Hello from South West Virginia

Hello from South West Virginia

Member since 2020 · 18 posts · 7 votes

I'm excited to be apart of the group! I joined a few real estate facebook groups and have been listening to podcasts, and I heard this group mentioned quite a few times so here I am. I currently live outside of Roanoke, Virginia. I have no experience in real estate investing but over the last week have been soaking up as much info as I can (podcasts, books, blogs, etc). I work in the healthcare field, but am only two years in and am finding that having other people's health in my hands is causing me mass anxiety (but due to high student loan debt, I feel stuck). I am most interested in BRRRR if I can figure out a way to make a partnership with my brother (who works in residential construction) work, otherwise may go with turnkeys. My goal is to start buying rentals, and eventually transition out of the medical field over the next ten years, (or less if possible). Thanks for having me in the group and I look forward to learning, and sharing any knowledge I have.

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Rental Property Investor · Roanoke, VA · Member since 2019 · 6 posts · 6 votes
6y

Hi @Kyle Nield @Cel Arrington @Alyssa Perez Leal @Dustin Morris.

I'm a landlord and builder in Roanoke with experience in rehabs and flips as well. Glad to see other people talking about an often-overlooked market on here. From what I'm seeing deals are still pretty hard to come by right now and properties going over asking is still common. For one data point on collection: we're doing fine. Actually since Section 8 was mentioned, I'll say that the only tenants not paying for us are those on Section 8 with partial rent due.

Let me know if I can help any of you in any way, I love the dialogue.

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  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    6y

    @Kyle Nield

    Welcome to the BP family! Great that you joined the site! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

  • Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes
    6y

    Welcome, Kyle! I'm a REI in Roanoke with out too much of a head start on you. Where do you plan on investing? If Roanoke, let me know if there's anything I can do to help.

  • New to Real Estate · Roanoke, VA · Member since 2020 · 3 posts · 3 votes
    6y

    Hi @Cel Arrington and @Kyle Nield! I'm also in the Roanoke area and a rookie to the REI world. Are either of you part of a meet up in the area? Despite the social distancing, I'd love to start meeting other local investors and hearing their stories. My husband and I are still relatively new to Roanoke, but we love it here and are thinking about purchasing our first property (likely a multi-family that we would like to either house hack or just buy & hold). Every podcast I listen to says to get out there and start meeting people... so here I go! Would love to know how you are getting started or any meet ups that you'd recommend!

  • Dustin MorrisPro Member
    Rental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
    6y
    Originally posted by @Kyle Nield:

    I'm excited to be apart of the group! I joined a few real estate facebook groups and have been listening to podcasts, and I heard this group mentioned quite a few times so here I am. I currently live outside of Roanoke, Virginia. I have no experience in real estate investing but over the last week have been soaking up as much info as I can (podcasts, books, blogs, etc). I work in the healthcare field, but am only two years in and am finding that having other people's health in my hands is causing me mass anxiety (but due to high student loan debt, I feel stuck). I am most interested in BRRRR if I can figure out a way to make a partnership with my brother (who works in residential construction) work, otherwise may go with turnkeys. My goal is to start buying rentals, and eventually transition out of the medical field over the next ten years, (or less if possible). Thanks for having me in the group and I look forward to learning, and sharing any knowledge I have.


    Kyle looks like you are off to a great start here trying to learn as much as possible about real estate. The more you learn if you keep finding yourself wanting to learn more that’s a great thing! Nice to see that you work in healthcare also I have working in healthcare myself for many years. Hopefully your vision and goals will keep you moving forward to your end goal sooner rather than later. 

  • Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes
    6y

    @Alyssa Perez Leal 

    In terms of how I'm getting started: I am using private money to BRRRR, paying back with the refi and covering the difference myself if any. Currently SFH, specializing in section 8 right now. By a combination of luck and conscious decisions, it has proven to be a strong position to be in during COVID.

  • New to Real Estate · Roanoke, VA · Member since 2020 · 3 posts · 3 votes
    6y

    @Cel Arrington Thank you for the meetup info! I've reached out to join. I've become quite the Zoom pro these past few weeks, so if they are still meeting that way, I'm in.

