Hello Richmond, VA Investors!

Hello Richmond, VA Investors!

Investor · Richmond, VA · Member since 2017 · 10 posts · 5 votes

Bigger Pockets Family,

Good afternoon from sunny El Paso, TX. I'm writing to introduce myself to the Bigger Pockets community and network with like-minded individuals, especially those in the Richmond, VA area.

I, like many others, caught the bug for real estate investing after reading Rich Dad, Poor Dad.  The concepts were so simple, yet it truly shifted my paradigm regarding money.  Since then, it seems that I can't learn enough about real estate.  What's most exciting, and sometimes frustrating, about my journey thus far is that the more I learn, the more I realize I don't know.  In that regard, it's encouraging to pore over the forums and witness just how supportive this community is towards those, like myself, who are just starting out.

My wife and I will be moving to Richmond, VA within the next couple of weeks and are hoping to make our first investment a "house hack." We would like to purchase a multifamily downtown and live in one unit while renting out the other(s). I've been watching properties come and go on the MLS, and it seems like most multifamilys with solid numbers don't last more than a couple of days.

We have been pre-approved for a VA loan and, through the mortgage broker, have been set up with an agent in Richmond. After a few discussions with her, it seems that she's more interested in a large commission than meeting our intent for the property.

For those of you that have stuck with me thus far, thank you for taking the time to read my introduction.  I look forward to learning from each and every one of you!

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Aaron HowellBusiness Member
Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
9y

Welcome to Virginia @Shawn Reidy ! @Robb Almy is 100% correct.  Move on to one who'll work with you.

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  • Robb AlmyPro Member
    Investor · Fredericksburg, VA · Member since 2014 · 123 posts · 65 votes
    9y

    Hi Shawn- there are plenty of agents in RVA. I would find one that meets your needs.  You will love Richmond.  I lived there for a few years.  Welcome to Virginia.  Best  wishes with your investing!  

  • Midlothian, VA · Member since 2017 · 25 posts · 14 votes
    9y

    Welcome to Bigger Pockets and to Richmond, VA! I'm also a new investor in Richmond looking to househack. Small MFR (Duplex, Triplex, Quadruplex) seem to be somewhat less abundant in this area than you might have hoped. That also makes them a bit more sought after than in other areas.

    On the positive side: Richmond has a very diverse job market and is home to a growing millennial presence.  This could account for the large rate of renter-occupied households as opposed to owner-occupied. There are also a number of projects currently underway, and on the horizon, that could provide appreciation.  

    On the negative: Cost to buy properties is slightly higher than the national average while cost to rent is lower. This could mean that a high cash on cash ROI will be a bit harder to attain, but definitely not impossible. Vacancy rates can be as high as 30% in some areas.

    That's just some of what I've noticed anyway.  You'll want to make sure that your real estate agent is someone who works with investors.  Ideally, someone who has a portfolio of their own.  Most agents don't invest and don't understand investors.  They want to show you the cute little veranda, and you're more worried about the cute little cash flow. Dump 'em.  An agent who understands investors will usually realize that they're better off going after your needs than going after a larger commission since investors almost always mean repeat business if you treat them right.  But take my advice with a grain of salt; I've only been a Bigger Pockets member for a few weeks.  I read Rich Dad Poor Dad about a month ago.

    Best of luck!

  • Investor · Richmond, VA · Member since 2017 · 10 posts · 5 votes
    9y

    @Account Closed: Yes we're really looking forward to being back on the East coast!

  • Flipper/Rehabber · VA · Member since 2017 · 28 posts · 5 votes
    9y
    Hey everybody I'm moving to the Richmond area. I look forward to learning from and meeting you all.
  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    9y

    Welcome to Virginia @Shawn Reidy ! @Robb Almy is 100% correct.  Move on to one who'll work with you.

    Story House Real Estate529 Reviews
  • Rental Property Investor · Richmond, VA · Member since 2017 · 295 posts · 229 votes
    9y

    @Shawn Reidy welcome to RVA! There's definitely a surplus of realtors here in Richmond and the surrounding areas, so you won't have trouble finding one. Unfortunately it has taken me months to find a decent realtor that truly understands investing and the possibility of a lowball offer. The city is super saturated with investors and contractors flipping houses, so it takes a lot of capital. I look for deals where I live, which is in a county (Hanover) north of Richmond. Let me know if you ever need advice with a deal in Hanover!

  • Investor · Richmond, VA · Member since 2017 · 10 posts · 5 votes
    9y

    @Amy H. Thanks! 

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