Advice on Buying a House Hack in Richmond

[Kyle Roberts]

Hi Everyone!

In August I will be moving to Richmond and I would like to purchase a property to house hack. This will be my first time buying a property and my first investment so I have a few questions. First off, have you ever purchased a house hack in Richmond, and what was your experience like? 

Also, I noticed that some Richmond homes have basements, have you ever purchased a property and turned the basement into an AirBnb unit or additional bedroom, what was the outcome? 

I am looking to purchase a home with as many bedrooms as I can afford (likely 4-5)  to give myself the best chance to break even vs buying a two bedroom property.  However, I have had issues identifying properties with parking for that many individuals. Has this ever caused a problem for anyone?

Finally, I am looking for general recommendation on areas to look for properties. I currently live 3 hours from Richmond, but was able to drive through it last weekend on my way back from a trip up north. Areas I liked were Forrest hill, West Over Hills (areas generally south of the James River). I've also heard that Church Hill has seen quite a bit on gentrification and may be a good area to look at. What areas are you looking to invest in?

Also, in your experience, when should you start to make offers on properties to land one before you plan to move? Ideally, I don't want to purchase something and have to pay current rent and a new mortgage for a few months but if that is the case due to high competition I can manage. 

Thanks in advance for your input! I am looking to connect with local Richmond investors, agents, contractors, property managers, and lenders so please feel free to reach out and lets connect.

Sincerely,

Kyle