All Forum Posts by: Jon Deavers

@John Smithdeal

I agree with Dan (mainly because I see him at the Richmond REIA every month). Just to clarify, the dues are $30 for the year and $5 per visit for guests of members.

Great group of folks from all experience levels and backgrounds. The organizers are passionate and do a great job securing guest speakers each month that provide practical advice and information with no strings attached. Hope to see you there!

Hi @Angie Schuler and welcome to BP from just the other side of the James. :)

BP's a great resource and there are a ton of Richmonders on the site ready and willing to help. Best of luck!

Hey @John Smithdeal

Welcome to the site. Great resource for newbies to veterans and every experience level in between. Check out the podcasts and never hesitate to ask questions. Richmond is a great town to start in with the economic growth underway so I'd say you're well positioned geographically. 

Best of luck!

I like Rentometer because it maps out the comps easily. You can't use the average rent as gospel, but here in Richmond it is nice to see where the recent comps are on the map since neighborhoods change drastically from block to block in some areas.

For 10k? Looks like a steal! 

@Rob Estes

Hey Rob. I think it's all going to depend on the market you're investing in or planning to invest in. If someone in your situation was looking in the Richmond area, I would recommend small to mid-size multi-family at this point. Properties are available here that cash flow well in the 1-4 unit size and there are a few larger multi's that would be great opportunities for cash-flow with that level of capital. I can set you up with a referral in MD or there's probably a bunch of good contacts here on BP.

Alternatively, you could look for a syndicated deal and really up the game with a large multifamily property. $350k could buy you a sizable stake in a partnership.

Good luck and congrats on the success so far!

I just wanted to share a story about a client I've been working with. I picked them up from a sign-call on a rental property I have listed for another client. They have proven to be some of the most friendly and genuine people I have ever met, become good friends, and we would have never connected if it wasn't for the real estate business.

This is a retired couple who lived in what may would consider a C-class neighborhood. The husband bought his home over 30 years ago and he and his now wife had lived in it together for a long time. Late last year, the house caught fire while they were away running errands and they lost all of their personal possessions. The insurance company paid them for their home and possessions but because their house was located where it was, in a depressed area, the payout was less than $100k.

We've searched for the last month for a new home that they could pay cash for since they are on a fixed income and financing would be a challenge. Finally, we found a place that fits their needs perfectly and are now under contract. In addition to getting to know this couple, it connected me with the listing agent who is a real gem in our local market. The bonus being a great start to a professional relationship with someone highly respected in her field.

My favorite thing about this whole process however, has been getting to know the buyers. We've spent long, cold, frozen mornings in their living room just discussing their past and what life was like growing up and coming along in Richmond during much different times than the present. It's reaffirmed my decision to choose this profession because I feel fully vested in their future and my goal is helping a family in need get into a new place that they can call home. A very stark contrast to my prior career where many times I felt like I was just enduring the passing of time waiting for the weekends and a salary check that allowed me to keep paying bills. 

The point of this post, I suppose, is just to say that this industry, regardless of the approach you're taking, can be very rewarding on many levels and I feel very fortunate to have made the decision to jump in. None of this would have been possible without the education and support of the BP community. Thanks to Josh Dorkin and his team for building such a fantastic place to learn and share.

I recommend checking with your Realtor. Here's why, speaking from personal experience:

1) Good Realtors work by referral to generate their own business and part of that is by making good referrals to other professionals. You can bet if you have an experienced Realtor he/she is going to refer someone that has completed work and made their previous clients happy.

2) Since Realtors are typically touching more deals than investors (save the big production folks) they are more likely to have worked with multiple contractors and can give you feedback on the good ones.

Can't wait to sport the new T! Especially now that the weather's changing for the better!

@Rebecca Gibbons

 Hi Rebecca! Welcome to BP from just a little ways East on Route 33 :)

This is a great site and community so dig in and good luck! Feel free to reach out if you ever need anything.