Hi Bigger Pockets investors.. I am a new investor looking to invest in Richmond VA area... I have driven around the area... mostly downtown, near the university.. and some neighborhood based off of realtor.com searches for single family homes or duplexes.. I would like to know which areas are up and coming in the Richmond area.. maybe home needs a little work but perhaps other folks are investing in that area.. I've got only 25k to work with, and most likely will need a hard money lender, well some sort leverage. Looking into up and coming areas of Richmond, but not limited to up and coming. Look for cash flow long term rentals.. Thank you!
I’m new at this as well. The area around Scott’s Addition seems very up and coming, attracting both students and young professionals. I closed on my first property in December (a duplex in the Willow Lawn area).
Thank you JJ! That helps a lot! With the duplex did you do long term or or short term or both?
Long term. I’m actually living in one unit until June. Then I’ll be renting both units long term. I’ll be breaking even initially but expect to cash flow assuming rental rates slowly go up.
If you have $25K, and will be leveraging for a 100K property, you should definitely be looking in the tri-cities (Hopewell, Petersburg, Colonial Heights), or south of the river down Jeff Davis. If you don't have a realtor, contact @Shera Gregory to help you learn the areas and set expectations.
Thank you Linda very much for your helpful advice!
I will reach out to Shera as well!
Hi welcome to BP! Try E. Henrico East Highland Park, Highland Springs, Sandston. E. Richmond in Montrose Heights, Montrose. S. Richmond & N. Chesterfield Would be glad to help if I can in anyway!
Thank you Simone! I will look into those as well!
I have messaged you as well thanks!