New Investor (super scared but really excited!)

[Robin Pentecost]

Hey Everyone! I'm so excited about this forum. I live in Powhatan Virginia and I'm considering doing a buy-and-hold in Lynchburg, VA. I loved Sam Wegert's coliving idea from episode 560 on the podcast so I'm playing with the idea and also trying to understand how to work the financing and what is possible with property managers since I do not live in the area. It's like a puzzle! If anyone has any advice on single and small multifamily homes in Lynchburg, or great meet up groups, I'm all ears!

[Ian MacDougall]

Hey @Robin Pentecost, welcome to BP and the investing world! Lynchburg is a great market to get into. I'm not sure if this aligns with your "coliving" idea as I haven't listened to that BP pod episode yet, but if you can house hack or live in an investment property as a primary residence, that's the easiest, cheapest, and most effective way to start investing in real estate (especially in Lynchburg). I did it myself a few years back for my first rental. I barely put any money down on a first time homebuyer's loan for a townhouse because I was broke at the time, yet still cash flowed and appreciated right from the jump. I rented out the other rooms to buddies while living there, then rented the whole place out after some cosmetic remodeling and moving out. I would suggest finding an investor-friendly agent in the area to help you identify a property with high potential to cash flow and appreciate in value. That made a huge difference for me; first time buying can be terrifying!

As for a meetup, I go to the Lynchburg REIA meetups when I'm in town since I live in northern VA now. They have a networking breakfast at the Panera on Lakeside Dr. every Friday at 7:30am, plus a more formal meetup usually with a speaker every 2nd Thursday of every month at Stoney Badger on Old Forest Rd.

Hope this helps, I'm happy to answer any questions you have!