All Forum Posts by: Patrick Devlin

I share a few thoughts and you can feel free to reach out directly with any questions to discuss more if you'd like.

1. I'd like to challenge that you can't qualify for a renovation loan - you probably can't qualify for a conventional loan and/or owner-occupied loan that will provide renovation funds, but there are other financing options for investor loans. As Dawn pointed out there is a great investor community in RVA, and that includes a lot of folks who will do private/hard money loans for you purchase and renovate investment properties. Taking on a project is one of the best ways to find a deal worth buying, vs. buying a property that doesn't meet your numbers. Get involved in some of the local meetups and network with some lenders - Look up RING, Rise, REIA, etc.

2. I like to challenge the common belief that renting is throwing money away.  I am a Realtor, and you won't find many realtors who agree with me on this area.  For me I've built up a decent rental portfolio in RVA and I rent where I live, and this works perfectly fine for me.  If you overpay for a house just to buy for sake of not wasting money on rent, IMO this would be a financial mistake in most cases.  While renting can be seen as 100% sunk costs, owning a house also comes with a lot of sunk costs.  Do some math around average costs per month once you look at Interest, Taxes, Insurance, new furnishings, maintaining and budgeting to replace your roof, HVAC, all the components in your house.  Housing is an expense whether you own or rent.  Now, if you find a house that you'd like to live in and either A) you see yourself in that house long term, or B) this house would make sense to use as a rental if you moved out, then by all means buy!  But don't approach it as buying = good, renting = bad. Run the numbers.

3. If you do find a house with decent numbers - house hacking really is one of the best financial decisions you can make.  Small multifamily can be great, but IMO the numbers rarely support it in Richmond - you need to find a really good deal.  But buying a house and renting to 1-2 roommates can be great. And it sounds like from your story that you'd prefer this quality of life to staying with family.  This was my first purchase, and while I have since sold that place and began renting again, it was awesome having a roommate pay my mortgage.

I second Taylor's referral for Pete ^^^ He's been instrumental in me standing up my REI business. The Fixer Upper Coach should be part of every Richmond investor's team

Dawn Roy (above) would be a great resource for your brother!   I'm an agent and investor in Richmond as well.  If I can be of any help, feel free to reach out.

@Brandian Ross If you haven't already, I'd recommend attending a local REIA or RING meeting to get to know some other investors. I've found many people who are able and eager to help.

I agree with @Kelly Hall and @Adrian Stamer on this one.  Manchester is a hot buzzword in the market, but really only in certain pieces.  Warwick Ave. is a long way from the hotbed of investment in Manchester and likely won't benefit much from that current redevelopment.

I'm probably not going to do anything in that neighborhood.  That said, I'd be interested to hear if you come across future opportunities in the area.

@Uzoma Onyeije - I'm struggling with trying to do too many things at once as well.  I agree with @Linda S. - It will be difficult to find money without either good credit or a track record of real estate experience.  Thus, while it's not impossible to jump into real estate, I'd recommend focusing on finding employment first and getting your financial house in order, and then you can start investing and working towards the dream of quitting the job.  Getting back into a stable financial situation is what will rebuild your credit over the next several years.  And helping/partnering with another investor will help you build your real estate knowledge and experience.

I love working with Jennifer Davis of Davis & Associates Accountants in Chesterfield.  She's an EA, not CPA, but she understands real estate inside and out and anticipates my questions and needs to an impressive degree.

Exactly what I was looking for!  Thanks @Patricia Bowler!

Does anyone know what the final plan is for the old bus depot at Cary and Robinson in the Fan?

It's currently being renovated and I know that they're putting in some commercial, but I don't know what they're doing for residential and I cant find any specifics online.  I'd be interested to know if they're putting in condos and/or apartments, and if so, how many, what size, what price range, etc.

Thanks in advance for any info!

I'm currently conducting this search as well.  Here are a couple other threads with some answers...

https://www.biggerpockets.com/forums/51/topics/337466-looking-for-attorney-and-accountant-in-richmond-va

https://www.biggerpockets.com/forums/588/topics/193492-richmond-virginia-real-estate-attorney-recommendation