Interested in Richmond area buy-holds

12 Replies

Hi folks

I'm an investor up in the Washington DC area, where the returns on a holding strategy are small to nonexistent...I own three condos in addition to my house, and was looking at my long term plan the other day (which I drew up in 2013) and realized it is going to be an impossibility in the northern virginia market because returns are so slim.

I love Richmond and while i'm not crazy about long distance investing and property managers, I know there's a lot of potential in that market.

Bottom line, I'm looking for stable, low vacancy SFH's in the $100-120k range, in up and coming areas, which rent for about 1%/month, and I plan on using a management company. This appears within reach in some zips near Richmond.

My questions for the forum: Is what I'm looking for possible in Richmond? What zips should I be focusing on? Are there other areas I should look into when I'm down there? I'm also happy to consider multifamily.

Thanks for guidance! Really appreciate the BP community.

Jonathan

Jonathan, 

Yes, what you are looking for is certainly there.   As for area, it really depends on what you are looking for. You can find that price range everywhere but do you want a ton of work or a rent ready place? 

I use a property manager for my properties and I have been pretty happy with them.

Reach out if you would like my contacts down there.

Yes, I agree, you can find that but depending on whether you want something rent ready or something that needs some work, will determine what areas to look.

Good luck!

Hey Jonathan - Get in touch if you want to talk about the markets from Fredericksburg to Richmond.

Hi Jonathan, I do a fair amount of work in Richmond and usually have properties meeting your criteria available for sale.  We generally rent out properties that we rehab down there for 12 months, so we might even be able to get you a turnkey property.  Contact me if you'd like to discuss Richmond investing more.

Originally posted by @Mike Oconnell :

Hey Jonathan - Get in touch if you want to talk about the markets from Fredericksburg to Richmond.

 Definitely will. I will be reaching out to you soon. Thanks! 

Hi Jonathan, I'm not sure if your questions were answered, But I am a local BPO certified agent in the greater Richmond area. I can set up a search in investor friendly areas if you'd like. 

@Jonathan C.  

Hi there... did you get any recommendations? My wife and I are looking at Richmond (we live in NOVA) and don't know where to start looking for cash flow properties. Any help you can give?

Thanks!! 

Rick

Hello @Mike Oconnell I'm in the Fredericksburg area and would like to learn about the Fredericksburg market if you're still offering the advice.

@Jonathan C.  Are you able to find any properties meting your requirements in Richmond? 

Hi Jonathan,

I am an out of state investor in Richmond and I would recommend you get in touch with @jondeavers 

He's a RVA agent who knows the investment side of RVA like the back of his hand. We did a tour with him and I learned more in a few hours that I ever could online. 

He's on BP. Just look him up. 

Please let me know if you need any more information or advice.  

Good Luck!

@Brett Alphin Thanks for the mention Brett!

@Jonathan C.

Richmond saw a very hot sellers' market this year and so the turn-key options for SFH's that generate a 1% rent-to-price ratio are a little tougher to find but I've also seen rents increase significantly over the last couple years. Now could be a good time to find something as you won't be competing against as many first-time buyers as you would have been during the summer/spring markets. It really does come down to whether you want to put in rehab work and what your tolerance is for competing for distressed properties. There are several areas where you can pick up move-in ready SFH's in the $120-$140k range that will generate $1k-1100 in gross rent. Not quite 1% but closer than what DC metro can offer and you get the benefit of not having to manage a rehab project. Hope this is helpful. If you ever find yourself in the River City, let me know and we'll grab a coffee and talk more in depth.

@Jon Deavers would love to meet up, i'll DM you and would love to set up a time esp if you're around in december. 

And thanks @Brett Alphin !

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