Lynchburg, VA Multi-Family Properties

[Jessica Frasier]

Hello!

As mentioned in my past posts, I'm new to investing and have had to do a lot of self-evaluating and my niche and what area I want to focus on. After reading the very helpful advice from those on BP, I decided to stay in a market that I am familiar with and that is relatively close. 

I am considering a multi-family property (2-4 units) in Lynchburg, VA. I have family members who lived there for several years when they were in college. I already ran the numbers and if everything is right, I foresee it to be a very profitable investment. I'm particularly looking at multi-family property closer to Liberty University or at least on the bus route.

Does anyone have any experience in investing and renting in the Lynchburg area? 

[Account Closed]

@Jess F @Elizabeth Doucette

To answer your questions in regards to the more desirable areas, I would have to say anywhere close to any of the colleges in town, Liberty being number one since they have the fastest growth rate and are closest to the busiest areas in Lynchburg. If you're not used to downtown, I would stay out of it until you learn more and get a better grasp of whats going on as a whole. I prefer the 02 out of all the other 2450's in Lynchburg.

You can find multi families popping up on the MLS or CL every once in a while, the question is whether or not its a great deal. That depends on what you're willing to pay per door and more importantly how much you're going to get for rent. A few of my mentors have mentioned that they don't look at anything if it doesn't profit at least $100/door after expenses.

At this stage I'm very hands on with my projects because in the future I'll know if someones trying to overcharge me for something basic, plus it saves money. I'm not sure if either of you want to or are even capable of being hands on in which case I suggest you have someone local you can trust be it a friend, family member, or property management company that you can trust.

@George Sanchez is right as far as the amount you have to invest, not to say that something won't pop up thats under priced in a nice neighborhood, the question is how much rehabbing will it take and what the ROI will be. There are gems around here though!

Don't be afraid to make mistakes, but don't haphazardly purchase anything without due diligence. Don't take anyones word, use contracts! Shop around. If you miss one deal, theres another around the corner. Be organized. Continue to pour into yourself in terms of positive thinking and self improvement. Don't give up. Don't listen to naysayers, especially those that haven't taken the plunge themselves.

Hit me up anytime.