Rental Property Investor · Allentown, PA · Member since 2016 · 279 posts · 105 votes
A family friend in the Navy is moving to Naval Station Norfolk tomorrow and is going to be looking to house hack in a 2 unit within the next 2 months. I'm looking to hear from the BP community as to how the local market is and hearing opinions on potential financing options.
@Jonathan New and @Brian Mcmenamin, thanks for the mentions! @John D. I’m happy to help your friend. I work with many investors coming from out of state find their home and/or investment, and in this case, both!
My understanding is that the market is tight in Norfolk too. Best bet for your friend is to buy a place that is easily convertible & to find an agent that knows what to look for. The latter is sometimes as difficult to find as the the home. I have some contacts in the area. Do you want that agent's info?
@John D. Market is tight right now, but there are deals out there. I've always found my best deals in Norfolk in the fall and winter time, repositioned them for rent JAN/FEB timeframe. I recommend having your friend reach out to @Melanie McDaniel . I also have a realtor who works primarily in Fannie Mae Foreclosures, PM me for details, if your friend is interested in going down that route.
For financing, I've used Dominion Capital Mortgage who have done great work for me in the past. They have very favorable rates, and I would use them again in the future. I hope that helps. Good Luck to your friend
I agree with Loretta, market is tight and finding the property is the name of the game. There are plenty of options that are convertable or duplexes that are bank owned. You just have to have the ability to act quickly. I am a realtor and investor here in Hampton Roads and I do alot of business on both sides. Let me know how I can help.
Thank you for reaching out. There are duplex opportunities near NOB that would work with his BAH. I have connected other investors with these in the past and know what to look for. We would be honored to help him find something in the area. My husband and I are both Realtors and active investors. I served as an Ombudsman for VFA-11 in the past and we are both very familiar with military family needs.
@Melanie McDaniel!! This lady is amazing as an agent/mentor/networking connection point. She has her hands in SF, MF, wholesaling, commercial, and mixed use.
She's honest, but even if she doesn't see eye to eye with your plan, she busts her behind to make your plan bear fruit. I wish I could clone her and transplant her clones to markets that I want to tap into.
@Jonathan New and @Brian Mcmenamin, thanks for the mentions! @John D. I’m happy to help your friend. I work with many investors coming from out of state find their home and/or investment, and in this case, both!
I'm a wholesaler and realtor here in the Norfolk area as well. I would agree with the others the market can be really tight when it comes to multi-units but they're out here as I do get my hands on them to wholesale. The key is to #1 not be afraid to make an offer that you think make sense even if it's way lower than the list price (as owners often have unrealistic expectations and even list knowing they're high just to try their hand) and #2 look off market as that's where the best deals are. When it comes to financing theirs some good lenders in the area for veterans, I even work with one that can do VA loans down to a 500 credit score. He can even do up to 4 units with his VA loan instead of just 2 if he so chooses which makes for a even better return. If I could be of any help as a Realtor or getting him connected to off market deals It would be my pleasure to do so. Best of luck to him!