Starting out in Hampton Roads Virginia

[David L. Rhoiney]

My wife and I recently moved to the Hampton Roads area in VA. Upon moving we became accidental landlords with our house in Michigan. After observing the amount of cash flow it generates, I've now caught the real estate investing bug.

I am a newly graduated General Surgeon and as a result do not have a lot of cash reserves. I’m interested in seeing if anyone has any recommendations/suggestions on how to get started in real estate in the area?

I'm interested in BRRRR small multifamily properties but I'm not sure where to get started.

Thanks in advance for your time.

[Renard Miller]

Welcome! And you've come to the right place. BP is the best resource around. If you haven't already, I would suggest listening to the podcast. Just go back to the beginning and chew through them. Lots of helpful stories about how people progressed from where you are to where you want to be. 

It can also help to meet people IRL through the events page here. Going to local meetups can, if nothing else, inspire you to go for it. 

Personally, my wife and I invest in Hampton Roads BRRRRing small multi-family properties and have found the strategy works great for our longterm goals. There are lots of properties in the area that cash-flow. Depending on which city you are looking in, there can actually be quite a bit of inventory. Norfolk, for instance, tends to have a lot of multi-family properties. All of ours are on the Peninsula thus far, so it can definitely be done all over. 

As far as where to go from here, just consume as much as you can. There are countless people and threads here that can be a resource. There are also any number of books that can help you figure things out. I've highlighted a few below. 

Books:

• Rich Dad, Poor Dad--the building block text for a lot of people; very helpful in getting the right mindset.
• Set For Life—excellent strategies for how to gain financial freedom. Written by a relatively young guy with young people in mind.
• The Richest Man In Babylon—something different, but this is a classic. Sort of a parable about how to think about money.
• The 4 Hour Workweek—some nonsense, but also some good strategies for being efficient with your time.
• The Millionaire Real Estate Investor—really comprehensive look at the path to building wealth in real estate.
• The 10x Rule—all about thinking big and setting big goal. Mindset book.
• Your Money or Your Life—short and simple book about how to think about money’s role in your life.