All Forum Posts by: Matt Castle

@Michael Hartpence

I'm in agreement with others here the NOVA/MD market is extremely competitive. I would suggest looking in other markets. Even if you have to drive or hire property managers, it's likely worth the hassle and expense. 

Moreover, with the markets as strong as they are in this area and the economy in general, you're fishing in heavily fished waters. 

Great story! It's been fun to see the Tri-Cities area come back so strong in last several years. I'm on the VA side, but the growth and popularity of people moving back into the region is mind blowing.

Too much risk and/or drama for room to room AirBNB/VRBO rentals in my opinion. In theory, I like the idea, but it might be squeezing too much blood from the proverbial turnip. 

@Richard Solano I'm in agreement with others here that NOVA markets are priced aggressively and cap rates aren't as good as other areas. 

If you're feeling adventurous, checkout other markets in VA.

@Wendy Fate I work with several that can help. Shoot me a DM if interested. 

I just spoke to a VA lender today about this. I don't know all the details but if you PM me I can send you her contact info.

Well done!

Hey @Will Graham, 

My agency is headquartered in Kingsport. It definitely has promise with the economy booming, but like all other cities, it has some challenges.  Just depends on your goals, entry points, etc. 

Agents/realtors are prohibited from pointing out "good vs bad" areas, but I generally advise buyers with your question(s) to contact PD/Sheriff offices yourself for due diligence purposes. One caveat: many of the online crime stats data mills aren't that accurate. Ex) one of my old neighborhoods had "high crime" label but it was inaccurate. 

We rep investors all the time, so give me a shout or DM here on BP if you want to dig into the numbers. 

@Paras Gupta if you can't use the equity in one of your rentals to finance the new acquisition, or find a partner, another option is an asset based lender like Lending One, Lima One or several others. There are many that specialize in lending to non-owner occupied investors on buy & holds or flips. 

I've never used them, but their rates are better than hard money lenders. I think they have similar down payment requirements as similar lenders, but perhaps they could assist in a unique way if you can provide something of a down payment, some conventional, etc. 

College town rentals are proven strategies but are also well known strategies. I'd wager the major VA colleges -- VT, UVA, VCU, etc -- are well saturated with investors. Doesn't mean you can't score good deals, but likely harder.

Might be good idea to check the smaller colleges that don't have funding issues, shutdown rumors, etc., etc. 

There are a few around me so shoot me a DM if you want to talk specifics.