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seeking to invest in the area…
07/02/2008 7:40 PM by John M
A reader writes: “I’m considering buying a multi-family property set of apartments in Church Hill as an investment, and to be able to provide some guidance as this part of the neighborhood cleans itself up a little. I have some questions and I’m not sure who to turn to.”
Is there a basic rent-to-cost ratio to keep in mind? Do banks look at financing rental properties differently because the properties generate income? Is there anyone with experience managing rental properties in the area that would like to share some experiences? Since I would like to buy a specific property, should I still get a realtor to help me out?
TAGGED: real estate
I can help you if you like. I am a REALTOR, and I help people buy and sell a fair amount in the area. I’m also a former Church Hill resident, now living down the road in Fulton. You can make contact with me by email at shannon.h@comcast.net.
There are also a couple other agents who participate here on this site and come to mind, and I don’t think they would mind if I mention them – Heather O’Sullivan does a lot in the area, as does Bill Conkle. (Not sure if I spelled your name right, Bill. If I flubbed it, apologies.)I’ve spoken with and/or done business with both of these folks, and I think they both know their stuff, for sure. I would suggest that you talk to a couple-few of us, and see who you jive with as far as personality and style of communication.
If you want to becme an investor, I think that it is important to be able to grasp the ins-and-outs (because it’s not always simple,) and you should work with someone who is familiar with investing, too – someone who seems to have enough time to help you. You will have lots of questions at first, as well you should, and different folks have different methods. I’d choose an agent, and align myself closely with him or her for consistency of information and method. Then you won’t be getting a whole lot of conflicting info from people who have different business styles.
As far as you knowing what property you want, you will still want an agent to represent your interests, take you through inspections, be there to answer your questions, and keep the deal running smoothly. We do this all day every day, and can help the process be as painless as possible. My business plan even talks about keeping it exciting and fun, and it’s really hard to do that if you are not sure what you should be doing next, if the formulas are panning out right, renovation and maintenance needs – the list can go on and on.
So feel free to contact me if you would like, and as I said – I am not the only one around. Call us all!
Shannon Harrington
RE/MAX Commonwealth
804 484 0367
shannonharrington.net
Dear “Reader”
I’m not a realtor, but when I’m out in the street weeding tree wells and picking up trash, lots of folks like you pull over in their cars and tell me they’re “looking to invest in the neighborhood”.
I’ll tell you the same thing i tell those folks:
1. Investment in my neighborhood that you say is “cleaning itself up a little” is a 10-year (at best) return on investment. Better yet, allow yourself 15 years before you’re in a position to sell and think you’ve made a great profit.
2. Many Church Hill, Union Hill, and Fairmount properties qualify for Federal and State Historic Tax Credits (especially for income producing property.) The paperwork and procedures are online at the VA Dept of Historic Resources, and there are architectural historians you can hire to grease the wheels for you in this process.
3. 25th Street, Nine Mile Road and Jefferson Ave are Federal Enterpise Zones…property improvements more than 50% over the basis qualify for tax credits.
4. Don’t live to far from your investment property…the best landlords on the hill live around the corner from their tenants.
Good luck!
I’m a realtor, also, and specialize in Church Hill porperties, as I have for 10 years now. I have bought and sold several properties for myself and live in the Church Hill North Old and Historic District, on Marshall Street. What Shannon says is correct. Choose an agent that lives in the neighborhood and knows the market from a personal prospective. I can be reached at
bollingbrook@comcast.net
or by telephone at 216-3100. I would be happy to help you in any way I can.
Oh My! Who is Bill Conkle? Bill, I completely meant to say Bill Hartsock in post #1.
I’m sorry! How funny… Maybe Conkle is a newscaster from my childhood or something, and the name was stored in the back of my mind somewhere – now sure where that came from.
Reader – Bill, from post 3, is the agent to whom I was referring. Apologies for the confusion.
Join the Richmond Apartment Owners Association. There is a web site for them. You can often find properties for sale by the owners way before an agent could get involved and you’ll learn about the business as well. Membership is 100.00 per year. Well worth it. Right now multi family are priced very high so you would probably be out of pocket every month for a good long time. There are formulas you can find on line. There is a lot to learn about rental property ownership before buying.
re post concerning bill conkle. a very cool guy who turns old crap into very cool renovations. he is a good guy who spends a lot of time working not bullshiting likea lot of self proclaimed hill boosters. heres to conkle hoorah!buddy corbett
Bill Conkle is a friend and neighbor and is currently serving as President of the Friends of Jefferson Park. He is the most famous “tree hugger” in the neighborhood!
AH! Okay. That’s where I got the name.
I really should not multi-task anymore. Maybe I am getting too old for that, and I should focus on the uni-focus. My bad, but I knew the name was in there from something. I will put him in the correct mental file, now. 🙂
Thanks for the correction. I appreciate it.