New Investor Looking to Start in ROANOKE, VA- Good or bad idea?
Member since 2021 · 4 posts · 2 votes
New Investor Looking to Start in ROANOKE, VA- Good or bad idea?
Most Popular Reply
Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes
4y@Kelley Webber I'm relatively new to the REI world, but have been in and out of the Roanoke area my entire life. I have 6 doors in ROA now. I'm not having much trouble still finding solid deals around here, and agree with what's been said about cashflow being pretty strong/stable in exchange for less appreciation than other metropolitan areas. Also willing to help out with knowledge of the area.
@Dustin Morris You seem like someone I'd love to get to know in the area! We should grab lunch or coffee sometime soon. I live over in grandin village.
@Neil Seldomridge There are two REI meetups that I know about
- One happens every tuesday at Jersey Lily's in Salem, this is a long-standing meetup. People that regularly show up are anywhere from brand new to multi-hundred door investors, so solid mix of people. I've gathered that these meetups tend to be a bit more focused on landlording, but I know they try to cover everything over time.
- There is a newer BP meetup that happens on the last Wednesday of every month at Twisted Tracks - 6:00 PM. You (and anyone else reading this) should definitely come! Solid turnout of people with very similar goals/mindset.
18 Replies
- Roanoke, VA · Member since 2017 · 9 posts · 4 votes4y
Kelley,
I have been investing in Roanoke since 2017, it has been a strong rental market (not as much for appreciation in the rental areas). There are some good and bad areas, my best advice for where you are at in your investing career is to start reviewing properties and making deals. Let me know if you have any questions about the area I can help with.
- Member since 2021 · 4 posts · 2 votes4y
Jake,
Thank you for your response! I agree, there definitely seem to be better areas than others. I was really impressed with the area when I was in town for a mountain bike trip last year. I had no idea it was the "mountain biking capital of the east"- a pretty big claim, but worthy :) I just enjoyed the town so I was pumped to see the real estate potential when I started investigating the real estate there and running the numbers. When I started looking at the price to rent ratio, I was surprised to see that there was some really affordable housing with relatively strong rental market. I like the Raleigh Court area, albeit it is a bit more expensive. I think some of these older, less popular "mountain towns" are having a resurgence- they certainly are in Colorado with people being able to work remotely, etc. My concern is with the age of a lot of these homes- a lot of them seem to be quite old. And the maintenance in living in a wetter climate. Would love to hear more about your thoughts on the area and why you chose Roanoke area!
Kelley
- Member since 2020 · 2 posts · 0 votes4y
Hi Kelley,
I am a native of the Star City and invest in Roanoke and parts around the valley. BTW, Roanoke is not in Appalachia. If you're serious about learning more to invest, then I'm happy to answer any questions.
- Member since 2021 · 4 posts · 2 votes4y
Hi Johnny,
Thank you very much for your response and reaching out, so glad to hear from a Roanoke native! I'm serious about investing, I'm just extremely nervous about taking the first leap. I'm trying to learn as much as I can and love to hear about other folks' stories. As I've indicated in previous posts, Ronaoke first appealed to me for it's mountains and natural beauty. I've spent much of my life in VA growing up there and still have a family lake house in central VA so it's a bit more familiar to me than other states. I also noticed that Ronaoke appears to satisfy the 1% rule where as many of hte mountain towns I'm familiar with in Colorado don't come anywhere close to meeting that- it's just too expensive.
What are your thoughts on the area or surrounding areas outside of Ronaoke. I would love to hear your take!!
Kelley
- 4yDustin MorrisPro MemberRental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
@Kelley Webber
I’ve been investing in Roanoke now for several years and it is still an area you can find deals but things have become increasingly difficult in the last couple years…Compared to some areas like Colorado I’m sure many deals look even better as well. Happy to chat further but I think Roanoke could be a potentially good market depending on what you are looking for. I also know of good Property management in the area which could be a huge plus for you.
Thanks,
Dustin
- Member since 2021 · 4 posts · 2 votes4y
@Dustin Morris
Thank you so much for adding to the conversation. I am planning to stay several months in the Roanoke area this fall/ winter and would love to meet up and take you out for coffee or lunch if you are available. Let's touch base closer to that timeline!
My understanding with Roanoke is that the cash flow is slightly stronger than the appreciation aspect. Whereas it is somewhat opposite out here in Colorado. What are your thoughts on this?
Also, I notice you are from Salem. That is an interesting area to me as well, do you invest there as well?
Thanks!
Kelley - 4yDustin MorrisPro MemberRental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votesHey Kelley,
Absolutely that’s sounds great we can definitely get together and catch up on the market. It does sound like Roanoke or Salem might be a good option to look at further for you. I own property in both areas some minor differences just depending on what you are looking for.
let me know when you are going to be in town
Take care,
Dustin - Investor · Roanoke, VA · Member since 2021 · 16 posts · 4 votes4y
Hi all, I’m also looking at investing in (and moving to) the Roanoke area. I know at one point there was an investor meet-up there. Does anyone know if there is anything like that now?
hey @Neil Seldomridge, yes, matter of fact we do a investor meetup the last Wednesday of the month starting around 6 PM, at Twisted Track Brewery in Roanoke on Shenandoah. We just had one June 29, next one will be July 27 and so on. Crowds have varied in size, the meetup was started in the early stages of 2022. Its not super structured or anything like that, just a bunch of people with similar interests meeting up for a drink and some convo about real estate. If you are in town you are more than welcome to attend!
