New Investor Looking for Advice and Referrals

Norfolk, Virginia
General Real Estate Investing
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New Investor Looking for Advice and Referrals

Nikki Ford
Member since 2022 · 7 posts · 5 votes

Hello, my name is Nikki and I'm looking to purchase my first multi-family home (duplex, triplex, or quadplex) in this area (Norfolk, VA Beach, Hampton, Newport News, Portsmouth). Ultimately I'd like to use it as short-term lease rental property, however I'm looking for property that could generate positive cash flow, even if I do the rental as a regular one-year lease. I'm retired military and would be using my VA loan and I already have one single family home on a VA loan. I'm looking for deals on class B/C properties that may require a little cosmetic rehabs, but nothing that requires a crazy amount of work. I'd appreciate any advice from real estate agents, property managers and investors who have experience with short term rentals and multi family properties in this area. I'd also be interested in any referrals for general contractors who have done rehab projects in this area. I appreciate your assistance!


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Paul Meyer
Contractor · Virginia Beach, VA · Member since 2021 · 82 posts · 35 votes
3y

Hey Nikki

Thanks for your service. I'm a Virginia Beach veteran too. Do you plan to live in the property as primary occupant? I wouldn't say it's slim pickin in this area but the VA loan only goes up to $400k lending so under that number the property is likely going to need some updating. My sister has found good properties in up and coming Oceanview area of Norfolk. Even I like it. I almost*** well I did put in a $125k offer on a 3-plex blocks from beach but it needed at least $150k rehab so I was relieved when they rejected my offer. It sat and I think they ended up taking that much (it was over $200k). Let me give you this advice, real advice, I typically buy THE WORSE properties and I get them pennys, dollars on the sqft, because investors constantly just want easily "light rehab" properties. I challenge you not to fear buying something that will need a lot of work to make it completely brand new and EXACTLY how YOU want it to look. At least that's what I do. It also opens up so many more properties. Sometimes I buy stuff off auction and just flip it for just a few thousand profit and they typically are scary properties but nothing any investor couldn't handle and make money on it and get in on at a better price but always I get the same comments "not interested too much work". Then I just end up renovating it and making money on it anyway. If you do find something that has a good location in hampton roads but it was on fire, flood damage, just hideous, become a visionary and close your eyes and imagine what is possible if you just throw in a low ball offer and use a rehab loan or equity loan to rebuild it into a fancy high renting home.

Areas undervalued people don't talk about but from my experience are HOT HOT HOT. Are Smithfield, Suffolk, all of Isle of Wight. I thought it was hick town until I did two flips theres back to back. You have a $200k house or mobile home right next to a sprawling $2 million dollar house and all the new neighborhoods start at $500k for 1800-2200sqft homes. Suffolk is growing and a lot of new jobs are coming there with the new mega warehouses. Just my two cents if you find something there. Don't fear to dream big.

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  • Jacob SloopBusiness Member
    Rental Property Investor · Virginia Beach, VA · Member since 2020 · 274 posts · 111 votes
    3y

    Welcome to Bigger Pockets!

    I messaged you

    [email protected]757-235-0369
    Jacob Sloop538 Reviews
    WebsiteView Page
    0Reply
  • Paul Meyer
    Contractor · Virginia Beach, VA · Member since 2021 · 82 posts · 35 votes
    3y

    Hey Nikki

    Thanks for your service. I'm a Virginia Beach veteran too. Do you plan to live in the property as primary occupant? I wouldn't say it's slim pickin in this area but the VA loan only goes up to $400k lending so under that number the property is likely going to need some updating. My sister has found good properties in up and coming Oceanview area of Norfolk. Even I like it. I almost*** well I did put in a $125k offer on a 3-plex blocks from beach but it needed at least $150k rehab so I was relieved when they rejected my offer. It sat and I think they ended up taking that much (it was over $200k). Let me give you this advice, real advice, I typically buy THE WORSE properties and I get them pennys, dollars on the sqft, because investors constantly just want easily "light rehab" properties. I challenge you not to fear buying something that will need a lot of work to make it completely brand new and EXACTLY how YOU want it to look. At least that's what I do. It also opens up so many more properties. Sometimes I buy stuff off auction and just flip it for just a few thousand profit and they typically are scary properties but nothing any investor couldn't handle and make money on it and get in on at a better price but always I get the same comments "not interested too much work". Then I just end up renovating it and making money on it anyway. If you do find something that has a good location in hampton roads but it was on fire, flood damage, just hideous, become a visionary and close your eyes and imagine what is possible if you just throw in a low ball offer and use a rehab loan or equity loan to rebuild it into a fancy high renting home.

