Newbie--Want to buy/live in Virginia Bch, but maybe buy/live AND buy/rent in FL instead?

15 Replies

Confusing title.  Sorry.  Please forgive me for my initial long post.

I've done a couple of self-owner-occupied flips, a full house rehab (again owner-occupied), have taken R.E. licensing classes just to learn a bit about it all.

My husband and I need to move out of NE PA. Way too rural for us. I want to pay CASH to buy a house and live in Virginia Beach, VA, not in any other surrounding town (because I've watched the pricing trends and VBch is the place to buy/live for better appreciation and safety).

I've been seeing a FEW REO, foreclosures, short sells, pre-foreclosures "somewhat" in our price range, which is pretty low for the area around $125k for a detached SFH. My husband can do light rehab (fixing walls, moving walls, painting, building decks, etc).

I'm not all that familiar with what kinds of offers to make on these types of listings.  

1) I'm wondering how much lower a REO, foreclosure, short sell, pre-foreclosure CASH offer can be as compared to an owner-occupied home?

2) I realize banks aren't in the business of holding onto homes, they must have a lower $ acceptance limit, but is it lower than what an owner would take?  

3)  I keep seeing "weasel clauses" here.  Since I want to occupy what I purchase, wouldn't I want to leave in the inspection clause?  Anything else I'd want to be sure to take care of since I'll live in the house?

And finally, (for now ;) )

5) If we moved to FL we could buy a small SFH with a garage (necessary) for around $80-$100k, no repairs needed, then we could buy a mobile home for cash too, and rent that out, giving us some additional income. I don't want to move to FL though. But I can't think of any other option, if we can't live in Virginia Beach. We are only considering the eastern coastal areas of VA, FL for more warmth.

6) And to throw this into the mix, although it might not be appropriate for this site, we've thought about buying land, having a modular (not manufactured/mobile) home built and delivered to site, which should cost less than purchasing a home, I think.  At least it was a lot less expensive a few years ago to do that.  So--LAND buying, how to handle that?

Sorry for all the questions, my brain is fried with trying to figure all of this out.  We just want a home to live in, in a place we'll enjoy living in, and really want to make V.Bch. work, if at all possible.

Welcome to BP.

I'm really confuse on your title, and still confuse after reading what you wrote. If you see a market, then go for it. 

Figure out what your end goal is first and then work backwards from there.  Virginia Beach is a great place, but comparing places/prices from all over the city will do you no good.  You need to learn the neighborhoods and what makes what areas desirable to get a feel on where a discount is.

Virginia Beach is a true military town. Some areas appreciate very well and others you would not find me driving through. Personally their is no area that cheap that I would live. The problem is the school matter depending on the area. That are is driven a lot by schools for resale and rental.

Originally posted by @Pete T.:

Figure out what your end goal is first and then work backwards from there.  Virginia Beach is a great place, but comparing places/prices from all over the city will do you no good.  You need to learn the neighborhoods and what makes what areas desirable to get a feel on where a discount is.

 Thanks Pete.  I don't have the time to learn about all the neighborhoods.  I don't live there.  I am hoping a real estate agent will help with that.  I can check crime statistics on my own, and that is an important aspect of whether an area is desired, I'd think...

Originally posted by @Elizabeth C.:

Virginia Beach is a true military town. Some areas appreciate very well and others you would not find me driving through. Personally their is no area that cheap that I would live. The problem is the school matter depending on the area. That are is driven a lot by schools for resale and rental.

Yes, I know there are a lot of military families, and a lot of those people are locate closer to Norfolk than the Atlantic. Schools don't matter to us. I guess you know something about the area. I was hoping that a REO owned or foreclosure, something like that, could run cheaper, if it needs some work. Maybe I'm wrong about this.

You might not need schools but schools drive resell and rentals. In my experience cheap REO's get snatch up.

Originally posted by @Elizabeth C.:

You might not need schools but schools drive resell and rentals. In my experience cheap REO's get snatch up.

 Yes, I understand what you say regarding schools.  But not all resells and rentals are to people who care about schools.  The majority, yes, but not all.  So, if we buy in an area that is safe, but the schools are so-so, I don't mind living there.  I'm not in this to do for an investment flip, but to own and occupy.

