I have been looking at the Petersburg, VA area to as a potential rental area. I am interested to know if anyone has invested in this area and what their experiences have been. Thanks
@Patrick Merone We have been very successful there.
It's a great area for low income rentals, and there are a lot of great renters out there.. definitely bad apples exist, but I always say --you pick your tenant! There is Fort Lee/VSU/Amazon/ 20-mins to Richmond, it's worth looking at! It's awesome to see the growth, the money is getting pushed down from Richmond, and it's pushing Petersburg prices up!
Thank you for the response. Very valid points. I have seen some big changes in Richmond which may have a trickle down effect to the surrounding areas.
Oh great. Thank you for the response.
@Patrick Merone Petersburg looks like a great area for the BRRRR Strategy. I have been analyzing properties on the edge close to Fort Lee. Only visited a handful of times but I know @Dillon Dull has been really successful with the BRRRR strategy in Petersburg
Ok great thanks for the information
@Patrick Merone We have a property in Old Town that has been a great rental. Looking to sell it if you have an interest in discussing.
Hi Patrick, where did you end up re Petersburg? I'm a 2hr drive away and trying to gauge my enthusiasm before travelling.
@Patrick Merone That is great, looks like you’re only getting closer and closer to getting a property. After it happens I’d be interested to read about how it went.
Separately would you know which parts of Petersburg get the most tenants from Fort Lee (if at all)?
Hopewell is close to Fort lee and that’s would be more what you are looking for. I have done some research in that area and their are some good deals there also
update on my first investment property in Petersburg. Finally completed rehab and went out tenant screen process. So many lessons learned. thanks to everyone for the advice, knowledge and experience.
All in (rehab and purchase): 44k
Waiting on Appraisal from local credit union.
Tenant starts leasing on March 1st
Also move into a house hack recently. Looking for the final R in the BRRRR. On to the next deal