New Investor - Virginia Beach, VA (Military Officer)
Hello BP Community,
My name is Andrew, and I am currently living in the Virginia Beach, VA area. I'm 26 y/o and looking to expand my real estate investments significantly over the next few years.
I currently have a single family home (4 bed/3.5 bath) in San Diego, CA. This was from my previous duty station and was purchased with a VA loan. It was purchased for $455K and I owe $392K at this time. I rent it for $3800/mo, have costs of around $3100/mo. I plan on using this cash flow for a down payment or to facilitate future deals. Also, I knew another large base would be built close to the property (I love how insider info isn't illegal in real estate), and I am guessing my property would be worth roughly $550K at this point.
I am looking to buy a duplex or triplex here in VA Beach, but I am in need of advice. Would people buy in this area right now? I get the feeling we are in the peak of a market. I would be buying for cash flow and have no problem house hacking. I converted a high top van into an RV and plan to live in that as well! Trying to set myself up for financial freedom ASAP.
I look forward to learning more about real estate and becoming an active member in the BP community.
Andrew