Virginia investor looking to buy the dip

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Virginia investor looking to buy the dip

Kyle Brown
Member since 2020 · 9 posts · 0 votes

Hello I am a Virginia native on the very east side of VA. I have had the time to save up some funds and now I am seeking to buy my first property soon. Whether it be a flip or a rental I am currently in the market.

I am here to just be able to ask questions and talk out a possible deal that I may have. 

Id be interested in meeting up or chatting with some of y'all and see how you're doing it. What kind of deals you got going on and how I should advance on my first move. 

Hope to hear from some of you guys and converse through our ideas!

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y

What dip?

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  • James PolkPro Member
    Rental Property Investor · Houston, TX · Member since 2018 · 48 posts · 30 votes
    6y

    Hi Kyle, I think you may have posted this on the Houston Texas forum.  We aren't going to know about Virginia RE. My tip for you would be to get access or have money saved and ready. Make looking for deals as a habit.  Dolf de Roos says the deal of the decade happens once a week. Go find your deal.  Good luck to you.

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  • Kyle Brown
    OP
    Member since 2020 · 9 posts · 0 votes
    6y

    James, thanks for the good wishes and kind words man. Yeah, you're right I just noticed that as well. I will be re posting but tips that apply nationally would be appreciated here anyways all you Houston players! 

    Thanks

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    What dip?

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Kyle Brown
    OP
    Member since 2020 · 9 posts · 0 votes
    6y

    The inevitable one. Q2 National home price index growth was the slowest since 2012.  New listings are decreasing 30%. De-listings are increasing as well. People wont be able to afford homes anymore if they don't have jobs like they do now. That means people can't sell homes to those who can not afford them. They'll be forced to reduce price or simply not sell. Although prices of homes are still high doesn't mean sale volume is and if people are going to be kept out work longer the housing market will feel it. 

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  • Kyle Brown
    OP
    Member since 2020 · 9 posts · 0 votes
    6y

    Awesome profile by the way man. Im really eager to get a deal going right now.

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  • Helen Lowery
    Real Estate Agent · Williamsburg, VA · Member since 2017 · 76 posts · 42 votes
    6y

    Hi Kyle. I'm in Williamsburg and have two rentals here. One is a BRRR. I am also a real estate agent. Would love to talk shop with you anytime. https://www.biggerpockets.com/co/virginia-capital-realty-llc

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  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    6y

    What dip? The market is hot as ever, we have seen multiple offers this weekend. If people can't pay their mortgages there are several programs designed to help them, those who still get forclosed on will show up in 12 to 18 months. We are so short on inventory that some forclosures will just evaporate.

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  • Kyle Brown
    OP
    Member since 2020 · 9 posts · 0 votes
    6y

    I believe your situation may be subjective on where you are at, Marcus, and who you are selling to. Id guess maybe some of those offers are smart investors who would be buying right now or very soon. 

    If average people don't have jobs like many do now there is no way they would think about applying for a mortgage or searching for properties when they are worried about how they will pay their rent the next month. Im not saying a dip is here or now quit yet, but it is again inevitable. Just like any market there will be a dip at some point and right now is the closest we have seen to it. 

    Its not like this virus is slowing down drastically either and i believe that is what will decide our wallets fate. Some countries are just beginning to get their first cases and only 3 states so far have opened up covid affected stores. In my non medical personal opinion, we will see rises of cases in those states as well. Georgia is already showing since re opening their cases have increased multiple days straight.

    I think developers aren't developing because they would make more money by holding. Doesn't make sense to build when housing prices are slowing down and middle class people are not buying new homes for themselves. 

    My family owns a 7 figure revenue restaurant and we were worried we would not be able to afford our monthly payments. How would our 15 employees, which makes up average people in the US, be able to afford to think about a house right now?

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