Hi everyone. My name is Kyle and I am from and currently live in Virginia Beach. I plan on starting my investment journey this year and would like any help possible.
Are there any groups or meetups anyone can recommend for a new investor?
I am excited to be a part of this community and looking forward to networking here!
Real Estate Agent · Chesapeake Va · Member since 2019 · 150 posts · 100 votes
2y
@Kyle Butters Welcome to the community! Virginia Beach is a great place to be, and the Hampton Road area as a whole is a decent place to learn the basics of investing. Now, as @Mike Klarman said, VB is pretty pricy and, depending on what your strategy is, may not be the easiest for a new investor. However, that's the upside of this area. You can go to Norfolk, Suffolk, Hampton, and Newport News and find pretty good cash flow that you couldn't find in VB or Chesapeake.
Your first step is to determine what you want to invest in and come up with your criteria. Even before getting too far into building a team if you are buying STRs, your team is going to look very different than if you are buying Long-term Rentals or Fix and Flips. Then, you build out your team. Obviously, having a solid contractor is a must, but that could look different if you are doing major renovations or if you are doing minor cosmetic stuff.
Have you done some research into what kind of investing and the type of property you are looking to get into? If so, It would be great for all the people here to help if you lay out some of that, and we can steer you in the right direction.
Hi Bobby. Thanks for reaching out. I am looking into finding some deals. I have started to build a team of investors & contractors for fix and flips. Does your company do hard money lending for investors?
Specialist · NJ · Member since 2022 · 1k+ posts · 652 votes
2y
Virginia Beach market, I hear, is very competitive and very high. Very tough market to start the journey in. You're buyer pool there is pretty liquid I'd say. I am trying to set something up in Richmond with a contractor looking to convert from a home owner contractor to an investor contractor and that market is just real tough right now. You face best and final situations with like 5 - 6 other buyers all the time. Hard to get a property funnel going there. Because you never want to see yourself north of 75% of the ARV for total project cost, a lot of lenders will only fund up to 70% of the ARV. You get priced out of deals very easily.
The playground you play in and the type of the equipment you build in the playground that you're in is very important to what your capabilities will be.
One of the great philosophical questions of the REI industry what to do you do if the market you live in is either not a good market at all or not a good market to begin in, or too pricey for the capital you have. If you have that 30k and that's all you have and you live in Virginia Beach, what do you do? Not saying you have 30k but I'm sure it's the plight of some investor. Capital restraint is the number one sickness of the new investor, most times. I've met many of people on BP as well that have the money to do this, they are just unsure how and do not have the teams set up in the markets that are right for them capital wise.
Real Estate Agent · Chesapeake Va · Member since 2019 · 150 posts · 100 votes
2y
@Kyle Butters Welcome to the community! Virginia Beach is a great place to be, and the Hampton Road area as a whole is a decent place to learn the basics of investing. Now, as @Mike Klarman said, VB is pretty pricy and, depending on what your strategy is, may not be the easiest for a new investor. However, that's the upside of this area. You can go to Norfolk, Suffolk, Hampton, and Newport News and find pretty good cash flow that you couldn't find in VB or Chesapeake.
Your first step is to determine what you want to invest in and come up with your criteria. Even before getting too far into building a team if you are buying STRs, your team is going to look very different than if you are buying Long-term Rentals or Fix and Flips. Then, you build out your team. Obviously, having a solid contractor is a must, but that could look different if you are doing major renovations or if you are doing minor cosmetic stuff.
Have you done some research into what kind of investing and the type of property you are looking to get into? If so, It would be great for all the people here to help if you lay out some of that, and we can steer you in the right direction.
Lender · New York, NY · Member since 2023 · 749 posts · 510 votes
2y
Hey Kyle,
Welcome to the exciting world of real estate investment! It's awesome to see your eagerness to kickstart your journey. Virginia Beach is a great place to venture into real estate, and there are plenty of resources and groups to help you along the way.
Networking and joining meetups are fantastic ways to gain insights and build connections. You might want to explore local real estate investment groups, check out events on platforms like Meetup.com, or even consider online forums where you can connect with seasoned investors willing to share their knowledge.
Being part of a community like this can offer invaluable support and guidance as you navigate your investment journey. Don't hesitate to connect with me, I would love to chat more.
Wishing you all the best as you dive into this exciting new chapter!
Investor · Virginia Beach · Member since 2019 · 46 posts · 15 votes
2y
Not sure if you plan on doing furnace rentals but we are doing a meet up here soon at my deli. You should look up hopportunity investing That means that smart mouth at the oceanfront. Also, TRIG is a paid group locally that's around $300 a year, but it's totally worth it.
We have been buying real estate for about 13 years now and 90% of our portfolio has come off market from networking. Be sure to focus on communication skills, reading people, and how to market yourself.
Hey Kyle congrats on taking your first steps to start your real estate investing journey! I am hosting an informal meetup at Big Ugly Brewing in Chesapeake on 1/23. Hope to see you there!
Real Estate Agent · Virginia Beach, VA · Member since 2020 · 41 posts · 7 votes
2y
Hey, @Kyle Butters congrats on your new journey into real estate investing. I'm a licensed real estate agent who is fairly new to the area and has been looking for meetup events to connect with like-minded people. Thank you, Sean and Erick, for the info and I look forward to meeting you all there.