All Forum Posts by: Joseph Kelly

@Cassidy Burns Thank you!

Hey folks, I'm a rookie investor (no deals as of yet), but am going to be getting into STRs in Page and Shenandoah counties in Virginia, and am hoping there are some recommendations for STR-knowledgeable, investor-friendly agents to connect with.

Also, in addition to running my own numbers/doing my own research, what are key points I should be looking for in an agent that I want to work with for STRs? 

Also, if you have any general advice for working with agents, especially with regard to investing in STRs, and building relationships in RE investing, I’m all ears.

Thanks!

@Cassidy Burns Great, thank you for all the information. Couple follow-up points here:

1) Given the predominant importance of "location, location, location", as your post indicated, what resources do you use to locate/pin down good locations?

2) You mentioned liking the Front Royal area; if you're familiar with the area, are there any investors/realtors/individuals you would recommend connecting with who are local to the area and might have more information on local housing/rental trends?

3) Related to the above, do you have any places you go for reliable information on the more rural parts of VA outside of NoVA, such as Front Royal, Winchester, Stephen's City, Strasburg, etc.?

Thanks again for the info!

@Andrew Spell Thanks again for all the information, I really appreciate it, I'll be looking into those resources and the report that you provided.

@Andrew Spell Thank you for all the information! A couple clarifications and follow-ups here:

1) Any recommendations on sites/tools to locate and research local rent drivers?

2) You mentioned the duplex in Martinsburg needing total rehab - do you have any recommendations on any contractors/individuals experienced with estimating/handling rental property repairs in the area? I have no construction/rehabbing experience whatsoever, besides the little book knowledge I've gained to-date, so properties requiring medium-to-extensive rehabbing are rather intimidating at this point.

Thanks again!

@Leo Watts Thanks for the information. I guess I'm using "NoVA" a bit broadly here; I-66 goes directly through the town, so, provided there's no traffic, it's easy to get to D.C. and into parts of NoVA, so it doesn't feel as far away.

From your standpoint as a realtor in D.C., do you see the more immediate suburbs of D.C. and NoVA proper as more "hot" rental markets at the moment, or do you see more of a push out towards places like Front Royal, Winchester, Haymarket, and the like?

Thanks!

@Ika Sargeant Thanks for the info. We do get a fair number of commuters to D.C., which is a growing trend that I'm hoping to capitalize on. I'll look into the vacancy rates in the surrounding area.

Are there any sites/tools that you'd recommend for doing research into local vacancies/local rental markets, etc.?

@Justin Lanciault I have no experience with the tenant base in Front Royal, so I can't answer your question at this point with any degree of certainty. In a few years I'll have a much better understanding.

@Russell Brazil Thank you for the information. I haven't heard of the FHA Self Sufficiency Test before, so I have research to do into that. I was definitely thinking of getting an FHA loan if at all possible, so I'll have to look further into my options there. Thanks again.

@Salvatore Lentini Thanks for your willingness to share your knowledge and experience.

I am planning on buying a four-plex in the next 6-9 months, living in one unit and renting the others out to start down the road towards financial independence. I haven't started actively hunting for deals yet, although I am communicating with my RE agent regarding multifamily properties in my county and the surrounding counties.

Location: Front Royal, VA, although I'm looking at the greater area as well; Financials: ~$11,000 available to invest; REI/tenant Experience = no hands-on experience, ongoing reading of BP books/forums/podcasts/blog posts, etc.

Top questions at the moment are:

1) What are the top considerations regarding house hacking, especially in an expensive market such as in/around NOVA, that a new investor such as myself probably won't have considered?

2) What constitutes a good buy-and-hold rental deal in an expensive market? If I'm buying for cashflow, does the upfront price of the property matter as much as it would (up to a point) if I were hunting for BRRRR deals or rehabs?

3) Your advice on analyzing your local market? For example, where I'm located is a pretty rural area, but we're about an hour from D.C. and some of the most expensive counties in the U.S. I'm not sure where I should be looking for a four-plex - more out in the country or closer to the city, in the more expensive areas.

4) What are the top questions I should be asking as I begin to pursue my first deal?

Thanks for any answers or insight; I appreciate any and all information/comments/critiques. If I need to provide more details to solicit more exact answers, just let me know.

Joseph