What areas are you fix and flip investors in the Richmond and Norfolk area looking to invest.
I invest mostly in area 10 in richmond.
Ok, thanks for your reply and info.
Matt, where is area 10 in Richmond?
in the city itself. I mostly invest in the area from vcu going west to willow lawn from the Byrd park area going north to broad street. There are a lot of good areas though and I have bought some in chesterfield county and Henrico as well.
I focus in Western Henrico and Chesterfield counties but will do anything in the Richmond area that works. But I like houses with an ARV of $150,000 and up so I stay out of the lower priced areas.
Ron do you see much cash flow at that price point or mostly appreciation? Are you buying properties that need a lot of renovation? Most of my rentals are 150k+ houses and I have seen some good appreciation in them but they generate very little cash flow.
I'm looking to get into the Richmond market but I'm trying not to stretch myself too thin. After I finish my current live in flip, I will be looking for the next one in Richmond where I plan to move. I tried looking distance but I just don't feel comfortable. I also haven't tailored exactly what I want. Part of me really believes that the VCU area will continue to expand and to look there but my aunt who is in real estate has brought up some positives about more of the suburbs. I also like Midlothian area. As with many areas, the houses in the nicer areas often don't have the same cash flow as dealing with class C and D neighborhoods. However, they also don't have the headaches.
I do mostly flips so cash flow is not a concern. The rentals I pick up usually need alot of work so when I am done with them I have good equity and since bought cheap I still can have some decent cash flow. But as you know they are harder to come by these days!
I'm in the RVA area myself. Prices are escalating quite a bit like many parts of the country which makes it more difficult to find deals, especially for buy and hold properties in decent neighborhoods for anyone looking for cash flow. The VCU area is expanding every day it seems, same with short pump and the western side of city. Church Hill is one of the top up and coming neighborhoods but the deals are in the rough sections, which may get gentrified but it's a long wait and sort of a gamble in my opinion.
I'm looking for a SFR now to live in and rehab, preferably in any decent area.
We look at and will consider most anything and everything in the Richmond metro area where the numbers work and we feel fairly safe coming and going, essentially what everyone else is looking for, lol! Northside, Lakeside, Maymont area, some areas of south side near Westover Hills, county suburbs, and tri-cities, although you have to understand the tri-cities markets to do well there. Not to keen on areas off of Williamsburg Road, Jeff Davis Hwy, most other areas of south side, especially around the VA Hospital area.
Hey Jare, Norfolk has it's hot and cold spots. Some of the most recent ones are Ballentine Place, Estabrook, Norview, Lenox, Forest Park just to name a few. If you need more detailed insight or need properties and estimated breakdowns shoot me a message and we can connect.
Thanks Ryan Boyce I will do. Thank everyone else for your input. I will be working on getting properties in these hot areas for you all.