All Forum Posts by: Adrian Stamer

Sounds good @Adrian Stamer let’s get together after the holiday and grab lunch or coffee. 

Hello,

Wondering if anyone in the Central Virginia area was investing in inner-city Petersburg or Hopewell?  Specifically, doing Section 8 in the lower-priced, rougher areas?  I currently have rentals in Richmond (have done Section 8 there inner-ciry), but was thinking of trying out Petersburg.  Richmond is way overheated right now.

Tossing around either Section 8 or maybe doing fix and flip to other investors and I carry the paper.

Thoughts?

My fiance and I just closed on our first rental property this week outside of Richmond, Virginia. There’s a bit of renovation to be done before we get a tenant. Our goal is to finish renovations in the next 4-6 weeks and get a tenant in.

We are doing a majority of it ourselves, besides things like electrical upgrade and a new HVAC system.

What advice can you give a first time landlord!? What did you do wrong? What have you learned? What are some great successes that have made you money? Teach me everything!

I have read books, read articles, listened to podcasts, and done a ton of research for over a year. But I’d love to learn from others’ experiences! Any newbie tricks that have helped you be a successful landlord.. tell me!

Originally posted by @Jason Etheredge:
Hey everyone, I am new to BiggerPockets and Investing. Looking to get started on my first deal. Really been digging into the site, podcasts, and blogs. I have 20 years of experience in the construction arena. I currently own two businesses. A handyman company and a website development company. I’m trying to figure out exactly what area I’d lIke to go into. I’m leaning toward fix and flips because of my previous experience but not opposed to wholesaling some deals as well. Been driving around RVA some looking at and collect info on abandon homes. There are several in my neighborhood. Trying to build a solid team also so I can’t hit the ground running. I’m also interested In owner financing instead of renting. Haven’t seen a whole lot on BP yet on that. Looking forward to meeting and connecting! I have a beautiful wife of 10 years and 4 great kids and would like to be able to travel a little more with them and build up money for retirement.

@Patrick Philip I also have no experience with hotels other than to have gotten fairly close to buying one at auction... In my research though I found that they're a lot like multi-family in some ways and different in others. For instance, you can own the real estate and manage yourself or you can own the real estate and hire someone else to manage it. Also, you can buy a small, non-standard, lower tier property or you can buy something investment grade. And you can combine those categories to gain or lose a lot of money.

For example, I have seen tons of small 10-20 key motels in rural areas for sale that are just obsolete and should probably be bull-dozed. However you maybe could make a living self-managing a small hotel in a beach area.

But to really make them work you need to buy larger, flagged as a major chain  and preferably in a growing area in a major metro area. When you get to that type of property you really have no business managing it yourself unless you have some experience. Check out some of the decent Hilton, Marriott, etc hotels near you. They are probably owned by a large company and managed by a separate large company.

If you want to try out hospitality without a major investment why not try a STR property on AIRBNB? I tried that and learned that I hate the operational side of hospitality.

So my girlfriend and I are thinking of moving somewhere to start our RE journey together. I live in southern Md now and would like to stay relatively close. Just would like some opinions from people who know Richmond personally. We want to focus on Airbnb, long term rentals, and just a nice place to live/start a family. Any suggestions? Thanks!

I have to respectfully disagree regarding a primary residence. By your photo you appear relatively young (myself being 38). Having purchased a primary residence first which then became a rental, I'd suggest only buying a primary if you can house hack to live for free, otherwise keep your personal expenses as low as possible to save up for a rental. There are quite a few 4plexes in Carytown that you could purchase on a primary residence loan, though I'm not a Richmond resident and am not current on pricing. Hope that helps.

Hello everyone, I'm an engineer in Richmond Virginia. I have some investment experience in stocks and cryptocurrencies but the volatility and risk involved in both have motivated me to look for other ways to invest, so for the past 6 months to a year I've been looking into various options. Real estate has always interested me but in the past I've always had the mindset of , "I just don't have the capital yet"... After stumbling across the podcast in the recommended section of youtube I have been going through 10-15 podcasts a week and reading a lot on the website. I would love to connect with people in Virginia that have experience in BRRRR or multi family properties, so far I haven't seen many people on the forums from my area but I'm sure you have to be out there!