From a new investor - how do I find deals in Virginia Beach?

9 Replies

Hi guys.

I am moving to VA and would like to ask a few questions and connect with people in the area...

Where do I find wholesalers for properties in Virginia Beach region?

I tried contacting some people on here who were listed as wholesalers (when I was looking into another state then I later reconsidered), but they responded that they are not actually wholesalers (some were agents, some buyers like me etc.).

I am looking to build a portfolio of rental properties. I am new to real estate and it seems that in the active seller market like we are now practically in every city, it's hard to find some deals, when listed properties gat 10+ bids and sell often above asking price. It seems it's easier for people to just list properties and sell it for higher price.

So, how do iI find properties that are not fixers, that are livable, maybe just can benefit from slight cosmetic input? I have a full time business and don't have time to deal with probates and divorce lawyers , direct mail (basically I don't think that looking for direct deals is for me).

I contacted real estate agents but none seem to believe that there are any under value deals right now.

Where do I find people to partner with in a coastal Virginia region?

Hi Olga, Yes it is very difficult right now to find properties below value. However, there are some wholesalers you can find right on google maps. There are multiple FB pages that list deals and I'm still finding properties on the MLS that are below market value. Other agents are finding those deals out as well and are putting offers on those deals. Good luck with your search!

Hey Olga, I'm an agent in Norfolk. My team and I work with a lot of investors and there are still deals out there (even on the MLS). It just takes a bit more time, effort, and creativity. My team and I also host a monthly (currently virtual) meetup with a local wholesaler. Message me and I'll send you the link!

What you have been told is right. We have a very low supply of inventory. Most wholesaling activity has migrated to the MLS, because our MLS allows a contract sale to be listed. This is not the case in a lot of MLSs. Most properties are selling for above list price. If you have a way to fund an off market deal try it. Most people who find off market deals are keeping themselves rather than wholesaling them right now, but there is some wholesaling going on. Good luck! We all need it in this market!

Hey Olga, I would join some local groups and watch/chat with other investors to see where they are finidng their deals. I agree, it takes creativity and hustle to get a MLS deal as well as any wholesale deals right now.

Lots of great local groups around, each with pros and cons:

TRIG: meetups (zoom) 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...

Hampton Roads Landlord Associtaion
https://www.meetup.com/HRLandl...

Thank to all.  @Sean Rooks, @Patti Robertson, @Dan M.

So, when we say "creativity" on MLS deals, what do we really mean here? I understand what it would mean in product innovation or art, but when it comes to a real estate, basically the seller wants the highest bid, period. And MLS is open for all. If I pay cash, that and the amount of $ I offer is really all there is. faster is better, opf course, but I still need inspections done.

Could someone please help me understand what you guys suggest?  

Thank you so much!

Have door #19 under contract right now and we have had great luck with a realtor along with driving for dollars. Happy to chat about it if interested. PM and will share any info I have. 

PS. Lived in Mira Mesa for a few years. We'll move back to SD around door #50 when we can afford it 😂

@Olga Kostrova Cash only offers you an advantage MLS these days if you have no contingencies. Winning offers are guaranteeing to pay over appraised value, asking for no closing cost assistance, buying as-is, and the latest trend is buyers offering to pay the sellers paying coats.Seriously! This shortage is making it really hard to buy. It's not the market for a timid investor. I am so still buying bit way less. People are making foolish buying decisions just to buy a house IMO.

@Olga Kostrova   With this market you might be better to spend a lot more time educating yourself on the region and areas you do and do not want to invest so when you see something you can move quickly.  Real Estate is a long game and you are very excited but take your time before you jump into something you can't recover.