All Forum Posts by: Laura R.

I did just that and got my RE license about a month ago. My prior agent had given me an MLS portal, so I could find the deals, but when I did, I had to ride by the property and look around outside to scope out the neighborhood and general condition of the property. Then I had to call my agent and see what a good time for them to show the property was. Now, I see the property, drive over and go inside. The access to the properties is the primary reason I got my license, and it has been fantastic!

I did search my area and find a broker who was okay with me just working my own investing business and not doing any other business before I went through the trouble and expense of getting licensed. 

I do not have to go to any of the regular meetings or go into the office or make other sales.  So far it has been worth it just to get inside the houses. The deals in my area are hard to come by, and I have to search my area as well as surrounding areas and towns to find things that are priced right for flipping. Having to call an agent to go from one end of town to the other, with many of these properties not working out, seemed like I was wasting their time so often I didn't call them if something seemed borderline. Now I can go to all the properties I am interested in. Getting the buying and selling end on the commission will just be a nice little extra. 

This ties in with another post I have about how the deals seemed to have dried up in Richmond, Va. Just this morning, I saw on the news that RVA is the 4th hottest housing market in the counry for 2016, according to Zillow. From my recent experience, I think they got at least my market correct. What is the trend in your area, hot or not so much? 

From Zillow:

"Three variables influenced Zillow's hot market predictions: Zillow's Home Value Forecast, which forecasts the change in the Zillow Home Value Index over the next 12 months, recent income growth, and current unemployment rates. Those three variables were then scaled and combined to form a 'hotness score,' producing the top ten list."

Thanks Patricia! I have been looking all over and following things through the initial selling process and through the rehab and then back on the market price - things that I evaluated and know what the reno costs were, at least ballpark. Either people are working on very thin margins or they have very cheap labor or product costs. My husband is a contractor, and even when we factor in doing most of the work, there is not enough there to account for the "what ifs." 

Our plan is to do some buy and holds as well, so this may be the time to explore that. We are also going much farther outside of the immediate area to evaluate deals and looking at ways beyond MLS to find things. Something will break, I hope...

Kevin, 

We looked for about a year and made 8 offers before finally closing on a deal when we first started out. We weren't willing to take something that didn't have a decent margin because we didn't know what we didn't know and wanted plenty of room for error. We found a great deal and resold it on the 1st day on the market, so keep looking and don't compromise just to get something. If the numbers aren't there, they aren't there. I had those $$$ burning a hole in the pocket as well, so I totally understand your position. 

I think the difference between then and now is that we made 8 offers to get 1. So far, in the last 2 months, I haven't see 8 things I would make offers on. Someone is buying them, though, so I don't expect to see the situation/inventory getting much better any time soon 

:( 

John, I've been looking more at estate sales in my area as well. I think our markets sound similar insofar as the foreclosures and short sales, they are at near market prices. Add in the rehab, and there is almost zero margin, and I am not seeing the resale going so much higher as to compensate for that. 

Hi Ryan,

I have been following several areas in and out of the city undergoing gentrification and am mostly aware of where I would want to pick up something, but as soon as one is available, I can hardly get in to see it for all the contractors' trucks lined up, lol! Seriously, went to look at a house in Chesterfield over the weekend and had to wait for 2 groups to go through, then us, then people were waiting behind us. It is crazy. Riding around town, all I see are tacky "we buy houses cash" signs. Maybe it works, but I don't think that is my style. 

I just became a realtor in order to get the MLS and access to homes, which is helping tremendously with speeding up our process, so I am sure the right deal is just around the corner.

 I am with you in believing that it is a seller's market right now. I just saw on the news this morning that RVA is the 4th hottest real estate market in the country on Zillow's hottest housing markets - 1) Seattle, 2) DFW, 3) Denver, 4) RVA

HI All, I am curious where you are finding your best deals right now. I am in the Richmond, Va, and surrounding counties area, and even the foreclosures are priced at near full market value and still need pretty complete rehabs. Most everything I am seeing is priced so that there is just nothing left over. I see multiple foreclosures needing rehab priced at their assessed values. 

When I do see a real deal, there are 20+ contracts on it. When I look later to see what it sold for, IMO, it was above what my assessment showed would turn a decent profit. I suppose a buy and hold person would still be okay at those prices, though. 

Are you guys just taking what is there and making less per deal or skimping on the finishes? Are you finding deals outside the normal MLS route, e.g. local bank foreclosures, driving for dollars, wholesalers, etc?

I am at this point studying to get my RE as an investor. I have been given guest status to the MLS by my realtor, but having access to the properties on my time, when I want to see them, is the biggest plus I am looking forward to. Getting to keep the commission is just sort of icing on the cake for me. Being able to see a property as soon as it becomes available and head right over, without having to check with someone else's availability all the time, will be a huge simplification of the process for me.

Thanks  for the lead Jennifer, I will check into One South!

Hi All, 

I am wondering if anyone knows of a broker in RVA that will let me do personal investing real estate transactions only. I am interested in getting my license to help facilitate my investing career. I am not interested in sitting in open houses or cold calling or really even working with other buyers and sellers unless it came up within the context of my investing. I guess I would be doing a few transactions a year. I do fix and flips, so the buying and selling side on those, and am also looking to start with some buy & holds.