Looking to invest 40 with partner

[Miguel Angel sanchez]

Looking to invest 40 k in Virginia Beach.. looking for an investment multi family. Wanna know what to look at in regards to increasing value, since I know appraisals are done a little different from sfmh. Looking for something where I can meet the seasoning period on the loan and hopefully pull some of that cash out asap and keep purchasing properties is this a good strategy? I know there's some places I could use that money and buy way better deals but va Beach is where I live and where I wanna get started although I will be careful because the market is extremely hot. Please any advice will help

[Patti Robertson]

Just to chime in here on rents by city - assuming you are buying in a neighborhood where intentional landlording makes sense - as opposed to accidental landlording (your former high priced residence) - rents are not necessarily higher in Va Beach than the other cities.  In my experience, Norfolk has the highest rents of any of our cities in the C class neighborhoods, which is where most people are landlording. In Virginia Beach you are lucky to find a rental purchase to meet the 1% rule, where as in our other cities that can still be done easily. Chesapeake mirrors VB in almost all neighborhoods except a few.