All Forum Posts by: Adrian Stamer

Hi folks - new to BP and am finding tons of useful resources and connections. I'm looking to explore REI opportunities in the Richmond VA area. Hoping to hear from folks who are either investing in the area or can provide some insights into the neighborhoods, valuations and market trends.

Thanks in advance!

I moved to Richmond about 6 months ago and now that I'm settled in, I'm getting the itch to flip a property.  My last two houses were fixer-uppers that I did the live-in and rehab thing on.  Now I'm ready to venture out of my comfort zone and buy one to flip quickly and not live in.  In a few years I'd like to start getting into buy and hold and acquire a rental portfolio. 

Thanks @David Sanford. 

@Adrian Stamer my partners and I were thinking that the market here in Richmond seemed saturated. I guess we weren't imagining it? Is it over-saturated?

Hi! I am a New member as well in the Richmond Virginia market. My partners and I are looking to flip in the Northside (23222), Church Hill (23223) and possibly Southside (23224) areas of Richmond. My husband and I own a rental property and manage 4 others for my father-in-law but have never flipped a house before.  We welcome any and all advice as well.

Hi everyone!  My name is Davis and I'm pretty new to the real estate investment game.  I got my RE license last year and I have done a few deals but my goal is to start my own investment group with my wife.  My short term goals are to do some flips and use that money to buy and hold long term small multi family units.  I've been in fire/rescue and emergency management for over 15 years and I'll continue to do that while getting this venture off the ground, but my schedule is flexible enough to where I can dedicate a large amount of my time to this endeavor.  

I'm definitely still in the early learning phase of things.  I've been listening to every bigger pockets podcast every morning on my way to work and I've definitely learned a lot so a big big thank you to Josh and Brandon for doing the interviews.  I'm reading every book and talking to other investors as I find them.  

A few things I've picked up on is that the NOVA region is not a good market to find deals in.  My uncle has done some buy and holds with some mid size multi families in DC but he had the cash to get in them where as I don't.  So I have to find a market that's relatively close to me but with good deals on flips.  I've been looking a lot at the Richmond area and I'm thinking about the Baltimore area as well.  If anyone has any advice on these areas and the NOVA/metro D.C. Area in general I'd love to hear about it.  Thanks!

@Naveen Kumar Hey Naveen,

I've been through the tenant side of the Charlottesville student market- they are perhaps the BEST tenants you can get.

You can charge them obscene rates- PER PERSON rather than per unit.
You can make them accept any terms- most of them won't even read it. Those that do know that you have all the bargaining power.
You can make their parents sign the lease- this gives you almost guaranteed income every month.
You can charge massive security deposits.

The UVA market is competitive to get into- but for good reason. It is a large population of students who haven't learned what to expect for rent prices, but know their parents will cover it. Yes, I'm generalizing a lot, but I know many students who are paying over 1,000$ EACH for a 3 bedroom apartment.

If you decide to invest in the area, let me know and I'll put you in contact with investors in the area.

As a new investor, I am looking to form a team of like minded individuals, and guidance from people who have been-there-done-that on what pitfalls to avoid.

Northern Virginia looks like an exorbitantly priced area, and looks like there are options to be found in the Richmond, Charlottesville areas.

Thoughts, ideas?

thanks

Naveen  

I am looking at the property as a value add but don't want to walk into a value add that is way over priced. The difference between a 7.4 and 9 cap is over 200k so it's a big deal and a large chunk in potential profit...cushion to make sure the deal doesn't turn sour.

Since you are both in Richmond would either of you be willing to talk offline to go over the deal and give me any insights that I might be missing? Adrian is right that it is very tight upfront and needs to be a value add to make sense.