Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Good locations in Richmond
Hey BP fam!
I'm thinking of investing in Richmond in a SFH or a Duplex. I'd be utilizing Mid term rental strategy so proximity to hospitals , universities etc would be great. If anybody has been doing utilizing MTR there I'd love to hear from you about your future experience.
I’d like to stay under 350k
Thanks!
Qasim
Hi @Qasim Naeem! Hopefully someone chimes in who has experience investing there.
You can also find awesome networking opportunities in local meet-ups! An experienced investor-focused real estate agent can also be helpful. Good luck!
Hey Qasim - Define good - Rentable, walkable, or what exactly are you looking for. Richmond market is still competitive but slowing down. I have two medium term rentals here and love it though. Where are you located?
Quote from @Kevin C.:
Hey Qasim - Define good - Rentable, walkable, or what exactly are you looking for. Richmond market is still competitive but slowing down. I have two medium term rentals here and love it though. Where are you located?
im so glad you’re doing MTR! Which locations are you in? How are they performing as an MTR? What sort of a property is it and if you don’t mind me asking, what are the rent numbers on them?
Quote from @Qasim Naeem:
Quote from @Kevin C.:
Hey Qasim - Define good - Rentable, walkable, or what exactly are you looking for. Richmond market is still competitive but slowing down. I have two medium term rentals here and love it though. Where are you located?
im so glad you’re doing MTR! Which locations are you in? How are they performing as an MTR? What sort of a property is it and if you don’t mind me asking, what are the rent numbers on them?
Also, I am located in NoVA. Woodbridge to be exact.
Hi Kevin,
I would also be very interested in learning this information. My wife and I are looking to invest in a MTR as well and fit similarly to Qasim's criteria, so thank you Qasim for posting about this! It seems like with the current interest rate environment and still competitive Richmond real estate market that MTR is a better way to cash flow today vs. a LTR.
Phillip nailed it. With the high home prices lingering from the Spring, and current high interest rates, it's becoming increasingly difficult to cash flow in Richmond. Not impossible, but difficult.
Utilizing the STR or MTR strategy can definitely help with the cash flow problem. Richmond JUST announced that they may be loosening their STR requirements, making it more investor friendly, but nothing is set yet. The rule currently states that an owner must occupy the home for at least half of the year. It sounds like they may remove that requirement. Keep on the look out for that.
@Qasim Naeem I'm happy to talk further if you'd like. I'm a full-time realtor and investor here in Richmond and have helped a number of BP investors.
Quote from @Brandon Spurlock:
Phillip nailed it. With the high home prices lingering from the Spring, and current high interest rates, it's becoming increasingly difficult to cash flow in Richmond. Not impossible, but difficult.
Utilizing the STR or MTR strategy can definitely help with the cash flow problem. Richmond JUST announced that they may be loosening their STR requirements, making it more investor friendly, but nothing is set yet. The rule currently states that an owner must occupy the home for at least half of the year. It sounds like they may remove that requirement. Keep on the look out for that.
@Qasim Naeem I'm happy to talk further if you'd like. I'm a full-time realtor and investor here in Richmond and have helped a number of BP investors.
Hey Brandon! thanks for the insight. would love to get in touch. let me know when we can chat!
There is a good article on BizSense about how the city is trying to revamp their STR policies.
https://richmondbizsense.com/2...
We are still very competitive on pricing even with the higher interest rates slowing down the traditional buyer. This scenario will, however, open a lane for investors to fill the gap in housing by providing quality rentals and renovated homes. Off market properties will give you the best options for your portfolio.
Cheers!
-
Real Estate Agent
Hey there, I'm a local realtor and have been an investor in the RVA area for over 10 years now. Most of our buy and holds are LTRs, however we recently broke into the STR/MTR market. Happy to chat with you about what that has looked like for us. As Brandon mentioned the restrictions/policies aren't fantastic in the city currently, however the policies are being reviewed to change requirements, permitting, etc.
This article goes over some of the changes they are considering. Happy to chat!
Quote from @Ana Nuckols:
Hey there, I'm a local realtor and have been an investor in the RVA area for over 10 years now. Most of our buy and holds are LTRs, however we recently broke into the STR/MTR market. Happy to chat with you about what that has looked like for us. As Brandon mentioned the restrictions/policies aren't fantastic in the city currently, however the policies are being reviewed to change requirements, permitting, etc.
This article goes over some of the changes they are considering. Happy to chat!
Hi Ana - thanks for chiming in. Would love to hear more about your experience with MTRs so far. Which locations are you operating those in? and would you be able to share numbers on them.
Thanks!
Hey! Sorry for delay! We are operating them in Richmond, VA. We just launched it on 11/14/22 so we don't have a ton of data on that one. Let's connect!