All Forum Posts by: Dominic B.

Also, don't forgot to look into the historic tax credits that may be available.  I've never done them but I've heard they can be a bit time consuming and paper heavy.  It might be worth working with/consulting an attorney, contractor, or realtor that has this experience. 

Hi All,

I'm hoping to save myself some research time. For the sake of this discussion assume I have a GC that is 100% capable of performing as the GC but is not licensed. Are their laws that require me to utilize a licensed general contractor in Virginia if I am purchasing a SFH for flip investment purposes?

Thanks,

Dominic

 Hi Andres,

In retrospect, saturated was probably the wrong word to use. There are definitely deals to be found but not like it was 2,3,4, years ago. Obviously, nothing unique to Roanoke. BP is a great start as are the meetups but I feel the BP community in Roanoke is still relatively small. Find a good commercial realtor that can approach it from an investors perspective. I'm sure BP Roanoke members can recommend a ton (I'd be happy to private msg you the one I use). 

As for areas, I have city and county properties but am very keen to get into salem and Fincastle areas. But much like you, I need to make the move and learn those markets before I get my feet wet. Remote investing is not ideal :-)!

-D

Hii Andrew, 

I'm a Roanoke native in NoVa but moving to Roanoke soon as well. I have several small buy and hold multifamily properties there. I feel the Roanoke area is a relatively invester saturated market but $80K can easily net you 4-6 small multi-family units. If you buy at the right price and do your numbers correctly, your annual cash flow should give you enough cash to buy at least one more property per year for the next several years. If you buy value add properties your cash out equity (via refi) should net you even more properties. Best of luck!