All Forum Posts by: Nick Daniel

@Marion Nicholson Thank's for reaching out to me. Who would you recommend for a local lender, portfolio lender, and PM in Richmond?

@Cass R. Smith Great! It is always good to connect with like-minded individuals. add me to your prospective buyer list. I will likely be looking to acquire a MFH (2-10 units in a C or B class neighborhood) or a SFH (that is in close proximity to VCU, or within 10 miles if it is a newly constructed house). Is there anything I could help you out with?

@James MacKinnon  Thanks for reaching out. Do you specialize as a general contractor, or do you typically perform the rehab yourself? Would you be able to perform work in Richmond? 

Thanks for the reply! I hope to build strong working relationships with everyone that is mutually benefiting, so let me know if there are things that you are looking for where I could be of assistance either directly, or by inquiring around my network to solve the situation. 

I am looking at investing in SFH near VCU and Church Hill areas. I am also considering a MFH unit consisting of 5-10 units in a C or B class area near the city. I wanted to reach out to the local investor knowledge pool and see what worked for who and why. Also, the best service is based on referrals, so if anyone has worked with some fantastic property managers, attorney's, local lenders, and contractors, I would definitely appreciate some references. I am located in the Northern Virginia area and I am more than happy to meet with someone and offer them lunch on me to discuss networking strategies in this area. I currently attend REIA meetings in NOVA and unfortunately, REIA meetings in Richmond would be difficult, due to the long drive for frequent meetings. I hope to have my real estate license shortly as well, so I would be happy to start developing relationships with investors in the area to create mutually benefiting relationships as we walk the path of real estate investing.

Marvin makes a solid window if you are thinking about the long term.

What does the average C+ or B class property that is a 6 unit multi-family cost/cash flow in Raleigh vs. Durham? What would the average CAP rates typically be for that criteria?

Jonathan,

Can you PM me? I would like to hear additional information about market information regarding Durham and Raleigh. 

Thank you,

-Nick

I bought my first townhouse last year in Northern Virginia. The market up here is pretty hot and it is hard to find an affordable multi-family commercial property that will also meet the 50% and 2% rule. I am interested in investing in Raleigh, NC because it is a 4.5 drive away (might be too far) and I have noticed that properties in Raleigh might meet my criteria. I am interested in a 6-20 unit complex that would cash flow around $200 per unit in a C+ or B neighborhood. I plan to put 20% down myself. Does anyone have some suggestions on zip codes, property management, lenders, commercial brokers, or suggestions if I should partner with an experienced local investor? I appreciate your feedback.