I'm currently trying in start investing in Fredericksburg or Stafford Virginia area. The problem is I'm looking to obtain a rental property but none are passing the 1% nor the cash on cash ROI test. Most returns are 6% or less. What is the best method to real estate investing in areas where homes are expensive with little or no deals out there. Please Help!!
If you're looking on the MLS, it's going to be really tough right now. The key is to get off-market deal flow. Get in with wholesalers, build relationships with brokers, etc. You'll probably have to do some work on any property you get off market.
You can meet wholesalers at local meetups and networking events, primarily. Many are also active online.
Hello Rickey, I would advise you to not rush into any deal that does not give you adequate return on your capital. it`s great that you are not falling in love with the real estate but focusing on the numbers. If you have to invest in your area I would advise you to get a really good agent and try and get good off market deals with built in equity or you might want to look at investing outside of your current location where the numbers work better. Best of luck
@Taylor L. Could you advise me on how to find out about local meetups and networking events? Would love to find off market deals but not sure how to get in the inner circle
@Jacob Jones Meetup.com is very popular. I believe there's a meetup in Charlottesville. We have a bunch here in Richmond. The way to get in is to build relationships with people, close deals, and be in it for the long haul. First step is to find them and start going!