    Areas undervalued people don't talk about but from my experience are HOT HOT HOT. Are Smithfield, Suffolk, all of Isle of Wight. I thought it was hick town until I did two flips theres back to back. You have a $200k house or mobile home right next to a sprawling $2 million dollar house and all the new neighborhoods start at $500k for 1800-2200sqft homes. Suffolk is growing and a lot of new jobs are coming there with the new mega warehouses. Just my two cents if you find something there. Don't fear to dream big.

    5Reply
  • Nikki Ford
    OP
    Member since 2022 · 7 posts · 5 votes
    3y

    Thank you for the motivation Paul Meyer!

    0Reply
  • John Ward
    Member since 2020 · 2 posts · 2 votes
    3y

    Hey Nikki,

    I hope you do well. Just so you know, Short term rentals are not currently allowed in Newport News, I don't know about the other townships.  Also, you may consider checking out PREIA (Peninsula Real Estate Investment Association)  if you are on the north side. 2nd Thursdays of the Month at Buffet Star on Mercury 6 PM-8 PM.

    2Reply
  • Nikki Ford
    OP
    Member since 2022 · 7 posts · 5 votes
    3y

    Thanks John Ward. Yep, I was at that meeting last month when they talked about multi family homes. I’ll be at the meeting in January.  Take care!

    0Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 914 posts · 91 votes
    3y

    @Nikki Ford

    Good morning Nikki. I am in VA Beach so let me know if I can be of any assistance from a funding standpoint!

    Bobby 757-222-5937

    [email protected]757-222-5937
    1Reply
  • Michael Vittorio
    Investor · Bucks County, PA · Member since 2017 · 46 posts · 16 votes
    3y

    Hi Nikki,

    I bought a duplex in the Oceanview area like Paul mentioned. He has some great advice and I align with what he said. When I bought my property it took about a year to rehab it. I did most of it myself and it has been a low maintenance property ever since. I definitely recommend looking into Suffolk as well. I don't know much about the area but it is beautiful and seems like a great place to live. My golden rule for investing has always been not to buy a property I wouldn't live in myself. That applies to the way I rehab it as well (to an extent of course). 

    God Speed and have a blessed Christmas!

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y

    Welcome to BiggerPockets - should be able to find a lot of rockstars and help here.  I'd recommend @River Sava as well, she knows Virginia extremely well. For financing, VA loans are definitely the way to go as long as you continue to qualify / don't max out

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    0Reply
  • Erick Pinzon
    Investor · Virginia Beach · Member since 2019 · 46 posts · 15 votes
    3y
    Quote from @Nikki Ford:

    Hello, my name is Nikki and I'm looking to purchase my first multi-family home (duplex, triplex, or quadplex) in this area (Norfolk, VA Beach, Hampton, Newport News, Portsmouth). Ultimately I'd like to use it as short-term lease rental property, however I'm looking for property that could generate positive cash flow, even if I do the rental as a regular one-year lease. I'm retired military and would be using my VA loan and I already have one single family home on a VA loan. I'm looking for deals on class B/C properties that may require a little cosmetic rehabs, but nothing that requires a crazy amount of work. I'd appreciate any advice from real estate agents, property managers and investors who have experience with short term rentals and multi family properties in this area. I'd also be interested in any referrals for general contractors who have done rehab projects in this area. I appreciate your assistance!

    We play Cashlow (Robert Kiyosaki boardgame) every month with "like minded" people if you want to join. I'd say 1/2 are investors. It's 1/26 at 6:30PM at Honest Pastures in Virginia Beach if you're interested. We usually go out afterwards and chat. Usually all RE and small business related. 


    0Reply
  • John Turner
    Real Estate Agent · Norfolk, VA · Member since 2022 · 2 posts · 1 vote
    3y

    @Nikki Ford

    Hey Nikki!

    I have a couple of GCs that I can refer your way and hard-money funding if ever needed, also I am currently on active duty and know all about using the VA loan.

    0Reply
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