New Investor seeking SFH in RVA

5 Replies

Hi folks,

I am a new member and seeking for some advice on investing rental properties in RVA or central VA in general. I have found wealth of information from BP on investing on real estate. Now willing to connect and start investing on rental properties.

I travel for work but have been looking for some passive income opportunities for the last year or so. After some thought me and my wife agreed rental properties could be a good plan for us. We are not looking for instant ROI. More about buy and hold scenario with positive cash flow and returns coming in the long run. I am looking forward to get started with something within 100k to 120k range.

I did research about some Turn Key investors around US. I am not aware of any reputable ones around RVA/VA though.

Best,

Rafiq

Updated about 1 month ago

I would also like to add that given my work schedule I would prefer working with a reliable Property Mgmt firm. I appreciate your time reading my post and looking forward to some suggestions. Best, Rafiq

@Rafiq Islam ,

If you're looking for 100-120K, I'd strongly recommend looking south of the river.   Check out Hopewell, Colonial Heights, Chesterfield.     There are a lot of jobs down there, and the commute is decent, so don't be afraid to look out of the box!

Hi,

@Linda D. Thanks for your suggestions.

I have also been looking around Monument Ave. and there are few properties within $150k to $165k range. Seems like a good area given U of R is around. There are few on auction too. But haven't explored this option.

One question, what is a typical ROI you look for on Investments around RVA?

For example, I have found a property around $165k. With 20% down it will cost me around $930 after mortgage, taxes and insurance. So around $250 remaining will give me around 7.5% ROI. Is that a good deal in Richmond? I didn't include the variable costs like vacancies, but hoping it will be minimum given it's an area on demand.

Looking forward to your thoughts.

Rafiq

@Grant Rothenburger, thanks a lot

Originally posted by @Rafiq Islam :

Hi,

@Linda D. Thanks for your suggestions.

I have also been looking around Monument Ave. and there are few properties within $150k to $165k range. Seems like a good area given U of R is around. There are few on auction too. But haven't explored this option.

One question, what is a typical ROI you look for on Investments around RVA?

For example, I have found a property around $165k. With 20% down it will cost me around $930 after mortgage, taxes and insurance. So around $250 remaining will give me around 7.5% ROI. Is that a good deal in Richmond? I didn't include the variable costs like vacancies, but hoping it will be minimum given it's an area on demand.

Looking forward to your thoughts.

Rafiq

 Don’t forget ongoing maintenance and dealing with managing it. That’ll eat up the rest of your $250

(804) 317-3363

Join the Largest Real Estate Investing Community

Basic membership is free, forever.