I'm a completely newbie rookie real estate investor here. I'm looking for an affordable property around the Norfolk and Hampton area VA Beach. My budget is around 230k and I'm planning to do 20 to 30% down payment at least. I'm wondering if anyone is familiar with this area and has any suggestion?
Thanks a lot y'all.
Hello Matt I am very familiar with the area have represented I have a flip property going on the market in two weeks and putting an offer on a rental property tomorrow. It’s a tough market right now, if you have any questions let me Know. My firm also manages over 160 rental properties right now.
@Adam Kan the Virginia Beach and Norfolk areas are great, as mentioned the market is tough right now, supply is down. But that being said there are still deals to be had.
@Adam Kan what strategy are you looking to employ? House Hack, buy and hold, flip, BRRRR? Agree with the above, its tough but you can still find deals that meet your criteria.
Adam one of the biggest issues I am seeing with people first starting to invest is their patience is not there in a market that’s incredibly low on supply. Also not being realistic when something decent for this market does come up. Or not moving quick enough. If something decent comes up and the numbers make sense you better move on it if it’s a good deal. Being patient and being ready when something decent comes up very important. I have several rentaL properties going on the market in the next two weeks that rented well for many years. Anyways just be aware of the market and try to have an open mind of what’s going on.
Hey all, thanks for all the replies. I've been having internet issues the past couple days. Thanks Taylor to your specific response. It makes a lot of sense right now wit that's going on.
@Sean: Yes. House hack, buy, hold, and rent. I live in the NOVA area so unfortunately I have no knowledge of the VA beach area.
@Douglas: With the low supply and high price recently, deals are hard to find. What would you recommend for first rental property with a 230k budget (down 20 to 30%)?
Thanks again. Really appreciate all the inputs.