A few years ago I came across the BP podcast and it has changed my life! I was a high school art teacher, but after reading Rich Dad Poor Dad catching the real estate bug, I began my journey in real estate. Now, I have two rentals in Williamsburg, VA and just this year I got my real estate license and quit teaching to be a full time agent. I love my new life and am so excited to be spending each day working on growing my business.
What I am REALLY excited about is that I am currently working on a BRRRR (buy, rehab, refinance, rent,repeat) deal. It is 3 bedroom 1 bath home that we bought for $85,000. It had tenants when we bought it, with rent at $900 a month. They recently moved out, so I am in the process of fixing it up to the same level as our other rental (on the same street) which rents for $1300 a month. When I bought it, it appraised for $114,000... and after the rehab I believe it will appraise for $125,000-135,000. I plan to pull out my initial investment of $20,000 and start looking for another property! Because it has been fixed up, I plan to rent it at $1100... $200 more than before.
Although I have been a member of Bigger Pockets for awhile, I haven't quite figured out how to participate in a meaningful way. However, I have been listening to some of the older episodes, and Brandon and Josh keep advising to be active in the forums :) So here I am. If anyone has advice on how to best connect with other investors (in my area or not), I'll take it! I am a real estate agent who would be happy to work with investors in the Va Beach/Hampton Roads/ Williamsburg area.
@Helen Lowery try posting in the Virginia forum to get connected. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some real estate groups post here on Bigger Pockets too. Hope this helps!
@Helen Lowery Williamsburg checking in! Impressive you were able to find a house for that price... our town definitely skews toward the higher end properties which I think leaves a huge housing gap for affordable housing.
@Helen Lowery also, I was able to see your post by setting up a Keyword Alert for Williamsburg under Settings. That's a good way to see when people start talking about areas or topics you are interested in!
Thank you Andrew and William. Great advice that I will follow up on. William, its so true... prices are pretty high here in the burg. I found this deal because we rented this property when we first moved to Williamsburg and built up a relationship with the landlord who had moved out of state. After we moved out of the property, he had a hard time managing it from a distance, so I contacted him and negotiated a price. While prices are high in the burg, I find there are still deals to be found. Lots of out of state and reluctant landlords. I'm looking forward to raise enough capital (hopefully through the BRRRR of this one) to fund my next deal.
Hi @Helen Lowery ! Did you know that we have a landlord club in our market? If you google the Hampton Roads Landlord Assoc you will find us. We have several landlords who travel from the peninsula to attend. It’s free to join. We do some great learning together!
Thank you Patti Robertson! I will definitely check it out!