- Investor · Roanoke, VA · Member since 2021 · 16 posts · 4 votes4y
Awesome, thanks, Bryan! We won't be moving until the first of August, so I will miss the July meet-up, but will hopefully see you and lots of other folks at the August one.
- Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes4y
@Kelley Webber I'm relatively new to the REI world, but have been in and out of the Roanoke area my entire life. I have 6 doors in ROA now. I'm not having much trouble still finding solid deals around here, and agree with what's been said about cashflow being pretty strong/stable in exchange for less appreciation than other metropolitan areas. Also willing to help out with knowledge of the area.
@Dustin Morris You seem like someone I'd love to get to know in the area! We should grab lunch or coffee sometime soon. I live over in grandin village.
@Neil Seldomridge There are two REI meetups that I know about
- One happens every tuesday at Jersey Lily's in Salem, this is a long-standing meetup. People that regularly show up are anywhere from brand new to multi-hundred door investors, so solid mix of people. I've gathered that these meetups tend to be a bit more focused on landlording, but I know they try to cover everything over time.
- There is a newer BP meetup that happens on the last Wednesday of every month at Twisted Tracks - 6:00 PM. You (and anyone else reading this) should definitely come! Solid turnout of people with very similar goals/mindset.
- Investor · Tucson, AZ · Member since 2022 · 1 post · 0 votes4y
Quote from @Dustin Morris:
@Kelley Webber
I’ve been investing in Roanoke now for several years and it is still an area you can find deals but things have become increasingly difficult in the last couple years…Compared to some areas like Colorado I’m sure many deals look even better as well. Happy to chat further but I think Roanoke could be a potentially good market depending on what you are looking for. I also know of good Property management in the area which could be a huge plus for you.
Thanks,
Dustin
Dustin,
I recently purchased a property in Roanoke, VA and am looking to hire a property manager in the area. It is a potential 3 unit property with one unit being rented out until November. I am planning on rennovating the vacant property and rent prior to the other being vacant.
What property manager companies do you reccomend as well as any trades (roofing, electric, plumbing) in the area. Thank you for your time.Codie
- 4yDustin MorrisPro MemberRental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
@Codie Sanquintin
Thanks for reaching out in the Roanoke area I highly recommend Hometown Holdings for Property management services. Property management covers Southwest VA and works with a lot of investors covering Roanoke, Martinsville, Danville, Tazewell, and growing in other areas about 1500 doors under management.
Happy to discuss other recommendations with you further as well! I sent you a PM
Thanks,
Dustin
- Investor · Roanoke, VA · Member since 2021 · 16 posts · 4 votes4y
Quote from @Cel Arrington:
@Kelley Webber I'm relatively new to the REI world, but have been in and out of the Roanoke area my entire life. I have 6 doors in ROA now. I'm not having much trouble still finding solid deals around here, and agree with what's been said about cashflow being pretty strong/stable in exchange for less appreciation than other metropolitan areas. Also willing to help out with knowledge of the area.
@Dustin Morris You seem like someone I'd love to get to know in the area! We should grab lunch or coffee sometime soon. I live over in grandin village.
@Neil Seldomridge There are two REI meetups that I know about
- One happens every tuesday at Jersey Lily's in Salem, this is a long-standing meetup. People that regularly show up are anywhere from brand new to multi-hundred door investors, so solid mix of people. I've gathered that these meetups tend to be a bit more focused on landlording, but I know they try to cover everything over time.
- There is a newer BP meetup that happens on the last Wednesday of every month at Twisted Tracks - 6:00 PM. You (and anyone else reading this) should definitely come! Solid turnout of people with very similar goals/mindset.
Hey @Cel Arrington, to circle back on this, my wife and I have moved to Roanoke since our last conversation and I'm planning to start attending meetups. Do you know if the Tuesday meeting at Jersey Lily's is still going on and if so, what time it is?
- Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes4y
@Neil Seldomridge it is going on and it is every Tuesday at 6:30 PM.
I won't catch you this week myself, but I hope to attend one in the next week or two! Quote from @Kelley Webber:
Hi There! I am completely new to real estate investing and just became a pro member on the bigger pockets website. I have read many books, listed to many blogs, and am ready to purchase my first investment. I have Virginia roots but am based in Colorado. I am a mountain girl and have seen the small mountain towns in Colorado blow up the past several years. I have been to Roanoke several times and see it as an up and coming Mountain town in Appalachia. And real estate is so much more affordable there compared to Colorado. I think it could be a promising area but still uncertain as this is all new to me.
Anyone out there experienced in Roanoke real estate investing? Any thoughts for a first time investor in the area?
Thanks so much!
@Kelley Webber I'm in CO and also have VA roots (NoVA/Falls Church) but I'm curious as to why you would not try to invest in CO? Yes, it is more expensive. If budget precludes investing in CO, then I understand, but many parts of CO have (and likely will continue to have) very strong appreciation. Plus, it's a local investment and easier for you to manage.
Appreciation of an expensive property builds wealth faster than appreciation of less-expensive properties. 10% on a $500k house is $50k. That same market, 10% on a $200k house is only $20k.
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