    That is a fantastic strategy! Section 8 is on my list to look into more (it's a long list and I learn more every day!). I can imagine it is a great way to mitigate risk in terms of your cash flow at the moment. Are you planning on focusing on Section 8 for the next year or so? or do you think you'll diversify in other ways? I've noticed that in the few posts I've found about Roanoke, many investors seem to be into the SFH instead of the multifamilies. Why did you start there?

    If this is too many questions, please let me know. It is just really inspiring to hear about someone else who is just starting out who has found their niche and is enjoying it and succeeding!

  • Rental Property Investor · Roanoke, VA · Member since 2019 · 6 posts · 6 votes
    6y

    Hi @Kyle Nield @Cel Arrington @Alyssa Perez Leal @Dustin Morris.

    I'm a landlord and builder in Roanoke with experience in rehabs and flips as well. Glad to see other people talking about an often-overlooked market on here. From what I'm seeing deals are still pretty hard to come by right now and properties going over asking is still common. For one data point on collection: we're doing fine. Actually since Section 8 was mentioned, I'll say that the only tenants not paying for us are those on Section 8 with partial rent due.

    Let me know if I can help any of you in any way, I love the dialogue.

  • Member since 2020 · 18 posts · 7 votes
    6y

    Hey @Cel Arrington, @Tyler Daniel Flinchum, @Alyssa Perez Leal, I'm excited to see there are a few people in the area!! I'm technically in Christiansburg, but haven't decided where I'm going to invest yet (I don't think the market in Christiansburg is great, and my brother that's in construction lives 45 min south of Jacksonville, FL). I'd love to be kept in the loop of any meet ups. Do any of you have a favorite resource that really helped you understand the process? I've listened to a lot of podcasts which helped get me fired up about this, but I find they're too sporadic and not specific/simple enough for me. Creating an LLC and all the different loan options are very foreign concepts to me. Are you all working with a CPA and Lawyer?

  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y

    If you can't find a regular real estate meeting, start one! At least once the quarantine is over. It's the best way to build a network.

    Start with BiggerPockets' books. They're focused on specific topics and will get you well on the path.

  • Rental Property Investor · Roanoke, VA · Member since 2018 · 22 posts · 15 votes
    6y

    Christiansburg is a solid place to start, in my opinion.  You still get the benefit of a major university, and there is a lot of newer growth from population spillover from Blacksburg.  Blacksburg is pretty landlocked, so prices have climbed significantly.  Of course if you can get in there, it's been pretty rock solid for decades.

    Totally agree with Taylor - BP books are an excellent starting point.  the ultimate beginners guide answers a lot of the questions it sounds like you have. From there, you can read more specialized books based on what you think you are interested in. 

  • Jeremy HartPro Member
    Residential Real Estate Broker · Blacksburg, VA · Member since 2016 · 155 posts · 67 votes
    6y

    @Cel Arrington is right - Blacksburg can be TOUGH, particularly starting out. Christiansburg is heading in that direction, as well, but there are still opportunities to be had, particularly in the SFH space. Happy to share as much data with you guys as you'd like, if you think it'd be helpful.

    I'll say this ... after landing here 20 years ago, and being in real estate for 17, this (NRV and, to some degree, Roanoke) is a unique, stable market. It's not without its challenges, but certainly has rewards as well. Welcome!

  • Rental Property Investor · Roanoke, VA · Member since 2019 · 6 posts · 6 votes
    6y

    I'd second @Cel Arrington and @Jeremy Hart and say focus on Christiansburg rather than Blacksburg, which doesn't really behave like SWVA in general because of that excellent University there that draws all kinds of out-of-state money. It's really hard to find buy-and-hold deals that cashflow in my experience, so it's more of an appreciation/cash lockup play. Plus, there's a weird preference among some landlords who just love owning college rentals, which bids up the prices even more. I went to college in Blacksburg and never saw a rental house that was taken care of. The parents are usually paying the rent, but the houses get destroyed and you have a 0% chance of getting a long-term tenant, which is where the real money is made. 

    I'd also say that setting up an LLC isn't too hard and there are great guides online. I've never used a lawyer to set up my LLCs but I would if I wasn't comfortable. It's definitely nice to have an accountant who is familiar with real estate as well.

