All Forum Posts by: Jon Deavers

Hi @Welton Needam

I work the entire Richmond metro area and while the true hotspots have their own pros and cons (Church Hill, Northside, Carytown, City Stadium/Byrd Park, etc) the metro area as a whole is experiencing a very hot seller's market. So location-wise, you shouldn't have a problem unloading deals to investors (add me to your buyers' list, I represent a wide variety of investors) in most any area of the city. There is an appetite for deals across the metro but it all comes down to what's happening in the adjacent couple of blocks as to what your ARV's will look like. Many of the hotspots (especially Northern Church Hill and Northside neighborhoods) support huge resell gains but many of the homes there have seen deferred maintenance for decades so you really need to be good at evaluating and projecting rehab costs in order to move deals quickly and for a profit.

In the surrounding counties, there is almost unlimited demand currently for single family homes in the $250k and under price ranges. Below $200k there is even some appetite for turn key investors who don't look for the typical returns that most folks are shooting for on BP ( several of my clients prefer the long-term track record of long established neighborhoods that generate lower returns but are more historically liquid). These areas would include places like the Tucker and Freeman High School districts, North Chesterfield/Midlothian, Sandston, Glen Allen, among others. 

It's also worth noting that the 2-4 unit multifamily inventory levels are almost non-existent. As of this post there are only 33 active small multifamily listings in the central Virginia MLS and most of those are located in the tri-cities (only 7 active in the Richmond city limits) so small multifamily buildings would be a good property type to target.

Hope this is helpful. Feel free to connect if you'd like to chat more.

Richmond Mortgage, Inc has a big presence in town. Mary is a good contact there.

I've closed a transaction for a client who used Jon Finman at Capital Three Sixty and Jon was good to work with. They're based in NY but can lend in VA. He funded a flip in the Petersburg area for us.

I am a licensed agent in the state of Virginia.

I have several builders looking for buildable land in and around the Richmond Virginia metro area. Land can be subdivided or whole. Multiple adjacent lots or multiple lots inside existing subdivisions are ideal but we are certainly open to one-off lots in more rural areas.

Large parcels suitable for development are also of interest. 

Direct message with any opportunities.

I am a licensed real estate agent in the state of Virginia representing the seller of this property.

0.09 acre lot in Richmond's northside for sale. 317 E Ladies Mile Rd Richmond, VA 23222

Lot is former site of a single family home. Located between two existing single family homes in Richmond's Northside. Minutes from the interstate, VCU, and Richmond International Raceway.

Lot is listed for $15,000 and is posted in the Central Virginia MLS. MLS # 1722242

Offers from buyer's agents welcome. 

@Sandy Sawyer

I will second @Account Closed's suggestion. Get to know local and state laws around "subject-to" or assignment contracts or double closings. Especially as a licensed Realtor. There's a different level of accountability there and you want to make sure you're clear on what is and isn't okay in your locale.

Hi @Eric Dandridge

I would love to see any land deals in the Richmond metro you run across. I have a couple builders that need dirt.

As far as getting started, a lot of it will work similar to SFH's I'd imagine. Find mailing lists for raw land owners or search tax records for direct mail. Most localities have some limited search function on their websites.

Also, go back to the BP podcast several years ago on raw land. There was a great episode interviewing an investor who would target land owners with delinquent tax accounts and was able to buy them for next to nothing by offering to cover the tax debt plus small purchase price. 

Also... You need to do a little research on "land use assessments" before pulling the trigger on any deals. That's a big pitfall with raw land if you don't check into that status on each parcel first. Land use assessments are vehicles where landowners can request special tax breaks from their municipality for keeping the land in a specific function (i.e. agricultural). However, if the owner sells the land someone ends up being on the hook for all or a portion of the taxes that were deferred using the program. You want to make sure the seller covers that or you bake it into your pricing. Depending on the location, size, how long it's been in land use and what the use of the land is that can add up to some major bucks in taxes owed.

Best of luck!

I am a licensed real estate agent in the state of Virginia representing seller.

Investor's special! This home is waiting for an investor to bring it back to life as a cash-flowing rental or potential renovation. Located near bus lines and minutes from interstate in Richmond's North Side. House is being sold as-is. 

If you have an agent please feel free to work with them to schedule a showing. I'm happy to show pending a review of proof of funds and a signed buyer-brokerage or unrepresented party disclosure. House is listed in Central Virginia MLS. MLS # 1722077

I have calculated an after repair value of approximately $80-$90k but please do your own homework. Average rent on rentometer.com shows $736/month for a 2 bed.

Hello Bigger Pockets!

I am a Realtor in the Richmond VA area and am starting up a weekly referral group. I will be using the Two Twelve system which is a local company that helps organize and manage weekly referral meetings. Their website is http://twotwelvereferrals.com/ if you would like to explore their system. The benefits of the Two Twelve system is that referrals passed are all qualified referrals expecting a call from the party referred and that the charter members of each group have a last say in who can join their group. This allows for a level of control that ensures our group can be confident in the professionalism and abilities of their referral partners.

I am in search of a local general contractor, electrician, HVAC tech, plumber, and several other professional service providers who are interested in growing their business by referral. The group isn't limited to home service companies so if you operate in a different field and feel this type of networking would be valuable please don't hesitate to reach out.

Many agents in my brokerage have found great value in this as have their referral partners. If you are in the Richmond metro area and interested in learning more please reach out via DM, email or phone and I can fill in some details.

Jon Deavers

@Jim Stevenson If you incorporate an LLC you and your partner can both insert funds and the LLC will be the borrower on the note. That will still require a personal guarantee on the loan since your new LLC won't have a track record. I agree with the concern about it not qualifying for a conventional loan if it needs $30k in repairs but if you're talking about upgrades (adding HVAC or refinishing cosmetics, etc) you may be okay. I would look for a small business banker if you go that route and run into difficulty with a conventional mortgage. They will lend to your new LLC with a personal guarantee and most SB commercial lenders underwrite in house and will often carry the loan in their portfolio so getting past property condition requirements could be easier (especially with a plan to immediately improve property condition via rehab budget).

You can always incorporate with by-laws that outline the enter/exit conditions of your partner or define him/her as an outside investor. A good RE attorney can give good suggestions for how to structure the partnership while they do the incorporation for you.

Hope this helps!

@John Kirksey Welcome to the boards! Moe's group is indeed fantastic so I second @Taylor L.'s recommendation there. Richmond's a hot market right now so the key is creativity. Fix and flipping will come down more to whether you can expand and improve a property's footprint and not the typical paint/appliances/flooring of days past but it can be done. Best of luck getting momentum built!