Greetings everyone, I am changing duty stations from San Diego to Portsmouth in June this year. I really would like to purchase a multifamily home, for the purpose of a passive income stream, especially once I have to move on "needs of the Navy". I don't know where to start, what areas are good or bad, and things to look for in a multifamily unit.
I guess what I am looking for is a mentor in the area, who is willing to help me find a home, and hopefully work together on futures deal. Thank you all for your time.
Hello! I'm a native if the area you are being stationed to. I'm just starting out as well but certainly will try to help. Unless you are going to have a duty station at the naval hospital in Portsmouth you will most likely want to look for something in Norfolk. Plus the Portsmouth Tunnel has just opened up a new toll so if you own property in Portsmouth and work to Norfolk you will have to pay for the toll every day. Portsmouth also has a lower income per capita and Norfolk does. There are numerous other variables however I would strongly suggest leaning toward Norfolk.
Welcome to the area! I agree with Aaron that the income is higher in Norfolk; however rents are similar and in my research the prices are cheaper in Portsmouth. In both you will have to do some real digging and walk the area to know the neighborhood. Norfolk changes very quickly depending where you are. Portsmouth's main roads often look terrible but a couple blocks in are great areas. I have properties in both Norfolk and Portsmouth and consider them the best two places to own rental properties on the Southside.
Thanks for the reply, I am going to be stationed at the Naval Hospital in Portsmouth. Is that where I should be looking then? Do you know of any good properties that will be for sale in 2-3 months? Hows the housing market in Portsmouth/Norfolk area? What are the good or bad areas? Look forward to connecting with you all once I arrive in Portsmouth!
The market is on an upswing so you will be digging for multi-family that cash flow well. I would buy on the side of the water you plan on living. The tunnel fees are not that high yet but it can be a hassle you may want to avoid. Unfortunately Norfolk is a city who's neighborhoods change very quickly. Two blocks can make the difference between shooting galleries and wine bars. You will need to drive the area or contact me with specific areas and I can try and help.
I’m an investor in California and am looking to purchase 1-2 duplexes, triplexes or fourplexes when I have enough for a down payment. Does anyone know which zip codes to buy in Norfolk, Portsmouth, Chesapeake or Suffolk? Also, which cities order would you put for best ROI?
I honestly have no idea what the better and worse areas are. I’m just trying to stay away from ghettos and war zones. Areas where I can get good tenants that pay and don’t break and steel everything. Also, where places cash flow. Thank you all. I would really appreciate if you guys had any insight.
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