Hello BP's ,
I live in northern virginia , and now looking to expand to Richmond, VA area given the proximity and the better price points compared to where I live. If I am looking for SFR to buy and hold, I am trying to gather info that can help me in my due diligence phase:
1) what are the zipcodes and areas that offer solid rental market (i.e easy to rent and manage) ?
2) What are are average cap rate in those areas?
3) I see a lot of properties there at good price points, what's the sweet spot pricing for descent cash flow and also potential appreciation?
4) As I am looking to find something where I can add value by renovation and rent out, are those deals also available on MLS or only off-market?
5) I will be there first week of April to drive around different areas, also trying to build a team there so any other recommendations would be highly appreciated.
@Karim Z. I'll shoot you an email to set up a meeting for when you're in town. I can share with you my experience as a local Property Manager along with our investor's experiences in Richmond, VA. Might be able to make some local connections too if you have specific professions you need to reach.
Interested in hearing comments from others.
I feel like Richmond is getting tough to find any great deals on the MLS. I'm on a couple lists for off-market deals, but nothing super enticing has come through for me yet. Right now I'm renting my first home in Glen Allen for 2250 (4 br/2.5ba) and it has a ton of equity (I also bought it with 90k down) and cash flows about 1000 after expenses.
Probably looking at doing a HELOC either against that property or my current primary residence (more equity and nicer home) and wait on it until I find something worthwhile.