All Forum Posts by: Brandon Spurlock

Phillip nailed it. With the high home prices lingering from the Spring, and current high interest rates, it's becoming increasingly difficult to cash flow in Richmond. Not impossible, but difficult. 

Utilizing the STR or MTR strategy can definitely help with the cash flow problem. Richmond JUST announced that they may be loosening their STR requirements, making it more investor friendly, but nothing is set yet. The rule currently states that an owner must occupy the home for at least half of the year. It sounds like they may remove that requirement. Keep on the look out for that.

@Qasim Naeem I'm happy to talk further if you'd like. I'm a full-time realtor and investor here in Richmond and have helped a number of BP investors.

Hey Patrick, we generally post up new monthly events here - we decided to hold off on our next meetup until January. We also have a local group on FB where the events and announcements go out.

Hey Tyler, welcome to the journey! I’m also an investor here locally in Richmond, and a full-time realtor. Happy to help with any needs or questions you have related to the Richmond market. 

I've used a HELOC to buy my rentals, but never as a down payment. Only to pay cash in full, rehab, and refinance within 6 months (BRRRR). Like others have said, HELOCs are best utilized in short-term scenarios. I'd be hesitant to park HELOC money into a property as a down payment, UNLESS you had plans to add value to the property and refinance quickly to get your HELOC funds back out of the deal.

Reminder: This is still happening on Nov. 7 from 5:30-7:30p!

Hi Rajiv! 

We host a meetup in Richmond, here's the link from BP Networking tab: https://www.biggerpockets.com/...

We're meeting this coming Monday, Nov. 7 from 5:30-7:30 at Buskey Cider on Leigh St. 

How about a HELOC on your primary? Tower Federal Credit Union has a great HELOC with 100% LTV and interest-only payments for 15 years.

Hi @Sophia Wsichnewski! We haven’t set the date in stone, but generally yes, it’ll likely be towards the end of the month! We also have a FB page with regular updates on our events, called RVA Real Estate Investors Network. Watch there or here for the next update!

Orientation for tonight: the front patio and dining area is the vodka distillery.

The back patio and indoor area is Main Line Brewery. I’ve got a table inside - look for me in a purple polo.

Food truck is parked outside and if you’re hungry, you can grab food and bring it in whenever.

Sorry you’ll miss! We meet once a month - stay tuned for the next one!