Newbie from Richmond, VA

[John Curd]

Hi, I'm John Curd, from Richmond, VA. I grew up in Prince George, VA and went to college in Ashland, VA so I'm quite familiar with Richmond and the surrounding areas. I have worked as a consultant (software engineering) for roughly 10 years, for other firms and one I started years ago.

I am married and my wife and I just moved from the Short Pump area down to Midlothian a few months ago.  We decided to keep our old house (4br/2ba w/garage and fenced yard) and rent it considering it was more than 50% paid off and the mortgage payment was low (1100) relative to the rental potential (2000).  We are using a local property management company for now.

I realized the potential for wealth building through rental properties firstly from my parents who own a few C properties in Petersburg and Hopewell (and one commercial property), my CPA, and just reading different books (Rich Dad Poor Dad, etc.). Once my wife and I moved down here, I had a longer commute to work and wanted to find a podcast to help me get more knowledge on REI, so that is how I found BiggerPockets - through the BP podcast! After browsing the forums for a few days, I attended my first seminar and signed up for the Pro membership!

My goals for real estate are to build up our savings, augment our retirement (we have an IRA and company sponsored 401k), spend more time with my wife and family, plan for our future children's education, and make it so I can move to writing software for causes I want rather than being a slave to the client (it isn't really that bad, but sometimes it gets tough).

I'm interested in the markets of the Richmond area (Glen Allen, Richmond, Chesterfield), parts of Petersburg (which I'm quite familiar with), and the Norfolk/Newport News area (which I am not so familiar with).  I'd also be interested in finding some properties in North Carolina and short term rental properties in Myrtle Beach, Ocean City MD, or Rehoboth Beach, DE areas.  

Currently, I have an agent I work with in the Richmond, VA area and my CPA that I use for my personal and business taxes is quite knowledgable about REI (he has properties himself).

I have access to funds in my normal IRA, and quite a bit of equity in both properties. I'd love to pick some people's brains about HELOC for kick starting our REI, whether you are in Richmond or elsewhere.

Thanks and I'm happy to be part of the BiggerPockets community!

[Gregory A.]

Hello John,

I just posted my introduction post today as well from Richmond, VA. I have a big question regarding your post as I have a lot of money in my IRA from my last job and was wondering how you are able to have access to your funds in your normal IRA without penalties. I have heard of self directed IRAs but the information I have found so far is wishy washy at best. How are you able to structure your IRA such that you have access to the fund for REI?

Best of luck to you and your new house. I am under contract for my first house in Mechanicsville.

Gregory