Richmond, Va Newbie

[Janetta C.]

Hey Guys,

I'm new to BP and the idea of investing. Really hoping to purchase my first property in the Richmond, VA area before the end of the year. Any suggestions on current or projected market trends regarding fix & flip or rentals? 

My ideal property is a multi family where I would consider house hacking and renting out my current home. In my opinion the Richmond/surrounding counties seem to be oversaturated with new development and investors. Any suggestions or ideas are greatly appreciated. 

[Taylor L.]

Totally agree that there are a lot of investors here in Richmond! Future trends generally are anyone's guess. We don't know what's going to happen with Covid anywhere in the country, or how it'll impact the real estate market. 

That said, people on the ground in most markets seem to agree that the single family market has remained strong. If you look at the velocity of single families in the area, properties are still closing for $20k over asking within a week of going on the market (probably cash offers?). I'm not a flipper, but to me the Richmond real estate market still seems to be strong. 

That said, the $600 CARES Act unemployment bump runs out very soon. Covid is far from over. Lots of folks are about to not be able to make their mortgage and rent payments. It seems silly to me to expect that to not have an impact on our market.

I'd suggest you get involved with our local real estate investor scene by joining local meetups and networking groups. Most of them are online now, but you can still make connections. In real estate, connections are almost everything!