Realtor · Chevy Chase, MD · Member since 2023 · 74 posts · 51 votes
2y
Quote from @Account Closed:
Would you rather invest in Lynchburg, Suffolk, Newport News, Virginia Beach, Norfolk, or Chesapeake? Why? Are there any that you would never touch?
Hi Virnisha! Personally I don't think you can go wrong in Newport News, Virginia Beach, Norfolk, or Chesapeake. These areas have multiple military bases and constantly have turnover with families moving in and out of town. I own a property with my significant other in Norfolk and it's perfectly in the middle of more than one base. Getting into Facebook groups is a great way to find tenants who are searching months prior to PCSing. Hope this helps!
Realtor · Chevy Chase, MD · Member since 2023 · 74 posts · 51 votes
2y
Quote from @Account Closed:
Would you rather invest in Lynchburg, Suffolk, Newport News, Virginia Beach, Norfolk, or Chesapeake? Why? Are there any that you would never touch?
Hi Virnisha! Personally I don't think you can go wrong in Newport News, Virginia Beach, Norfolk, or Chesapeake. These areas have multiple military bases and constantly have turnover with families moving in and out of town. I own a property with my significant other in Norfolk and it's perfectly in the middle of more than one base. Getting into Facebook groups is a great way to find tenants who are searching months prior to PCSing. Hope this helps!
Real Estate Agent · Chesapeake Va · Member since 2019 · 150 posts · 100 votes
2y
Depending on strategy I would rank them as follows
Fix and Flip: VB (I would focus on higher end Flips with bigger returns), Chesapeake (mixed but most opportunity for higher end Flips), Norfolk (lower end and older homes to me = more headaches), Suffolk, Newport News.
Buy and Hold: Norfolk (Best Cashflow Potential), VB (Townhomes tend to work well, Green Run is a great area for cashflow), Chesapeake, Newport News, Suffolk (Less Military presence which is why i would put last.)
STR: VB (in the proper zones if you have the money $850K+), Norfolk(Ocean View area specifically but have to watch out for the AICUZ restrictions), Leave the rest
Part of that decision process is distance to that I would need to travel to deal with rehabs, I hate dealing with the tunnels so I would almost always pick places on the peninsula last since I am based in Chesapeake. Also I have little experience in Lynchburg so that one is out all together for me.
Real Estate Agent · Virginia Beach, VA · Member since 2024 · 20 posts · 8 votes
2y
Thanks for sharing your insights! Your strategy breakdown is insightful. I align with focusing on higher-end flips in VB for bigger returns. Also, your emphasis on cash flow in Norfolk for buy and hold makes perfect sense. Distance and travel considerations are crucial. Let's connect and explore potential opportunities in alignment with these strategies. Cheers!
Hey Virnisha I would love to here your strategies at the meet up I have set up for March 5th in Chesapeake. Hope to see you and anyone else interested there!
Real Estate Agent · VA · Member since 2008 · 420 posts · 175 votes
2y
All of the above. I just went to VA beach and the amount of construction they got going on was astonishing. Let me know how we could connect to put a game plan together for these locations!
What's your opinion of the Park Place and Kensington area of Norfolk just above Ghent? I'm looking at a sizeable quad over there at the moment, but so far I've only invested in B neighborhoods.
What's your opinion of the Park Place and Kensington area of Norfolk just above Ghent? I'm looking at a sizeable quad over there at the moment, but so far I've only invested in B neighborhoods.
Kensington is a great area—very trendy and close to the restaurant district off Colley Ave. The closer you can get to Colley, the better off you are. But for small to medium multi-family homes, it’s hard to beat that area. Park Place is similar but a little less popular, but still a good area. Depending on the deal, I would not shy away from either neighborhood.
It's also a great spot for mid-term rental with the Sentara campus right there.