Newbie looking to invest in Hampton Roads area

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Newbie looking to invest in Hampton Roads area

Nicole Smith
Centreville, VA · Member since 2016 · 5 posts · 2 votes

I am a young attorney in the Northern, VA area. I am interested in real estate investing as a way to build wealth for the future, but I want to start small and keep my day job for the time being. I am at the very beginning of the process, just trying to absorb as much information before I jump in. I plan to invest in the Hampton Roads area as the property values at this time are low and the cost to purchase a home is a lot cheaper there than in Northern, VA. I am originally from that area, so I have extensive experience with the different neighborhoods and feel its a good start for me. Any advise for a newbie is greatly appreciated!

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
10y

@Nicole Smith

Welcome. Real estate investing might be a benefit for your clients. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    10y

    Welcome to Biggerpockets Nicole. Great to have you here. You can find more resources under Education for your REI learning. Good luck and all the best

    BiggerPockets
    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Nicole Smith

    Welcome. Real estate investing might be a benefit for your clients. Fill in the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

    2Reply
  • Nicole Smith
    OP
    Centreville, VA · Member since 2016 · 5 posts · 2 votes
    10y

    @Michael S. I have started listening to the podcast already and that has been great. I have not gotten a chance to look at the guide or join a REIA club. I'll have to look in to those. Thanks for the advice. Greatly appreciated :)

    I am planning to start investing with my sister (probably doing flips) and we are trying to decide when to start. I know people don't generally buy houses in the winter (I assume) so we are trying to decide whether we start sooner rather than later and try to catch the early fall buyers (meaning start this summer) or "plan plan plan" and try not to start until next Jan/Feb to catch the early spring buyers. I heard the market in our area is on the rise. What would be your advice?

    0Reply
  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Nicole Smith

    Get some education then get started.

    Prices are generally lower in the winter. There is also a push to get some REO's off the books before year end

    Paul

    1Reply
  • Nicole Smith
    OP
    Centreville, VA · Member since 2016 · 5 posts · 2 votes
    10y

    @Paul Timmins

    Great point...We'll look to start buying mid to late winter. Extremely helpful advice on the REOs. Thanks again.

    0Reply
  • William RandolphPro Member
    Investor · Hampton, VA · Member since 2014 · 38 posts · 18 votes
    10y

    Welcome Nicole!

    Centerville is not that far from Woodbridge. Your model is exactly what I do - live and earn in NOVA, and I invest in HR (my first duty station was in that area). Anytime you want to chat, hit me on here. There are quite a few folks in the area, we should really start our own Meetup...

    William

    0Reply
  • Nicole Smith
    OP
    Centreville, VA · Member since 2016 · 5 posts · 2 votes
    10y

    @William Randolph

    Hi William,

    Thanks for the reply!

    I would be very interested in chatting with you about your experience in the area. My sister has just moved back to the HR area (She just left DC last July) and will be investing with me as well. I think a Meetup in the area would be great. I was just telling her we need to find a real estate investing club in Norfolk. What type of investing do you do in that area? Buy and hold, flipping, etc.?

    0Reply
  • William RandolphPro Member
    Investor · Hampton, VA · Member since 2014 · 38 posts · 18 votes
    10y

    A sister team, I like it!!  I am primarily a buy and hold guy (2 in Chesapeake and closing on my 3rd in NN/Denbigh area near Ft Eustis on Monday). I did one flip last year in the Churchland area of Portsmouth near the USCG base that was very successful. Will try to done at least 1 flip a year for the tax benefits!! 

    0Reply
  • Nicole Smith
    OP
    Centreville, VA · Member since 2016 · 5 posts · 2 votes
    10y

    @William Randolph

    lol yes...We plan to be the Smith Sisters Investing Team. Really hoping this works out (with the cool name too). We were leaning towards flipping, but I am learning more and more about renting and the benefits of passive income. There are quite a few duplex/triplex for sale very cheap in Norfolk (haven't really looking in other parts of HR). Let me know when you'd want to set something up. I'd be glad to help!

    0Reply
  • Gary Alford
    Investor · Norfolk, VA · Member since 2014 · 164 posts · 51 votes
    10y

    Hey Nicole,

    Welcome and good luck to you and your sister. I'm a wholesaler in the Hampton roads market and would be more than happy to assist where I can when it's time for you guys to start buying. There is two major REIAs in the area Trig ( tidewater real estate investor group) which meets in Virginia Beach, then your have PREIA (peninsula real estate investor association) that meets in Hampton. You guys should look into them they're both pretty good. Also feel free to add yourself to my buyers list. 

    Gary

    http://www.cash4housesva.com/go/hr-vip-buyers-list/

    1Reply
  • Vernon Payne
    Investor · Virginia Beach, VA · Member since 2014 · 9 posts · 1 vote
    10y

    Hey Nicole,

    I'm a Agent/Investor in the HR area.  I lean towards more of investment side of real estate but since I do flip houses I also work with buyers to understand what they want, like and the reasons why.  I come across deals daily, some meet my criteria others don't.  With that being said I have no problem sharing business deals within my business circle.  I have family that does investments in the DMV area, ironically just as a few others in this thread; that's where I received majority of my hands on knowledge.  I'd love to be a help to the Smith sisters so please let me know if I can be of any assistance.  If you know of any others that are interested in investing in this area please send them my way.  I can definitely make it worth both of our time.  Thanx again for your time!

    Best regards,

    Vernon

    0Reply
  • Luke Jeffery
    Investor · Newport News, VA · Member since 2015 · 8 posts · 2 votes
    10y

    @Nicole Smith welcome to the world of investing in Hampton Roads! I'm just starting to get active on BP but my partners and I flip 1-2 houses/month and we wholesale 1-2/month as well. Additionally, I'm a licensed real estate agent working almost exclusively with investors. If you need any help I would love help in any way I can! The market is heating up down here so the best deals are off market (aren't they always?). Let's connect so we can learn from each other!

    0Reply
  • Elizabeth Nourse
    Investor · Fairfax, VA · Member since 2015 · 239 posts · 90 votes
    10y

    Hi @Nicole Smith

    Welcome! Glad you're here. There are lots of ways to learn more and get involved in the local real estate investor community in NOVA. Bigger Pockets is great. I'd also recommend joining a local group or two... I'm a member of Capital REI, which is run by @Roger Lin, @Justin Pierce, and @John Rubino. This is a great group that meets in Fairfax City each month. Nice group with lots of good people in it. I can provide more details if you're curious. You can

    Also, I'd be happy to point you in the right direction for things to think about and consider as you make a decision regarding your next steps.

    Please check out my profile and reach out if you think I might be able to help you. I have lots of clients in the same boat- just getting started and trying to make the best possible choices as they move forward. It's great that you're reaching out for advice. That's a VERY smart first step. :)

    Liz

    0Reply
  • Sondra Jenkins
    Chesapeake, VA · Member since 2016 · 3 posts · 1 vote
    10y

    Hi Nicole,

    We are in the HR area and new to the BP community as well.  I've received a lot of useful info so far and looking forward to learning more.  We are also looking for property to possibly rent out.  Glad to meet you here.  I wish you and your sister the best.

    0Reply
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