new member, southwest Virginia

17 Replies

Hello, I'm looking to connect with people around the NRV southwest Virginia area for advice.  My wife and I have rented out a 2 bedroom home near Radford University for the past 8 years and are looking to buy another property in the area.  Both of us work at Virginia Tech.  While there is a lot of growth happening around Blacksburg/Christiansburg, we're a bit uncertain of the areas outside that.  I'm curious what people here think about the potential for real estate in the areas of the NRV and Roanoke.

Craig, 

As a Hokie alum from the 90s, the growth around Bburg/Cburg has been extraordinary. Last time I was there, I met several Class A & Class B 100+ unit managers and they were very positive on the market but their one concern was market saturation. 

As a small scale investor, I would argue the safest bet for the Mom & Pop investors like us is the standard single family rental property. The 3BR/2BA 1500sqft starter homes would be perfect investments b/c both young and old college educated professional families generally want to avoid apartment complexes in my experience. Nothing wrong with them, but they don't like to share their walls with others. 

I don't follow NRV & Roanoke as much as I used to, but Bburg/Cburg has an urban sprawl situation happening, so anything along the commuting corridors into VT would be a good starting point. 

Matt nailed it. There IS an over saturation in the apartment/condo sector, and SFH is a great way to go because it appeals to a broad section of the buyer market. Renters of all shapes and sizes will adjust to be in the SFH property, versus apartments/condos typically appealing primarily to the undergrad renter and that’s it.

I love this stuff, Craig - happy to talk more, if you’d like.

Hey guys. I live in Wytheville and was kind of wondering the same thing. Not a whole lot going on here comparatively, but like anywhere else, there is still potential. I've been thinking of looking for more properties toward Blacksburg as well, but was also concerned about oversaturation. Also, I haven't yet connected with any other BP members in the area. This post is actually the first sign of life I've seen in SWVA.

Yea, @Jason Grimm , it's definitely a quiet bunch here. Not an inactive bunch, but not a lot of conversation here on BP. Happy to talk shop with anyone, however - I love this stuff, and talking with like-minded folks. My wife and I are having a baby  in the next few weeks so I've been put on an investing embargo, but talking shop scratches the itch!

Awesome! Congratulations to your growing family! My wife and I are expecting as well, and our due date is actually tomorrow! But in all likelihood, the baby will be a few days late. I'm super busy with work and normal life stuff, so I'm not on BP that often. But I listen to the podcasts every chance I get. Happy to talk shop and/or daydream with you though.

@Jeremy Hart Congrats on the growing family!

@Jason Grimm In my area of SWVA, we've seen significant price appreciation and doesn't look to slow down anytime soon. IMO, interest rates might be our greatest headwind coupled with rising home prices. 

The economic growth of the Tri-Cities economy has some spillover, so quaint little Abingdon area has seen a notable boost. Very little new construction as well, so if you're looking for buy2rent properties with/without rehab, you could do pretty well b/c our inventory of HGTV-ish rentals is pretty low. 

I'm just waiting for paperwork to clear for my new agent license, so if you want to talk numbers, just let me know. 

Hi, Matt. Thanks for the add. I too am awaiting licensure. It's been a back-burner dream for about 12 years or so and, per my wife's suggestion, I wanted to get that out of the way before the baby came. I actually a property in Greeneville, TN that I'm working on getting refinanced. It's just taking forever because I rented it to the wrong folks last time and now am having to fix all the mess they so graciously left me. But we'll get there.

Hello all, I'm still following along.  There were two properties in Christiansburg recently--- two weeks ago a fourplex, and three months ago a duplex.  Each had contracts within a few days after listing.  Just too much competition, so I'm happy to sit things out for a while.  The other option I've been looking at has been to contact owners of dilapidated properties in good neighborhoods. 

Jason Grimm--- I don't know Pulaski or Wytheville, but you might want to contact Virginia Reasor from the BiggerPockets group.  She has a rental house in each and we've sent some messages back and forth.

Yea, that quadplex had definite upside; the rents were low, and there was some forced appreciation out of that. I took a look at it a few months ago and should have pulled the trigger - shoulda coulda woulda.

We're in step three of a four step real estate cycle, so if you can hold tight, there will be some opportunities. I sometimes get a little jealous of other markets in the country, as there are true "deals", and we don't always see those in this part of the state. That said, when the market got bad, it wasn't terrible here ... life is all about balance, right?

Hello regional family!

@Jeremy Hart & @Jason Grimm Congratulations on the new additions. Enjoy the ride! Our guy is 4 now, but I kinda remember those first 6 months. A beautiful blur it was.

I have been wanting to get involved with rei for a while but am just now at a place where I'm going to be able to sink my teeth in. I'm wanting to start out close to home with my first investment, but Floyd is a bit of a tough spot. Harder to find a brrr here. Most sfh are priced too high relative to the rents they could get. Rentals are in high demand, but more for the $4-500 unit. 

Definitely find myself looking to Roanoke and the cburg/bburg area mls for properties.  @Matt Castle , may now peak at Abingdon a little, too. 

Glad to have stumbled upon this thread. 

Nate

Hello everyone! I'm so happy to see activity from this area! I've considered going to the REI meet ups in Roanoke but it's a bit of a drive for me on a weeknight.

I’ve actually just started a group on Facebook called NRV Real Estate Investors. I’m the only member so far so would love for you all to join and invite anyone else who may be interested. https://m.facebook.com/groups/1898767110212615

As for deals in the area, I think it’s pretty slow right now. I was really interested in the quadplex in cburg but didn’t act fast enough. 

Hey everyone!! I'm also in the same area and looking for my first rental/BRRR. All the multifamily properties definitely go fast. Does anyone use a management company around here that you could recommend? I'm not sure I have the time to self-manage.

It's crazy how many apartment complexes have gone up in Blacksburg in the last few years! Definitely plenty of those.

I'm looking for something in 60-120k range depending on how much work it needs, if anyone sees something interesting! 

@Dana Spencer IMO, Aaron Harris and Pointe West Management are the absolute best property managers around. So good, in fact, that when she left an adjacent area several years ago, I sold my property there because I knew there was no one else that would manage them as well as she had. That move allowed her to refocus, and me to diversify into something I'd originally wanted, anyhow.