  • Jeremy HartPro Member
    Residential Real Estate Broker · Blacksburg, VA · Member since 2016 · 155 posts · 67 votes
    6y

    Agreed, @Tyler Daniel Flinchum - the market opportunity for higher rents and better tenants is in the SFH sector, specifically the graduate/professional. I've done the undergrad rental thing; got the t-shirt, probably used it to clean up a mess they left behind.

    There's also a lot of downward pressure on rents on the undergraduate side. You can't get a lot more than your neighbor when the units are all the same, so it's always a pricing competition. With SFH - in Blacksburg or elsewhere - you can better control that by doing value adds that tenants will actually pay for.

  • New to Real Estate · Roanoke, VA · Member since 2020 · 3 posts · 3 votes
    6y

    Wow!  Thank you to @Cel Arrington, @Tyler Daniel Flinchum, @Taylor L., and @Jeremy Hart for being so helpful and sharing your perspectives and experiences!  I wish I had more to give back, but I am so grateful for the chance to soak up some knowledge from you guys! I hadn't been thinking about SFHs just because my husband and I were thinking we might as well go big if we go for it, but with your advice and in running numbers I am seeing we should definitely explore that space more.


    How did you guys start to make connections with realtors and contractors when you were just getting started? I'm still new to the area and with everything still being pretty closed down due to COVID-19, I am trying to think more creatively about how I might meet more local investors, realtors, and others in the field without being a pest. I can't exactly treat anyone to coffee right now or bump into people at a meetup. What kinds of things would you guys appreciate from a rookie if they were to reach out to you?

  • Rental Property Investor · Roanoke, VA · Member since 2019 · 6 posts · 6 votes
    6y

    @Alyssa Perez Leal I’m happy to help too. I work for a contractor so I’ve never really had to meet any, but just picking up the phone goes a long way. I’d be happy to talk more about this on DM if necessary.

    As for appreciating newbies, I’d say find some way, any way, to help the investor whose brain you’re picking if you really want to impress them. It doesn’t have to mean bringing them a deal (which is maybe the ultimate winner) but can just be using your network for something even if unrelated. People like to have problems solved for them and they won’t forget it. In my experience, however, people appreciate ambition and interest alone, and chances are they’ll give you a lot of helpful information just for reaching out.

    Hope this helps.

    Tyler

  • Member since 2020 · 18 posts · 7 votes
    6y

    Awesome information everybody. I really appreciate it, and it sounds like we have a good group in the area! The progress is slow going for me at the moment. I had a few weeks off for covid, but am back at work full time now. So, I'm just listening to podcasts on the way to and from work. I feel like I've finally figured out how the loan process with the BRRRR strategy works, and now I'm working on how to evaluate properties. I'd love to give updates as I go and get opinions and perspectives.

  • Member since 2020 · 18 posts · 7 votes
    6y

    @Jeremy Hart, thanks for offering to potentially put together a meet up in the future!  I'd love to be included if there ends up being a group that meets in the NRV area.   

  • Jeremy HartPro Member
    Residential Real Estate Broker · Blacksburg, VA · Member since 2016 · 155 posts · 67 votes
    6y

    @Kyle Nield happy to!

  • Member since 2020 · 18 posts · 7 votes
    6y

    Hey @Jeremy Hart and @Tyler Daniel Flinchum, Do either of you have recommendations for professionals in the area that are familiar real estate investing (mostly will be considering the BRRRR method)? Such as CPA's or Accountants, real estate lawyers, brokers, or real estate agents?

  • Member since 2021 · 3 posts · 0 votes
    4y

    Hey ! I found this conversation here, I know is 2 years old, but Hey anybody willing to meet up someday in Roanoke Area:)?

  • Dustin MorrisPro Member
    Rental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
    4y

    @Dominika Williams sure thing what type of investing are you into?

  • Member since 2021 · 3 posts · 0 votes
    4y

    Hey Dustin ! My main focus is on residential single family Brrrr strategy;) starting small !;) working on my first project right now ;) and you ? 

  • Jeremy HartPro Member
    Residential Real Estate Broker · Blacksburg, VA · Member since 2016 · 155 posts · 67 votes
    4y

    Hey - singles and doubles are how you win the game, @Dominika Williams!

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