All Forum Posts by: James Stokes

@Bobby Scurlock, thanks for the insight. There seems to be far more volume in Martinsburg so I imagine I'll mostly end up looking in that area. More than anything else, I'm building contacts right now. 

Feel free to send me a PM. I'd love to pick your brain about that first deal.

I'm living in the DC metro area right now. Prices are on the high side so I've been looking at investing elsewhere. I'm leaning towards investing in the Martinsburg, Charles Town, Harpers Ferry area of West Virginia. I'm hoping to connect with some investors, wholesalers, and contractors in those areas. I intend on the BRRRR strategy but I'm certainly open to other opportunities in the area if they arise.
I haven't made my first purchase yet, and won't for a few months still, but I'd like to set up the contacts early. Please let me know if you're in that area, I'd love to get in touch.

I used to be stationed at Whiteman and did some searching in Warrensburg recently. If you're looking to cashflow there seem to be some options close to the college. One option might be to buy a SFR and rent out an extra room or two to a student. The numbers will probably be more in your favor if you look for something that needs some work.

@Carson Sweezy, I didn't realize there were tax incentives for very old homes. That might be enough to offset the lower income. I'll certainly look into the incentives.

@Levi Thornton, thanks for the stats. I look at charts all day in my 9-5. Where did you get the charts from? I'd love to do some more digging.

@Pete T., I agree with you. I've more or less removed Virginia Beach and Chesapeake from my searches. The prices are generally higher there but the rent isn't much higher. I'm leaning more towards Portsmouth at the moment as a good place to start looking.

That's good advice. That was one of the the things I noticed about Richmond. It's not a reason to avoid investing, however the schools are exceptionally terrible there. I would imagine that leads to a bit higher turnover rate with families looking for better schools.

@Jed Devine, thanks that the info. That's been my impression of Richmond. I've seem similar sales prices in the Virginia Beach area with generally higher rent prices. I'm looking at BRRR to be the most likely plan for me. I've seen a few wholesalers active in Richmond which leads me to believe there's a bit of competition there also. I'm certainly open to a good deal anywhere in the area though. With the exception of the initial walkthrough, I intend on hiring out pretty much everything else from renovation to property management.

@Tiffany S., thanks for the reply. I'll be sure to contact Wyndy Woods for that area. If you don't mind me asking, was the property you just purchased personal or and investment property?

@Aaron Howell, thanks for the reply. I've seen some wholesalers active in the Richmond market however from the numbers I've seen, most won't hit anywhere close to the 2% rule due to the incredibly low rent prices in Richmond. I get the sense Richmond is better for a fix & flip, but I'm new at this.