All Forum Posts by: Jon Deavers

Hello @Tanner Kerckhove

Welcome to BP. There's a ton of great resources here that can help you plan and execute your strategy. There are also some great REIA's and meetup groups around town to help you make some new connections. Best of luck!

Hi @Chase Gu

I live and work in Richmond. It's a unique market as @Chinmay J. mentioned above. It depends on what you're approach and strategy is as to whether it makes sense or not for you to invest in. For a long term buy-and-hold market, it's hard to beat. Prices are relatively low (especially compared to DC metro) and rent rates are competitive. Vacancy is very low and there is high demand for housing in almost every segment of the market. Even with the highly competitive market, I've represented several turn-key rental sales that met a 0.8-1.0 rent to price ratio this year. Flipping is a little different and I would caution that experience is key if you're new to it. There's very little available that is a cosmetic renovation only. Hope this is helpful.  

Hello @Matthew T Cuff

Welcome to the site! BP is an incredible resource and you'll find plenty to help you learn more as you go. Best of luck in your investing and feel free to reach out if you'd like to connect offline and talk shop.

Hi @Jorge Vergara

Moe Mathews organizes a great general REIA that can be found on meetup.com as the Richmond REIA

I also run a monthly meetup that I started to help my clients leverage local knowledge. It is an invitational event at this point but feel free to PM and I can send details if you would like to attend our next event in January to see if it is a good fit for you. 

@Scott Berman I agree with @John Pierce about all of the positive changes happening in Northside as well as the caution on baking appreciation into the deal. This may seem a little obvious if you look at a map, but North Highland Park is actually at the eastern end of Northside and the area directly north of Highland park is a much different market than North Highland park proper. That area has several different "names" but is generally lumped in with Northside. Can also be referred to as Providence Park. One of the biggest differences is the types of homes. North Highland Park has plenty of big American Foursquares that make for good flip material and so the competition is hotter for those properties there and drives up market value on the smaller ones to a certain extent. Providence park is mostly small single families (most are under 1000 sqft) and so the owner-occupant/flip market is cooler. Therefor you can find great cash-flow for less capital and lower competition from owner-occupants/flippers.

Lesson to be learned is getting feet on the ground in those neighborhoods to understand the differences in product type and highest/best use. There are lots of local meetups and investment focused agents in the Richmond area who can help you better understand the area.

Best of luck!

@Sean Tluchak

He and his team are fantastic. Knowledgeable and client-care focused. They've closed dozens of transactions for my clients as well as helped draft documents, register LLC's, etc. One-stop shop for real estate related legal needs.

@Frank Yaccarino

Hi Frank. I would suggest looking into how to either partner with someone or leverage your capital. $50k would be enough to acquire a property or fund the rehab but not both. Hard money is always an option but you may want to look into a commercial rehab loan. Depending on what other business experience you have you may be able to find a local lender that can help you out at much more attractive and less risky terms than hard money. Feel free to PM for a referral to a great Richmond area small business lender. Best of luck!

Hi @Olawale Ogbonlowo

Welcome to BP! Congrats on taking the first steps. The goal writing is key and a great start. I would suggest, in similar fashion, start writing out your investment strategy so that you have a road map to where you want to go. The direction may change as you learn and make connections but without the map it's easy to get lost. Best of luck on continuing your adventure.

@William Webb

Hi William! Welcome to RVA! It's got everything you'd want out of a big city but without the hassles. The nice thing about Richmond is that whether you want to be in the city limits or out in the 'burbs you are still within a 30 min drive to almost anywhere else in the metro. The benefit being you can prioritize great schools and a suburban subdivision environment and still be a short drive to the city for night-life, culture, etc. Or you can prioritize walkability and convenience to what the city has to offer and still be a short drive to familiar big-box retail needs, etc. 

I hope you're enjoying it so far and best of luck kicking off your investing career!

@Brett Alphin Thanks for the mention Brett!

@Jonathan C.

Richmond saw a very hot sellers' market this year and so the turn-key options for SFH's that generate a 1% rent-to-price ratio are a little tougher to find but I've also seen rents increase significantly over the last couple years. Now could be a good time to find something as you won't be competing against as many first-time buyers as you would have been during the summer/spring markets. It really does come down to whether you want to put in rehab work and what your tolerance is for competing for distressed properties. There are several areas where you can pick up move-in ready SFH's in the $120-$140k range that will generate $1k-1100 in gross rent. Not quite 1% but closer than what DC metro can offer and you get the benefit of not having to manage a rehab project. Hope this is helpful. If you ever find yourself in the River City, let me know and we'll grab a coffee and talk more in depth.