Introduction - Newbie Buy & Hold

[James Stokes]

Hello BP! I’ve been a member of BP for a little over a week and decided I’d write up my introduction post.

I’m primarily interested in buy & hold investments. I’m not necessarily looking to quit my day job in the short term, just looking for some financial stability with an eventual goal to quit my 9-5. I think my current focus is going to be lower priced single family or multifamily homes that need a pretty decent amount of renovation.

I’m living in Fairfax, Virginia and currently working on closing on my first personal home in Chantilly, Virginia. I have an offer accepted and I’m closing mid-August. From what I’ve read and heard, I’m not confident that the D.C. metro area is the best place to start investing. I’m currently doing some research on other markets within a few hours of myself and leaning towards the Virginia Beach area as a decent start for buy and hold. From what I’ve seen, you can hit close to the 2% rule pretty consistently on properties that are on the open market, I haven't had much luck finding any wholesalers in that area. I’d love to get in touch with a real estate agent in the Norfolk/Virginia Beach/Portsmouth areas. That area is about a 4-hour drive for me. If anyone has any experience in Culpeper, Fredericksburg, Richmond, Charlottesville, or Harrisonburg, I’d love to hear your thoughts on those areas too.

I’m looking forward participating in the BP community.

[Aaron Howell]

Charlottesville is tough to make cashflow.  There are deals out there but you've gotta be ready to pounce b/c they don't last long.

@Jed Devine is more current on the Richmond Market and he's closing next week on a property.