Multi-Families in Richmond, Virginia

[Joe Dowdell]

First of all, this is my first post so I hope I'm posting in the right forum. I have been spending the last few months reading as many books on Brandon's List as well as a few others (i.e., Rich Dad, Poor Dad (actually I read the entire series), The Ultimate Beginner's Guide to Real Estate Investing, The Book on Rental Property Investing and The ABC's of Real Estate Investing) plus I've attended or watched at least a dozen of his webinars. 

As a result, I'm finally starting to feel more confident in my understanding of the terminology, concepts, etc. of Real Estate Investing and would like to start to explore a market that I have family ties to. My sister and brother-in-law live in Henrico, VA and I was wondering if anyone is familiar with the Richmond, VA Real Estate Market. In particular, I'm wondering about investment opportunities in Multi-families for the purpose of either Buy & Hold or BRRRR's?

I would love some feedback from possibly a local investor or a local Real Estate agent who specializes in investment properties especially Multi-family units.

Thanks in advance and I appreciate any advice, contact names, etc. ,

Joe

[Will C.]

@Joe Dowdell

From my brief REI experience here in RVA, there is a small inventory of multi families on the market at any given time. Mostly duplexes with the occasional 3-4plex in the northside area. Most of them need major renovations so be prepared with capital for that. Northside is in a early revitalization period, alot of SF homes being flipped.

 I have seen a few properties that looked close to turn key but they were listed for retail and the current rent didn't support listing price. I think a few of the MF are being sold by old investors looking for a sucked to pay top dollar.

I myself would like to find a nice MF but maybe I'm being to picky. Hope this helps and welcome to BP!