Roger that!

Thanks for watching and commenting! What I have been seeing the most is homes selling 5-10% above asking with no inspection and waiving the appraisal contingency. I have had a few where we could do an inspection but waived items below a threshold amount, and I have only had 3 buyers go under contract so far this year without having to compete in the resale market. Practically every multiple offer scenario I have come across the winning offer waived the appraisal, and I have seen the same thing on my listings too. That said, the past 2 weeks has been very interesting to watch. I have seen some very nice homes sit and accumulate days on market, but I am unsure if that was because of the holiday this past week or if this is the seasonal summer market softening that I usually see. Even during the height of Covid, the summer time was the best time to buy a home because the inventory peaked and caused divided interest amongst buyers and competition amongst sellers. Turn-key move in ready in Short Pump and Midlothian will be the most competitive, and Moseley will deliver the most amount of options with usually the lowest amount of competition. I will bring you up to speed with where the market is at when you reach out, but I think you might nail it on timing if purchasing during the summer.

Waive home inspection, waive appraisal contingency. Yikes!

@@Yru2noz waive inspection completely??? That is awful. What price range were you looking at?

@@NotreJourAujourdhui I am just eyeing and get as much info as I can on VB and Texas, It will just be an investment property. Within 2 years or so, I really think the economy will be really, really bad.

@@Yru2noz Agreed. Even though I have had multiple clients present identical offers in the suburbs in order to win, the homes in the city terrify me to do that. You really have to have a large pain tolerance and equally large cash buffer to be okay with doing so on a 100 year old home.

The areas that have the best return, are usually not the nicest areas so you don't get as much appreciation (Petersburg, Hopewell) but you will get a better cash flow. And that would be an overarching theme, the higher the return the higher the risk. I would say the average return on cash flow is about 5-6% around RVA. Where you should look truly depends on your budget, and what type of property you are hoping to find. I myself was aiming for a 3/1.5 1000+sqft rancher somewhere in southern Chesterfield. I would aim for lower maintenance homes so avoid hardboard siding and cedar siding. And also please keep this in mind, your return is proportional to your investment (down payment). While leverage will allow you to acquire more properties faster, the more you are leveraged the less you will make. If you buy a rental in cash, it will cash flow like a king because you have minimal overhead. With interest rates where they are at currently, your mortgage payment will eat up a lot of your profit. I myself wouldn't buy a rental with only 20% down unless I was very liquid because if you have anything more than 1 month unrented, or any large repair bill pop up, your profits for the year will disappear. IE you need to be prepared for any and all worst case scenarios if you decide to leverage yourself. My two cents.

@@LivingInRichmondVirginia thank you so much! Best wishes to you guys and subbing now 🫡