All Forum Posts by: Ryan K.

The renovations look nice, congrats! It’s good to see another property cleaned up in the city. I originally thought you might covert it into a true duplex with two distinct units, was that not feasible for the house? I haven’t seen any SFRs rent for $2000-2200 in that area, even ones with four bedrooms and/or a large square ft footprint, but with two units you might net that total amount even if you cover utilities if that can’t be separated. 

I know it's early to try and predict the total impact of the current pandemic on the STR market, but wanted to start a discussion -

How many STRs will ultimately get converted to LTRs in each market? Any thoughts on how it could affect your specific market and what that affect may be? Possibly an increase/flood of LTRs hitting the market soon or within the next year with an impact to supply/demand and rental rates? Just a short term (year or two) impact, or maybe longer?

In my local market the city (Richmond) was already getting close to passing new rules that would prohibit many of the currently operating STRs/AirBNBs, and I originally figured at least a portion of the the hundreds/thousands of STRs would ultimately get converted to LTRs. With the pandemic I’m thinking for some STRs it may  speed up that process or have a larger impact. 

Hey Eddie, congrats on the purchase! I've been through that house last year, it was being offered through various local wholesalers for a long while before it went on the MLS. Should be a good project, if I remember correctly it had a new roof and electric service and the interior had the bulk finished, and a new second mini kitchen. Sounds like you are converting it into a duplex? I agree that area is improving and getting more attention these days, and will likely continue to do so with the proximity to downtown.

@Tony Castronovo my recommendation is that if you have a few minutes go ahead and write an honest factual review of the PM company and copy and paste it in several areas like social media, yelp, etc. so that it can (1) help future investors avoid a bad PM, and (2)  might make you feel a little better about the situation. 

@Jay Hinrichs I agree with your thoughts. Stabilization or a small correction is a likely scenario (or worst case). We dont have the overbuilding like these was prior to 2008, the new construction numbers and new permit numbers prove that fact. And demand in most places it through the roof right now, and available inventory fairly low. If property prices fall even a moderate amount, say 10-15%, both investors and owner occupants (currently waiting on the side lines) will likely scoop things up and like you said "Stabilize" the market. Heck look at the recent movement in the stock market, it was a small trough in late 2018, and like you said the investors came in and bought, stabilizing things and bringing it back quickly. Just too much money on the side lines waiting for a small discount at this point.

I dont know much about Charlottesville, other than people generally saying its expensive. Its a growing area which is putting tremendous pressure on selling prices.

It was mentioned above but yes, easier to rent a property, but harder to sell if you ever decide to go that route in the future. 

I really like Roanoke from a desirability standpoint personally, and have spent some considerable time there and nearby. The city is growing again at a small pace according to recent population numbers, which is a good sign for long term investment. Virginia Tech is bringing money into the city with the Carilion expansion, although it seems to mostly affect specific areas downtown. I'd say the biggest issue I see is the supply of cheap homes and cheap rentals really keeps prices down in certain areas, both selling prices and rental rates.  Hard to get the numbers I like to see,

I think it was mentioned above, but I’d strongly suggest you base your cost for materials and labor on the local Oregon prices, and not what you find in NY. 

On the labor side, if you are currently paying $15 to $35 per hour for your in house NY crew, and the Oregon market pays double that...well your in house guys that move with you will jump ship to the other contractors once they find out they can make so much more. And you won’t be able to replace them unless you pay the market rate. 

Anyone willing to recommend a decent handyman in the Richmond VA (RVA) area? Preferred licensed and insured. Need some basic items completed on recent purchase in east Henrico like gutter cleaning, boot on vent pipe resealed, couple pieces of loose vinyl siding refastened, couple storm windows replaced, etc.