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BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 2 years ago on . Most recent reply

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35
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8
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Mark Pijanowski
  • Rental Property Investor
  • Boston, MA
8
Votes |
35
Posts

Petersburg, VA: Where to Start?

Mark Pijanowski
  • Rental Property Investor
  • Boston, MA
Posted

My wife and I own a few properties, all over the world really. But we know we need to focus on a particular area, which is why we started looking at RVA (where my wife is from). We ultimately decided that we're going to BRRRR in Petersburg as it's a big time rental market and it isn't as cash intensive as RVA. We prefer to not use hard money, just a point of preference.

Wanted to get some insight into the community.

We're out of state as my full time job (military) keeps us moving around quite a bit. We self manage, so we feel that BRRRR'ing is the best strategy for us, as we'd prefer to grow our portfolio while rolling out cash into sequential deals. A renovated home (should) mean that there are less maintenance issues.

How is the overall market? Is it difficult to rent? Is it difficult to find great tenants? Are there particular areas we should avoid?

Truly any input would be helpful. Thanks.

Most Popular Reply

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5,037
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4,678
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Taylor L.
  • Rental Property Investor
  • RVA
4,678
Votes |
5,037
Posts
Taylor L.
  • Rental Property Investor
  • RVA
Replied
Originally posted by @Daniel Alvarez:

@Mark Pijanowski Hi Mark, mine and my wife's interest got piqued recently with Petersburg, VA as an alternative to Richmond for multifamilies. We accidentally came across a property and became quite curious about the area. It's just south of Chesterfield Co, which my wife is familiar with, but Colonial Heights and Petersburg are unknown to us. On paper we can see the potential. Oddly high property taxes relative to market values is a interesting occurrence.

Are you able to share where you got to and any tips on subzones within the area for multifamily rentals?

Petersburg is the lowest income part of the Richmond MSA. The prices are lower because the income level is much lower, schools are poor, and local government is in disarray. If you're looking at properties in Petersburg, keep that in mind. It's not the same as Chesterfield

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