All Forum Posts by: Joedocei Hill

Hello All,

I have been identifying properties in the Richmond area that I might consider purchasing but wanted to see what the average cost of certain critical factors were. So what do you all see to be the average cost of insurance and and vacancies in the area? Also, utilities. I hope to meter this expense out to tenants but in case that is not an option, a rough estimate would help in running my numbers.

I've been googling around and found the following approximations and wanted to see if they are consistent with what you all are seeing:

-cost of insurance in VA to be ~$80 (I'm assuming this is for SFH)

-vacancy about 5%, conservatively ~8%

These are the factors I am not sure of in my calculations. If you all know of any other factors that may affect my numbers in the Richmond area aside from mortgage, taxes, repairs, and CAPEX, please feel free to inform me.

Thanks,

@William Webb @Linda S.

Personally, I would like to live somewhere that is pretty "city" i.e. close to food and a Walmart lol.

But for investing I was wanting to know where the A, B, and C class neighborhoods are. From Linda's post is seems that "Short Pump, Midlothian, Western Henrico and Hanover county" would be the A class areas and "anything near the courts-- mosby court, fairmouth (sp?), gilpin court, etc.." would be C class. Are there any notable B class areas? I am looking to purchase my first rental and would like something that won't cause too many headaches for my first go around.

I appreciate all the help and insight. This is exactly the information I am trying to figure out.

Hello All,

I am new to investing in the Richmond area and new to Richmond, VA. I was wondering what are some of the neighborhoods in the city like? What are the areas to stay away from? Low- and High-income areas? Popular areas? Etc...

@Kelly Hall That sounds great. I will take everything you said into my search and considerations. Thank you very much for your help!

@Linda S. Thank you for your response. It is nice to really find out whats going on in market without having to learn the lessons personally and I am grateful for your willingness to share knowledge.

I do have some follow-up question regarding your response if you don't mind: It seems that you find the tri-cities area to be more lucrative than investing in Richmond. With this being said is the cash flow for investments in the Richmond area significantly lower than the tri-cities? 

And also do you find any good cash flowing properties in Richmond? What is a typical ROI for this kind of area compared to the others?

@Kelly Hall That was an excellent response! I have read it over several times and am impressed with the level of detail more and more each time. Thank you so much. I do have a couple follow up questions regarding your post though if you do not mind.

1. You stated that you would put in an "as-is" offer as soon as it hits the MLS. Do you not find this risky without any deeper knowledge of the property? As in, have you ever found yourself offering on a multi-family that you found out was not such a great investment after further analysis?

2. Do you have any recommendations on realtors? I have been reaching out and in discussions with several but a personal recommendation is worth ten times more than me just cold-calling and interviewing realtors.

3. Lastly, do you know why is there such an influx of foreign investors? Are there a lot of companies moving to Richmond? Is it because it's so close the nation's capital? Or just a "right place, right time" kind of thing?

I will also look into the single-family market more as well. I was planning on using this as my plan B as well and your reassurance is just more of a confident booster for that decision.

@Dawn Roy Hello Ms. Roy and thank you for your response! I would actually like to connect and talk a bit more. I'll send you message.

@Tom Ott Thank you sir!

@James Wilcox Thanks for the response and that sounds great. I have already RSVP'd for the event and will be looking for you in the group.

Hello All,

My name is Joedocei Hill and I am currently a student in Lexington, KY. I am a software developer by trade and will soon be moving to Richmond, VA to begin my development career after graduation.

I have been interested in REI for about a year now and have spent most of this time reading books, listening to podcast, lurking the BP forums, and attending a few local REIA meetings. With the knowledge I have gained I am looking to get off the sidelines and start failing forward and making progress not perfection.

Since I am moving to Richmond, VA I would like to begin my REI journey by investing into a multi-family property and house hacking it. Being that I would live in the residence I am leaning towards seeking an FHA loan as my funding source. Also being that I am new, I would like anyone (not only those is Richmond) to critique my plan or offer any advice on finding a good out-of-state property and acquiring the loan for a property in a different state that I will be moving to.

Lastly, while I am still in Lexington, KY if there is anyone who would like to connect or that I could be of service to, please just reach out and let's schedule a time maybe grab a coffee/smoothie and talk shop :)

Thank you for your time!