All Forum Posts by: Stephen Glover

@Meg Minetree @Herman Hall  Ugh!  Somehow I'm just now seeing these responses.  Sorry for the delay in my response.  I thought no one had responded and ended up getting some referrals outside of BP.  Already under contract and inspected property.  I appreciate your input! I will keep this in mind for future transactions in the area.  There will be more!  Thanks again.

@Erjia Mao  Happy to be a resource!  Richmond is a great place to invest if you have the right team.

@Erjia Mao after keeping up with potential legislation in Seattle for residential landlords, you might consider doing a 1031 Exchange and move out of Seattle completely while you can. For $600K you could have a couple of properties in Richmond, or elsewhere, with friendlier legislation for landlords.

With that said, Richmond appears to also be moving in that direction, but it's not near as far along as Seattle, Colorado, NY, and places in California.

I've done somewhere around 10 BRRRR's in Richmond in the last year or so. That isn't anything special and other folks are doing much more than me, but just stating where I'm coming from. Most of those were acquired through relationships, a few through wholesalers. On each wholesaler I've overpaid a bit, but had reason to grab those opportunities and didn't mind it.

I'm a HUGE fan of developing relationships and trying to add value to others first. I never expect it, but sometimes it comes back around through the relationships I've made.

Outside of my own experience, it seems like the biggest movers and shakers are those who also focus on their network, friendships, meet ups, the community, and try to add value.  These people seem to be finding the most deals.  Wholesalers come to them first, friends have them top of mind, people want to do business with them, etc.  

In summary:  Be involved in the community and help others in the RE game, and it will come right back to you!  Especially in Richmond.  If I can be a resource, let me know.  Happy to connect!

@Robert Lee @Sam Lewis @Tim Jacob  Team Richmond!!!  haha.  I don't know anything about investing in Baltimore.  What Sam and Tim are saying is true in Richmond as well, minus the heavy Federal employment, and is great advice.  Richmond in particular is heavily developing, even in the low income areas.  An exciting place to be.  If you have the right team in place and understand the area, I would guess both cities could be great places to invest.

Speaking for Richmond- there are incredible groups of welcoming and experienced investors here.  Big enough city for opportunity, but small enough to have good relationships.  Lots of potential for any type of RE investing.  One important thing to mention about RVA (maybe same in Baltimore?) is that the variance is large in some neighborhoods block to block that could change your numbers significantly, so get a team in place to guide you.  Often I have out of town investors ask about zip codes and counties.  I can provide a little help, but really need to know the street most of the time.

Keep asking questions and getting to know people and you'll be on the right track.

@Tim Boylan  Happy to be a resource as needed.  Many great people in this city, and excellent opportunities.  When the MeetUps get rolling again (in person) they will be a great tool for you.  If you need any immediate introductions let me know and I'll connect if I can.  

Looking for a solid, responsive RE Attorney in NC to draw up an agreement for a seller-financing deal on a single family home in Outer Banks (OBX).  Also, a trusted home inspector that you may have used.  Any referrals would be greatly appreciated.  Thank you.

@Alex Fuqua I'm not big into STR's in Richmond so unfortunately I'm not a big help for you here, but I do have a large professional network. You're welcome to DM me what kind of position you're seeking and what your experience consists of. I'd be happy to connect if I can.

@Joe Splitrock You're right, but the unfortunate part of this is that Virginia hasn't always been this way. Rich has been in the game before it turned. Many investors in VA are shocked at how fast things are changing.

@Rich Lennon none of my loans are federally backed. This is the first time I’ve been grateful for that and have seen a real benefit. This makes me less likely to have a federally backed loan in the future too.

@Logan Bosiger  See post https://www.biggerpockets.com/... 

My first BRRRR appraisal came in $40K low. There's some good posts on that thread. It was corrected and was $5K more than expected. Hope it helps!