All Forum Posts by: Michael A.

@Ricky Reese Congratulations! Keep us all posted. Can I ask if your strategy was cash flow or appreciation? I am awaiting a response on an offer for what would be my second property. Again, congrats!

@Amanda Anderson I am conservative when it comes to deciding to invest. A lot hinges on the status of my finances. I am married with kids so I cannot afford to put all of my eggs in one basket, you know what I mean?

What is your financial situation? Is this literally all the money you have? What is going to help you save for retirement outside of this investment of $35k? Do you have any debt? These are questions to ask and answer before getting started.

Also, $35k is great but not unless you can qualify for financing, etc. - lots to think about.

@Joshua Holt Hi. I am also very interested in commercial property here in my town. I want to offer some perspective from the code and construction point of view but do NOT want to appear as if I’m may-saying your plan. I really like the idea!

I am an architect and can tell you that if you’re renovating to the level you are planning you will likely need to adhere to ADA, provide adequate bathroom fixture counts, ensure egress meets required limits, and make sure that sprinkler coverage from the new walls you put up is to code (minimum distance from walls, etc.). In short, you’re really going to need to hire an architect to take responsibility for providing a code-compliant plan that you can also file with your local plan office to get a permit. Do t let that scare you though! Happy to provide any feedback regarding the architectural process to you via PM any time - it’s my passion!

@Matthew Nixon A lot of great advice has been given here. In my opinion, I would not to put all of your financial eggs in one basket.

I am very conservative when it comes to investing, so take this with a grain of salt. To me, if you have adequate savings, are on track as of today with your 401k, have paid off high interest debt like student loans and credit cards, AND have a moderately stable income that covers all of your current bills then great - time to take on some risk with your first venture in real estate. If not than you should not take this type of massive financial risk on. Especially with a wife who relies on you to be part of a team throughout life.

When I got started, the only money I had to invest was the cash left over at the end of the month that I saved. After five years or so I was ready to make my first rental purchase which I still have. A bad investment would set me back years in terms of being able to make another one.

@Justin Pierce sounds good! I'll look for your message. 

Really appreciate the feedback so far - I will certainly keep everyone posted as things unfold for me. Feel free to get int ouch if you're willing to chat!

Hi Everyone - Never asked this question here before, but here it goes! I have just moved back to the RVA area after over a decade in NYC. In short, I'd be grateful if someone who's been interested in buy-and-hold properties around the Richmond area would be willing to let me buy them lunch and chat about their experiences with real estate investing. This is a serious inquiry, as I'm acting on my 2019 resolution to engage with a mentor. Anyone interested? I'm buying! 

A bit about me: I am a registered commercial architect licensed in NY and VA, as is my wife. I am married with a 2-year-old son who means the world to me. My wife and I work full time, and have often discussed how to best leverage our skill sets and love of buildings into an investment vehicle. We bought property in NYC and sold it for a small profit just before moving down here. I succumb to analysis paralysis when I start thinking about the topic of investing here, as I'm just so unfamiliar with where the market has gone and what the current risks are.

Anyway, I hope this finds all of you here in RVA well. Good luck with all of your endeavors! 

Michael A.

Hi Justin,

I hired someone to do paint and drywall recently that was the absolute best price and best quality I have ever found in the Richmond area. Also incredibly nice and honest. If that is something you need i'd be very happy to give you his contact via message. 

Alan Taylor Welcome! I am in New York but was born and raised in Richmond. I would enjoy passing spreadsheets back and forth with you if you'd be interested. I'd say my next major step is really practicing analysis to see what works and what doesn't.

@Alison Kothmann @James Flynn Hi again everyone. Summer's almost here, so I thought I'd check back in and see how things are panning out with your seasonal condo endeavors. I wanted to update everyone and let you know that we shifted the marketing strategy on the seasonal rental my family purchased. 

In short, we were doing weekend rentals throughout the summer, but couldn't really get anyone to commit to a week at a time (which is what we really needed to get the numbers to work). We shifted the marketing strategy and suggested that the home would be a year-round "vacation home on retainer" via a yearly lease. We welcomed our first renters in the fall on a one-year lease. They are having a great time and seem to be enjoying the home. Our numbers are much better, but we are just shy of breaking even each month. We don't necessarily mind due to the attachment we have to the property (it is next door to our own family place on the water in Virginia). 

How have things been going for you all? We are saving and searching for our next deal, and we like the idea of year-long leases on single family homes or condos in our home town at the moment. 

Hope all is well!