I am a seasoned investor/RE Broker from NJ. Retiring to this area. Can anyone tell me the current investing environment?
@Jim Lamp'l - Do you meant the Dam Neck area of Virginia Beach? It’s a great area near Oceana Naval Air Station. Prices are really high for purchasing rents though. Most rentals are a result of accidental landlords who purchase and have to move before they can sell. What are you trying to do exactly?
Just my opinion, but it will be difficult to invest here in Va Bch and Chesapeake unless you have cash and don't mind major renovations as it's a tough market with many investors competing. We've lived here most of our lives, but hold most of our rental property in Raleigh as we couldn't find decent cash-flow here at market prices and we were using financing so couldn't invest in the cash properties that could possibly still cash flow here. And these days, many are buying up cheaper houses, removing them, possibly dividing if allowed, and building new for sale.
Thank you so much for the information!. My son is stationed at Dam Neck, and my daughter and son in law are going to that command from Pearl in about a year. We are going to pull $ out of this home in NJ, and the current plan is to move to the area, keep the jersey house as a rental, maybe house hack a duplex or 1 yr. brrrr. I am familiar with Oceana NAS, we did cadet training there years ago. Any info on neighborhoods you could steer me away from would be a great help.
Happy New Year!
@Jim Lamp'l I would avoid the green run area of Virginia Beach and look more around the Ocean Lakes or Salem areas. Any questions feel free to DM me.
I was an Ombudsman for VFA-11 at Oceana for a couple of years and still live very close. It depends on what you want to accomplish. There has been some great success with Airbnb here. Rentals are hard to come by in general and typically don't stay on the market for long.
Best wishes on your move!
Although, remember AirBNB just changed in Virginia Beach. If you aren't grandfathered/registered as of July 2018, you have to go through a Conditional Use Permit process, which is unlikely at best, UNLESS you are in Sandbridge. You definitely dont want to count on AirBNB/STR as an investment strategy at this time
And pay attention to flood zones. There are some beautiful neighborhoods but in flood zones or streets are completely in AE flood zone even if home is built higher, so when doing your research, be sure to check the flood map. They don't have to disclose flood zone here so you have to look it up individually, and some insurance companies have set up their own "surge" zones so either limits your choice of insurer or increases insurance costs in those areas. If you have a preferred insurer, USAA, for example, you may want to check with them before making an offer. My daughter had to go with another company for her old home -- USAA was either too high or wouldn't insure there, even though whole lot was in Zone X. But in her new home, USAA was best rate, even though some of her yard, not house, is in AE.
I have been away for awhile , but I wanted to thank you Sooo much for the intel!!!
Raleigh was on my radar. What kind of investments are you liking for?
Thank you Skyler! I apologize I have been away for months. I hope the offer to dm you is still ok...