Virginia Beach Short Term Rental

Virginia Beach, Virginia
Short-Term & Vacation Rental Discussions
4yFollow

Virginia Beach Short Term Rental

Teddi Tanitsky
VA · Member since 2017 · 5 posts · 8 votes

Hi all - I'm looking to invest in a short term rental in the VA Beach STR overlay district, preferably the Vibe Creative district. I am ready to buy as soon as I find the right property, but willing to be patient in this market before looking elsewhere. I am in Richmond, VA so about 1.5 hrs away and able to make it there in person pretty easily and quickly if an opportunity comes up. I'm looking in the $700K range which I'm thinking will get me 3-4 bedrooms depending on the quality of the property. I'm open to a cosmetic remodel (cabinets, countertops, paint, flooring), but want to avoid and major construction. My goals are appreciation, a place I can use and trying an STR. I want to at least break-even, and cash flow would be nice, but not the main goal.

Has anyone had experience with the STR strategy in this market or any realtors in the area willing to connect? Curious how long the permitting process takes and how big of a hassle it is (i.e. if I fill out an application and pay the fee will I automatically be approved or is there more to it than that?).

0Reply
45 views

Most Popular Reply

Bruce Jones
Real Estate Agent · Virginia Beach, VA · Member since 2016 · 13 posts · 10 votes
4y

Realtor here - if you're in a STR approved area, it typically is as simple as application gets approval. Virginia Beach just doesn't allow many locations to be under that STR approved area.

Also make sure you have no deed restrictions if you're part of a HOA community / condominium etc.

3Reply
See this reply in the discussion

16 Replies

Jump to latestLatest
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 894 posts · 88 votes
    4y

    Teddi Tanitsky

    Good luck on your search. i am from VA Beach. Keep me posted and let me know if I can be of any assistance!

    [email protected]757-222-5937
    0Reply
  • Carter Fleck
    Real Estate Consultant · Virginia Beach, VA · Member since 2022 · 26 posts · 22 votes
    4y

    @Teddi Tanitsky -- You will hear this a lot in the Hampton Roads area, but the STR regulations are as they are today, but they could change come the next council meeting. Because it is such a newer market here, there is always a chance that the current rules and regulations could change. So no matter what information you get, be prepared to be nimble in this area.

    As far as how long the permitting process takes, I was speaking with a Virginia Beach STR employee and the last I heard from her was that from start to finish expect the process to take 6 months. This was in November/December, so this time frame could have changed a little bit given current market trends. The application and fee itself is not a hassle, but the process can be. Because the overlay district houses a lot of year-round residents, there is often a lot of pushback from the residents, but it is definitely not impossible by any means. You will not be automatically approved since it is an application process. I would encourage you to call the City of VB STR department after you do some initial research to ask more questions you have. Here are some links on the city website:


    https://www.vbgov.com/governme...

    Application links: https://www.vbgov.com/governme...

    1Reply
  • Bruce Jones
    Real Estate Agent · Virginia Beach, VA · Member since 2016 · 13 posts · 10 votes
    4y

    Realtor here - if you're in a STR approved area, it typically is as simple as application gets approval. Virginia Beach just doesn't allow many locations to be under that STR approved area.

    Also make sure you have no deed restrictions if you're part of a HOA community / condominium etc.

    3Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 894 posts · 88 votes
    4y

    Norfolk is easier to do STR properties than VA Beach. I have several clients that have invested in the Ocean View area of Norfok. May want to check that out as well.

    Also, monthly furnished rentals in Norfolk and Portsmouth is very successful. People coming in for months at a time to work at the naval hospital, naval shipyard, port, military base, etc. May want to look into that as well.

    Bobby

    [email protected]757-222-5937
    2Reply
  • Bruce Jones
    Real Estate Agent · Virginia Beach, VA · Member since 2016 · 13 posts · 10 votes
    4y
    Quote from @Bobby Feinman:

    Norfolk is easier to do STR properties than VA Beach. I have several clients that have invested in the Ocean View area of Norfok. May want to check that out as well.

    Also, monthly furnished rentals in Norfolk and Portsmouth is very successful. People coming in for months at a time to work at the naval hospital, naval shipyard, port, military base, etc. May want to look into that as well.

    Bobby


    Bobby’s Correct - I don’t know of any locations within Norfolk that limit STR’s barring HOA’s or Condominium Associations etc. where it is explicit within the deed restrictions/covenants. The rumor I’ve heard is that is because Norfolk has yet to vote on it and that could change but they’ll probably have a similar grandfather system that Virginia Beach has in place for people that were already operating STR’s so that’s a really interesting option because I do think Norfolk has a lot of growing areas that have been neglected for far too long. 
    0Reply
  • Carter Fleck
    Real Estate Consultant · Virginia Beach, VA · Member since 2022 · 26 posts · 22 votes
    4y

    Agreed to the above comments in regards to norfolk. The City of Norfolk actually has some legislation coming out that doesn't necessarily *limit* STRs, per se, but the legislation is making it so that if you have an STR property, 1) You have to get in front of the local civic league for a meeting with them and they will give their recommendation to the city of Norfolk. Some civic leagues are more involved in this than others. For example, the East Ocean View civic league is probably one of the most active (we had a meeting with them at the beginning of this month). and 2) The City of Norfolk is requiring certain expectations to be met in order to have an STR. I can share more detail if needed, but the legislation is going to require some of the following: Trash enclosed with trash service, decibel meters to measure sound, cameras, electronic locks, 24/7 response from management, and they are wanting to see improvements done to any properties purchased both inside and outside with approved site plans/elevation certificates. Hope that helps! Please message me if you have any more questions.

