California Investor Looking To Utilize BRRR Strategy In Virginia

[Michael Iacono]

Hello BP friends!

I am an investor living in California trying to utilize the BRRR strategy in Virginia. Specifically in the Lynchburg area. My reason for choosing Virginia is that I have family there and have helped family purchase a house there recently. Meaning I have started building some necessary relationships and have someone I trust in the area as well. I am seeking any and all advice regarding Virginia. How is it as a state in terms of tenant-landlord laws? Does anyone have experience owning rentals in the Lynchburg area or Virginia on a whole that could provide some direction or advice helpful to someone starting out in the area.

Thank you for any and all input!

[Account Closed]

A good way to gauge a market or MSA is looking for employment and population trends. Are people and employers moving there? What the average increase/decrease of employment and population for the last 3-5 years? For employers check if one industry owns more than 20% of the entire job market there. For example, if a military base is the largest employer, what happens if that base moves or closes? 

Once that is figured out, you can look into the demographics of the prospective tenants in Lynchburg. If they are mostly families, you'll want low crime areas and good school districts. If they're young workers, you'll probably want your rentals nearby transportation hubs, cafes, and restaurants. If they're older, maybe healthcare facilities are of greatest importance.

I think the most accurate place to understand landlord-tenant laws will be from the state government statutes. If it helps, this site provide an overview: https://www.nolo.com/legal-encyclopedia/overview-l.... I'd dig into the details after reading thru this site.