All Forum Posts by: Rich Lennon

The market is definitely hot.  I had six houses on the market since Thanksgiving and traffic has been high.  4 are currently under contract.  My personal opinion is that the growth in Churchill and North Side are not sustainable, but I still like both short and long term strategies in these neighborhoods (just not mid term). Short term, the boom has a good 1-2 years of growth ahead I humbly predict. (just not mid term).  With national headlines as a destination city, state capitol, strong employment etc. etc. and gorgeous builds and renovations going on in these neighborhoods I predict 2016 will be a strong year.  As a long term hold in the neighborhood I think you are golden.  This area will always cycle every 7-10 years and you can pick and choose your buy and sell depending on where you are in the market.  As a mid term investment I would be wary of Richmond.  I would not want to have to sell a house in the 3-5 year time frame . 

Marc, Whether it is 'legal' or not I cannot tell You for sure. I will say there are several agents who do this with some regularity, without consequences, in our market.

Martine, I am an active buyer in the Richmond and surrounding county. If you find a wholesale deal, please contact me. Let me know if I can help.

There are a lot of great cash flow areas in the city. The north side at the moment is seeing strong revitalization and great numbers. Be careful though, like many inner cities it is street to street safety wise. I personally feel Chesterfield county is the best buy and hold county. (disclaimer, I am highly invested in the county). It offers lower home prices than Henrico, demands high rental rates, great schools, and is a safe place to collect your rent. Hope that helps

Although Manchester is seeing some revitalization recently, Decatur is historically a terrible street.  If you are new to the area I would try something a little easier.

I have been a full time investor in Richmond Va for a few years now.  Although a lurker on Bigger Pockets I have never really contributed to this investor community.  I am making an effort to change and contribute  :)

I thought I would share, ask for any advice and see if someone had run into this situation. 

I met a home owner that was in a unique situation this past week.  She was listing the house for her mother, who was in a nursing home.  We got to talking and she made the comment that she did not care what she sold the house for.  Naturally I wanted to know why.  She said her mother was in a nursing home and was being taken care of by the state in her final years, as the mother had run out of money.  When she was admitted into care the house was pledged to the state and ordered sold.  All proceeds will go to the state. This of course is why the daughter does not care what the house sells for.  The stipulation from the sell order states the house be sold at a minimum the assessed value.  She has not been able to sell the home because the home is not currently worth its assessed value, although it is close.

The numbers were not there for a cash offer. 

I started wondering though if an offer of terms might work.  The daughter would  agree to sell the house to me at the assessed value of $93,000 in the form of 186 payments of $500 a month.  Certainly the daughter would be willing to make the deal.  The proceeds would go to the state, but over the course of approximately 15 years.  This, of course, would make it a good deal for me.

Does anyone have any experience with this situation?  Although this is the first time I have confronted this situation, I am hoping someone else has explored this strategy.

Thanks

I would be interested in a recommendation for lawn maintenance in Richmond.

Paul,

Welcome to Bigger Pockets, it is a great place to learn.  I invest in Chesterfield fulltime myself.  It is a fantastic market.

Welcome to Bigger Pockets!  Congratulations on taking action to achieve your goals.  Next step, go get that duplex!!