I am a new real estate investor in Richmond, VA. I am looking for single family buy and hold opportunities in fringe neighborhoods to start to build my portfolio. Unfortunately, the Richmond market is red hot right now. Even though my partner and I are ready to go and making all-cash offers within hours of properties being listed, we are getting outbid with people offering 20k or more over asking. We know how to run the numbers and do not want to pay way more than a property is worth just because everyone else is. Are there other ways to invest in real estate while the market is hot like this or do we just stay patient and wait for the next cycle?
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
5y
@Nicholas Adam Cramer Sounds like you might be looking in the wrong places while the market is this hot. If it's "public" in Richmond, I don't bother to look at it. There are so many deals happening each day, but they are off-market. Continue to network and build your team with the goal of sourcing off-market properties, and you'll find deals! Good luck!
Thank you @Stephen Glover, I just reached out to a few of my connections to get in contact with the wholesaler they normally use. I know about Richmond REIA and hope to join the next meeting, are there any other investor groups that you would suggest associating with?
Richmond, VA · Member since 2017 · 82 posts · 55 votes
5y
@Nicholas Adam Cramer Hey, I'm also pretty new and closed my first property for a flip about a month ago via off market. I found it through networking a ton, getting involved with meetups, and learning how to be quick when something comes up. MLS is just way too crazy these days. Happy to discuss specific details/groups etc just shoot me a message. Also, some good people on this thread and on BP so keep at it