Hello everyone! Long time BP Podcast listener and site lurker finally taking the dive in the very near future. Looking hard for my first deal in the Richmond, VA area, and cannot wait to get started. Would love to hear any advice for first deals, maybe mistakes to avoid? Also, is there a certain method for where to post what once a property is under contract and you are looking for advice or feedback about a rehab? Thanks all!
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
6y
@Sarah Stamper@Justin J Morello other than REIA and RING, most I've found are on meetup.com (3-4 good ones). @Taylor L. has a good monthly meeting (Richmond Multi Family meetup on meetup.com) and @Shera Gregory hosts an upcoming meetup/seminar too.
Rental Property Investor · Richmond, VA · Member since 2018 · 87 posts · 51 votes
6y
@Justin J Morello hi! I am a rehabber in Richmond, VA. Do you go to local REIA groups? A good place to hear about deals and get feed back. I am working at building my buy and hold portfolio in Richmond. I bought some turn key duplexes but now mostly BRRRRing properties! Finding dependable contractors has been the hardest part of the puzzle for me. Feel free to reach out! Best of luck!
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Justin J Morello what an exciting time! I would suggest vetting your providers. Read reviews and find people that have made other investors happy, talk to those investors as well. If many other moneymakers are satisfied it might be a safer place to start.
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
6y
@Justin J Morello as @Sarah Stamper mentioned- get to some meet ups! Build your network of investors, your team of professionals, and leverage relationships. Deals are all around you in Richmond! I'm glad to be a resource to get you in front of some good professionals as needed. Fortunately, in my line of work I get to meet some great people in RE.
Welcome to BiggerPockets! You came to the right place to learn more about real estate and connect with other motivated investors. BP is full of great content, so I strongly recommend you to have a look at the following resources:
@Sarah Stamper I have not yet, but I am looking at going this coming week to the Richmond REIA that meets monthly at Hardywood, have you been? I'm hoping to BRRR as well, just looking for my first buy to get started! Thanks!
@Kiera Underwood Great advice, working on that now, have a couple pieces of the puzzle down, contractors seems to be the biggest challenge from what I can tell
@Stephen Glover I've seen you a lot on the Richmond forum, I will definitely reach out! Heading to the RREIA meeting this Tuesday, haven't heard of any other organizations in town other than that one but I'm looking forward to that!
@Nick Peters Thanks for the breakdown! Have read a good chunk of that, but will definitely spend more time on the blog. Just started with the calculators and they are an incredible tool
Rental Property Investor · Richmond, VA · Member since 2018 · 87 posts · 51 votes
6y
@Justin J Morello I will be at Richmond REI meeting Tuesday. I usually go to that one and there are a few others I attend regularly. Also you mentioned a Richmond Forum, is that on BP? I will look for you Tuesday night!
@Sarah Stamper I'll see you there! Yes there is a Richmond specific forum. I'm on mobile so I can't link it, but if you search Richmond Real Estate Discussion it should pop up. Not super active but definitely some good info there.
Property Manager · Richmond, VA · Member since 2018 · 204 posts · 297 votes
6y
@Sarah Stamper@Justin J Morello other than REIA and RING, most I've found are on meetup.com (3-4 good ones). @Taylor L. has a good monthly meeting (Richmond Multi Family meetup on meetup.com) and @Shera Gregory hosts an upcoming meetup/seminar too.
Richmond, VA · Member since 2018 · 23 posts · 14 votes
6y
@Justin J Morello congratulations on taking the biggest step, DECIDING! Richmond is a great market. Lots of variation in price point depending on your strategy and great potential for growth.
I'm working on my first BRRRR, in the middle of the renovation now. A couple pieces of advice from one newbie to another:
(1) network! Like others are suggesting here, it’s really really really valuable to meet other like minded people.
(2) build a system to find leads (search FSBO on Craigslist, drive for dollars twice a week, etc)
(3) don’t be afraid to walk away from a deal if the numbers don’t work or if the margins are thin (there is ALWAYS another deal to be had, think abundance!)
(4) DOUBLE your rehab budget and your estimated schedule, especially if you have a full time job and you’re acting as your own GC. Seriously, it’s going to take twice as long and cost twice as much.
(5) If the house is 50+ years old and you’re going to hold for long term and not flip, budget to replace the old Cast iron plumbing ( I found roots growing into my sewer line after closing, A very costly unexpected expense).
(6) Finally, stay Positive and remember the whole point of the first deal is just to get through it! It’s not about making money on the first deal it’s about building a foundation of practical knowledge that you can apply for the rest of your investing career!
@Sarah Stamper@Justin J Morello other than REIA and RING, most I've found are on meetup.com (3-4 good ones). @Taylor L. has a good monthly meeting (Richmond Multi Family meetup on meetup.com) and @Shera Gregory hosts an upcoming meetup/seminar too.
Thanks for the shout! We have a great one coming up this month on tax strategies, will be posted on BP w/in the next few days.
Flipper/Rehabber · Member since 2020 · 29 posts · 12 votes
6y
@Justin J Morello congrats on taking the first step! I would network with as many local investors as you can (try searching on here as well as LinkedIn), and review the deal with them. They know the specifics of the area the best and will give you the most accurate opinion on if your specific deal in that area is a good one or not. Try and ask as many questions on why or why not. Good luck!
Richmond, VA · Member since 2019 · 10 posts · 5 votes
6y
Justin - Sarah and Stephen are absolutely right about coming to some of our local meetings! You will meet great people, learn about various topics, and hear local off-market properties for sale. Let me know if you have any investor financing questions I can help you with.
@Sarah Stamper I have not yet, but I am looking at going this coming week to the Richmond REIA that meets monthly at Hardywood, have you been? I'm hoping to BRRR as well, just looking for my first buy to get started! Thanks!
@Kiera Underwood Great advice, working on that now, have a couple pieces of the puzzle down, contractors seems to be the biggest challenge from what I can tell
@Stephen Glover I've seen you a lot on the Richmond forum, I will definitely reach out! Heading to the RREIA meeting this Tuesday, haven't heard of any other organizations in town other than that one but I'm looking forward to that!
@Nick Peters Thanks for the breakdown! Have read a good chunk of that, but will definitely spend more time on the blog. Just started with the calculators and they are an incredible tool
Yeah that's sometimes hard to do even when you're local. I'd connect with investors your team has worked with.. maybe ask to chat with someone that's done a bit more business and then try to get to their contractor!
Rental Property Investor · Richmond, VA · Member since 2018 · 87 posts · 51 votes
6y
@Kiera Underwood I’m going to start driving for contractors! Driving around to houses being rehabbed and chat up the contractors maybe get a peek at their work while there! ;)
Rental Property Investor · Woodbridge, VA · Member since 2020 · 4 posts · 1 vote
6y
Newbie from NOVA here. My wife grew up in Richmond and we plan on moving back this summer. I’ll be sure to join the local meetups. I’ll be in the area this weekend looking to close on my first investment very soon!