge a market or MSA is looking for employment and population trends. Are people and employers moving there? What the average increase/decrease of employment and population for the last 3-5 years? For employers check if one industry owns more than 20% of the entire job market there. For example, if a military base is the largest employer, what happens if that base moves or closes?
Once that is figured out, you can look into the demographics of the prospective tenants in Lynchburg. If they are mostly families, you'll want low crime areas and good school districts. If they're young workers, you'll probably want your rentals nearby transportation hubs, cafes, and restaurants. If they're older, maybe healthcare facilities are of greatest importance.
I think the most accurate place to understand landlord-tenant laws will be from the state government statutes. If it helps, this site provide an overview: https://www.nolo.com/legal-encyclopedia/overview-l.... I'd dig into the details after reading thru this site.
@Account Closed said in the most recent podcast episode, BRRR is investing with training wheels because I'm not leaving my money in the deal so regardless of what the market does my quality tenants I've found (by leveraging my brothers knowledge of the local demographics) will ultimately be helping me build equity and get some cashflow and good experience at the same time.
I see you're from Orlando I just attended a meet up in Los Angeles where a turn key provider with a resort called The Grove was presenting opportunities to purchase some vacation rental condo/ hotel rooms. That doesn't interest me as much as the idea of purchasing a single family home for a vacation rental in Orlando I assume you have some very good knowledge on that matter. I'm going to PM my contact info would love to connect!
Rental Property Investor · Catonsville MD · Member since 2015 · 136 posts · 44 votes
7y
We have been investing in Lynchburg for about 3 years...we love it. We are targeting the student population, buying condos and renting them our per room. We are buy and hold so our strategy is different however I think as a city to invest in Lynchburg is great..it is growing and Liberty University is just one of many employers (but it is huge and it is not going anywhere so it is driving massive growth) We look at other areas but we coming back to Lynchburg. I also think that one could do very well doing Airbnb in Lynchburg as there is always a huge need for part time housing and visitors accommodations, again, due to Liberty.
@Laura Tokgozoglu Thank you for the input! I love to hear that you are happy with Lynchburg. Being from a place like Los Angeles I was really taken aback by the beauty of Lynchburg and some of the surrounding areas when I visit my little brother out there. I too saw massive room for growth with the University and other large new employers its really a neat exciting place. I would love to connect sometime and get some more insight you can offer. Do you ever attend any of the local meet ups in Lynchburg?
Rental Property Investor · Catonsville MD · Member since 2015 · 136 posts · 44 votes
7y
Hi Michael,
I am glad that my input helped! Yes Lynchburg is a lovely town and getting better...they are revitalizing the downtown river front which is very exciting!
I dont attend any of the local meetups as I am in Maryland.
I've lived in Lynchburg for about the past seven years, and my brothers and I have made a career out of the real estate business. We own several properties here in Lynchburg, and have recently started using the BRRR technique on several of our rentals. It can be a slow process, as you'll be required to wait one full year before you can refinance, but so far we're seeing really good returns! For the most part we've been blessed with good tenants, but occasionally we'll have a headache or two. What kind of rental questions were you curious about? I'd be happy to connect/try and answer any questions you may have. Feel free to call or text me. 434-906-09 three three.
@Acree, Mark it’s great to hear you and your brothers are having success in real estate as a family business! That is my dream, I have 3 brothers myself and nothing would make me happier than if we could do what you guys are so that is awesome! I appreciate the offer for some tips and I will take you up on that as soon as I can work out a time to call you! I’ll pm you some contact info and we can work out a time. Thanks again!