New Investor in Richmond

[Thomas Zidron]

Hello BP Community!

My name is Tom and I just recently moved to Richmond last year. Have been renting for too long and am finally looking to purchase an investment property.

A little background on myself is I have worked in the construction industry for ~10 years and 2 years ago started a residential construction company in Chicago. With that I’ve gained a lot of experience in renovations as well as working with lenders and different types of financing. However, I would now like to jump into it myself and would love some advice either in general or on the Richmond area.

At this time I would love to find something in need of a cosmetic rehab with intention to either flip or rent out to tenants. My biggest concern is if this is a bad time to start with the current market?

Appreciate any and all advice! Thanks in advance.

[Brandon Spurlock]

Hey @Thomas Zidron! 

Welcome to Richmond! This can be a great city and surrounding area for what you're looking to do. Your price point will probably dictate your geographic search parameters. 

The market has been crazy as I'm sure you've heard, but not impossible. With good timing, savvy offer writing, and a willingness to work, great deals can still be had. I just helped a first time home buyer close on a great tri-level that needs cosmetic work. He was able to buy it with $20k in instant equity - not bad for the hottest market in recent history!

I'd be happy to hop on a call to discuss more and see if I can help. I've helped several investors locate rentals, house hacks, duplexes, etc.