New to Real Estate · Sigourney IA · Member since 2017 · 29 posts · 4 votes
Hi this is my first time buying. I was wondering; What houses are close to the navy base in Norfolk Virginia? We will be moving there in November. We live in Iowa right now. We are just starting out moving every 3yrs. We figured we buy a house then rent it when we move. Also any advice for buying a house there would be appreciated. Here in Iowa 20k is a fixer upper but I so far haven't seen anything like that listed so I'm thinking 70k is a fixer upper from what I'm seeing so far. I'm trying to gauge how low I can go for pricing without getting a fixer upper. I don't know how to do repairs, I just learn as I go just like computers. I learn better from hands on experience than a classroom.
Investor · Orlando, FL · Member since 2015 · 1 post · 1 vote
6y
Hello Phil,
There is a lot of variability to this question but I will attempt to give some info. There are a few handfuls of properties available around the base but you need to act fast when given the opportunity. Real estate moves quick around here due to the nomadic nature of the huge military, federal employee, and contractor population. In my opinion, the house prices in the Hampton Roads area (Norfolk included) are a bit inflated because of the demand from the aforementioned members of the communities. Numerous homeowners in the area employ the buy and rent strategy, like you had mentioned, and it works out nicely for everyone. As a result, property management companies are easy to come by. The average price of a home in Norfolk is about $193,000 but you can find decent homes starting at $160,000. Be careful what neighborhood you buy in because that will impact your potential future rents, appreciation, and resale value. Aim for optimally prices homes near good schools. Do your research on multiple real estate platforms and drive the neighborhoods! This gives you a good feel for the area and you might sometimes find deals that aren't displayed on the internet. I hope this helps.