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If it is for owner occupied, that is a different story.  Still you need to answer if you want to buy a place you can rent later, will appreciate best, or meets the needs of what you want to be near.  If you are just considering fun places to be there are still other factors to consider: Oceanfront has tons of free activities during the summer and lots of people out and about, Ghent is good spot for bars and food in walking distance, North End is close to the state park, the bay, and the ocean w/o being crowded... I could go on and on.  The point is the more you define what you want, the better a realtor could help you.  Also, I would disagree about the military in Norfolk- I would bet more live outside of Norfolk than inside (not including those in base housing/ship)/

You're probably right about more military living outside Norfolk, after doing some more research.

I couldn't find any homes within my price range in the Ghent area.  

I know exactly what I want, maybe I only stated that in my member introduction post, but thought I had it in my profile too.  

Once we find our "home" then we will be able to fully focus on what this site and its forums has to offer.

I want to be near water again, mainly beaches where we can go swimming, but the beaches don't need to be ocean beaches. 

I'm a deal seeker, so I need retail shopping areas around me, groceries, pharmacies.  I get items for free this way, from finding good deals.

No nightlife for us.  Been there, done that, and we don't drink so our nightlife would be a movie and dinner.

I want pets (cats, maybe a pooch) that can be allowed to spend time outside when the weather is nice.  

A small piece of land, under 1/3rd acre is just fine for us.  We don't like taking care of a yard, so we'd put in a patio and border it with plants, other foliage.

Have you thought about Pungo, towards North Carolina? I thought you wanted something for resale or investment. If that's what you are looking for look in the salem area, or right near ocean is cheap. There is also kempsville. The other thing you need to look at is the "noise". The houses near has oceana are cheap but NOISEY.

I personally use good elementary schools as driving whether I want to live some where. Not because I care about the schools right now, because it is a good drive on what the area is like. Elementary schools are small communities, so that's how I help look for areas site unseen. Yes you can find good pocket but Green Run and some of these areas are just scary!

Originally posted by @Elizabeth C.:

Have you thought about Pungo, towards North Carolina? I thought you wanted something for resale or investment. If that's what you are looking for look in the salem area, or right near ocean is cheap. There is also kempsville. The other thing you need to look at is the "noise". The houses near has oceana are cheap but NOISEY.

I personally use good elementary schools as driving whether I want to live some where. Not because I care about the schools right now, because it is a good drive on what the area is like. Elementary schools are small communities, so that's how I help look for areas site unseen. Yes you can find good pocket but Green Run and some of these areas are just scary!

 Thanks Elizabeth :) . At first I thought your were talking about towns, and I kept finding the towns by the names you gave, then realized you are talking about areas within Virginia Beach.

I've checked anything in V.Bch that's in our price range. All detached homes are REO. And there aren't many.

I don't know how you purchase real estate sight unseen for investment purposes.  That's one of the things I want to learn about from this BP.  If I were doing that, I'd probably have similar guidelines as you do.  Since right now I'm looking to occupy whatever I buy, it doesn't matter to me what the school situation is, we just would like something small, nice, safe.  Not having any luck though.

Thank you for trying to help, I really do appreciate you taking out time for that. 

Jane

I think I may be able to help you with what you are looking for.  I am a Realtor for Exit Realty Professionals and I work with buyers, sellers and investors in the Hampton Roads area. I have lived in Virginia Beach for the past 25 years and I am very versed in all the neighbourhoods and communities.  If you go to the blog on my website you will see a community series where I break down diffrent neighbourhoods in Virginia Beach.  

There are definitely plenty of REO properties for sale and I can guide you in which ones are safe and in better areas than others. If you message me your contact info as will reach out and we can get more in depth to exactly what you want and what's available.

Talk to you soon 

Ryan Boyce 

Medium boyceRyan Boyce, Boyce Real Estate Group LLC | [email protected] | 757‑477‑5462 | http://www.BoyceRealEstateTeam.com | VA Agent # 0225-212170

Hi Jane..you need to explain your requirement properly...what you want and where you want...then we can guide you properly

Originally posted by @Sam Cohen:

Hi Jane..you need to explain your requirement properly...what you want and where you want...then we can guide you properly

 I have explained everything in detail more than once already.  Single Family Home, small lot, near shopping, safe, between $80-$135k (I've had to reduce the price as time goes on).  I wanted the Virginia Beach area, but have not found anything within my price range, so now I'm thinkig I need to settle for something in FL I can buy cheap, and then also buy another cheap home and rent that out for income.  It's all been written before, up above. :)

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