What do you think of Richmond, VA for cash flow? (First-time home buyer)

[Thuy Tran]

Hi, it's my first post in the forum after 2 months of intensive reading, learning, listening on BiggerPockets!

I'm new to real estate investment, though my partner and I did try to purchase a house during Covid in San Francisco. Kinda glad it didn't go through. Now we live in a van and traveling across the US :)

Even though I've never lived in Richmond, I did some research and have come to the conclusion that Richmond, VA might be the right market for me:

- Population is growing

- VCU provides renters (students or faculty)

- Somewhat affordable (for me). Rent-to-price ratio is higher than some other markets.

- Low crime rate

- I've been there and enjoyed the city. Some parts of it are fun and beautiful.

Would like to hear your opinions on Richmond VA as the market for REI, whether you're a local or not. If you have comments on Virginia Beach, VA? Why is it not a recommended market compared to Cleveland or Columbus, OH?

Thank you!

[Sean Hudgins]

I love Richmond as a place to invest. I personally do business and invest in Southern Hampton Roads because I know the market well, but that being said Richmond has great prices and seems to be an up and coming city. 

Personally I think from Richmond all the way down here to VB is an overlooked area, and could really become a hot spot as people get priced out of the more southerly beach markets. I would definitely take Taylor's advice and make sure you are not buying site unseen in any market really, and build out a solid team. If you're living in a van I would suggest bringing it to the areas you are interested in and stay for a while and build that team, while also familiarizing yourself with the area.

Best of luck!