All Forum Posts by: Ross Sumner

I will be looking for a partner with experience for this investment. The area is a B-C area but the area has been improving very quickly within the past year with more changes coming. The cap rate is not great but I have not seen one above 8% in Richmond (I'm meeting with a group in a couple weeks that will hopefully point me in the direction of finding deals not listed that will have a higher cap rate). The exit strategy is tough for me to determine because I'm looking for properties that I will hold on to and build wealth indefinitely. The area is improving so this property could be sold in 7-10 years using the Sec 1031 exchange rules. I think what makes this a good investment is the high occupancy, the fact that the area is improving faster than any other area in the city making this a potentially valuable purchase. The property currently has a NOI of $90,000 a year and with the changes coming I believe that number can go higher with little additional effort.

I'm looking to acquire my first rental real estate investment property in the Richmond, VA area. I've found a 16 unit apartment complex priced at $1.1 mil with a 6.75% cap rate and at 95% occupancy. I want to put a detailed plan together that I can present to potential investors. I don't exactly know everything that needs to be in the plan. Does anyone have suggestions on how to get started on a plan for the first time? Thanks for your help!

@Simone Warmolts are you a part of any networking groups in Richmond? I just joined Richmond REIA but I have not been to a meeting yet.

I am Ross Sumner from Richmond, Virginia and I am very serious about changing my life with real estate investing. I have bought dozens of books about different ways to get started and different strategies and now I am ready to put them into use. I just bought my first house for my fiance and I but now I want to acquire properties that will generate income. My goal is to acquire duplexes/triplexes/fourplexes in the Richmond area, but I do not have the necessary capital, so I am going to try wholesaling. Wholesaling makes me nervous because I still don't think I quite understand it but I am going to continue to learn about it because that is going to be the quickest way for me to get in the game. I cannot wait to learn from everyone in the BP world!