    Carter

    1Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 894 posts · 88 votes
    4y

    @Carter Fleck

    Are you friends with Carter Herron? I'm Ben and Peter Feinman's dad!

    [email protected]757-222-5937
    0Reply
  • Teddi Tanitsky
    OP
    VA · Member since 2017 · 5 posts · 8 votes
    4y

    Thanks all! I really appreciate the responses, this has been super helpful I will likely reach out as I make progress and future questions come up. Will definitely continue researching and make sure I talk to someone with the city before committing to anything.

    I'm going to do some research into the Norfolk area as it sounds like it could be a good option. I'm relatively new to Virginia and I've never even been to that area so I I have a lot to learn (but that's not necessarily a bad thing).

    0Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 894 posts · 88 votes
    4y
    Quote from @Teddi Tanitsky:

    Thanks all! I really appreciate the responses, this has been super helpful I will likely reach out as I make progress and future questions come up. Will definitely continue researching and make sure I talk to someone with the city before committing to anything.

    I'm going to do some research into the Norfolk area as it sounds like it could be a good option. I'm relatively new to Virginia and I've never even been to that area so I I have a lot to learn (but that's not necessarily a bad thing).

    Let me know if I can assist you!

    Bobby 

    [email protected]757-222-5937
    0Reply
  • Derick Bonsu
    Investor · Washington, DC · Member since 2018 · 93 posts · 54 votes
    4y
    Quote from @Bobby Feinman:

    Norfolk is easier to do STR properties than VA Beach. I have several clients that have invested in the Ocean View area of Norfok. May want to check that out as well.

    Also, monthly furnished rentals in Norfolk and Portsmouth is very successful. People coming in for months at a time to work at the naval hospital, naval shipyard, port, military base, etc. May want to look into that as well.

    Bobby

    This is really good to hear. I looked briefly at Norfolk and the prices were a like easier to stomach compared to VA Beach. The only thing I couldn't really get down was occupancy/daily rate for short term rentals. It's good to know about the med-term rental market
    0Reply
  • Jason Mileshko
    United States · Member since 2021 · 125 posts · 49 votes
    4y

    VAB is a great area to invest. However it is very seasonal here so make sure that you calculate your deals properly. If you get caught off guard in the off season you could get in trouble. 

    0Reply
  • Bruce Jones
    Real Estate Agent · Virginia Beach, VA · Member since 2016 · 13 posts · 10 votes
    4y
    Quote from @Teddi Tanitsky:

    Thanks all! I really appreciate the responses, this has been super helpful I will likely reach out as I make progress and future questions come up. Will definitely continue researching and make sure I talk to someone with the city before committing to anything.

    I'm going to do some research into the Norfolk area as it sounds like it could be a good option. I'm relatively new to Virginia and I've never even been to that area so I I have a lot to learn (but that's not necessarily a bad thing).

    Just stay West/North Norfolk and avoid a couple of especially low spots. (I know all of Norfolk is low) but if you're buying near Ghent/Colonial Place/Larchmont/Cromwell Farms/Lochhaven/Ocean View, you're going to be in good shape long term. We're about to sell our place in Virginia Beach and we're looking specifically in Lochhaven/Larchmont. Great areas. (Lochhaven probably less for short term rentals as far as price point but can find properties nearby)
    0Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 894 posts · 88 votes
    4y

    East Ocean View anywhere around/near East Beach has lots of STR opportunities. I'm the "Bay" streets starting at the intersection of Shore Dr and Ocean View Ave.

    [email protected]757-222-5937
    0Reply
  • Sean RooksPro Member
    Rental Property Investor · High Point, NC · Member since 2017 · 272 posts · 304 votes
    4y
    Quote from @Teddi Tanitsky:

    Thanks all! I really appreciate the responses, this has been super helpful I will likely reach out as I make progress and future questions come up. Will definitely continue researching and make sure I talk to someone with the city before committing to anything.

    I'm going to do some research into the Norfolk area as it sounds like it could be a good option. I'm relatively new to Virginia and I've never even been to that area so I I have a lot to learn (but that's not necessarily a bad thing).

    If you are local, there are a few other investors executing your strategy that are at most of the meetups!

    TRIG: meetups once/month, paid membership, tons of local rooted investors
    https://www.trigofva.com/

    Hampton Roads Investor Group: Free, hosted by Investor/Agents at 1st Class Real Estate
    https://www.facebook.com/group...

    ReSolve Meetup:
    https://www.facebook.com/REsol...

    Hop-portunity Investing:
    https://www.facebook.com/hoppo...
    1Reply
  • Derick Bonsu
    Investor · Washington, DC · Member since 2018 · 93 posts · 54 votes
    4y
    Quote from @Sean Rooks:
    Quote from @Teddi Tanitsky:

    Thanks all! I really appreciate the responses, this has been super helpful I will likely reach out as I make progress and future questions come up. Will definitely continue researching and make sure I talk to someone with the city before committing to anything.

    I'm going to do some research into the Norfolk area as it sounds like it could be a good option. I'm relatively new to Virginia and I've never even been to that area so I I have a lot to learn (but that's not necessarily a bad thing).

    If you are local, there are a few other investors executing your strategy that are at most of the meetups!

    TRIG: meetups once/month, paid membership, tons of local rooted investors
    https://www.trigofva.com/

    Hampton Roads Investor Group: Free, hosted by Investor/Agents at 1st Class Real Estate
    https://www.facebook.com/group...

    ReSolve Meetup:
    https://www.facebook.com/REsol...

    Hop-portunity Investing:
    https://www.facebook.com/hoppo...
    Thanks for this. I'm not local but I'll check out the Facebook groups. Hopefully it's not restricted to locals only. 
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free