House hacking and rental

6 Replies | Virginia Beach, Virginia

Hello fello BP! 

Me and my wife are planning to move out from hawaii and we are looking into the virginia beach market. I would love to ask what the market is like, examples of what I am asking, is it a great market for long term buy and hold properties or is it a strong market for flippers or both? 

Also we are moving with a full house of 3 kids, what neighborhoods would you recommend us looking into that would be safe with great schools.

Did anyone do a house hacking stretegy in this market? Also how do I find out if this is a landlord or renter freindly market. 

Looking forward to connecting and hearing your thoughts on these questions, thank you in advance! 

Hi!  Feel free to give me a call. This is a lot to talk about in a post.  I’ll take a stab, but feel you may have more questions and it may be easier to have a phone conversation.

Hampton Roads is an awesome investor market. Virginia Beach specifically is our toughest city to compete in financially, because it is where the majority of people want to live.  We are typical of the rest of the country, in that we are in a pretty tight seller’s market, which makes it a great time for flippers to sell houses, but makes it harder to buy.  Virginia is a very landlord friendly state, and you can still buy rentals here at or under the 100 times rent multiple. You won’t be able to do that in Virginia Beach, but you can in our other cities. I landlord in 6 of our 7 cities and Norfolk is by far my favorite.

What did you have in your mind for house hacking with a 5 person family?  Are you asking if we have multi families with lots of bedrooms, or are you thinking of buying a huge house and renting out rooms? As you can imagine, the short term rental market is growing like gang busters in our market.  Most of our cities are developing specific laws to keep these in order and keep them legal. 

A couple of groups you may want to check out are the Tidewater Real Estate Investors Group, which is a club that a platform for in-person education and networking on all topics of real estate investing.  There are lots of flippers in this group.  The Hampton Roads Landlord Assoc is a free club of landlords who get together at least once a month to talk about our trade.  Both groups are full of BP members.

Feel free to call me anytime.  My phone number is in my profile.

Originally posted by @Patti Robertson :

Hi!  Feel free to give me a call. This is a lot to talk about in a post.  I’ll take a stab, but feel you may have more questions and it may be easier to have a phone conversation.

Hampton Roads is an awesome investor market. Virginia Beach specifically is our toughest city to compete in financially, because it is where the majority of people want to live.  We are typical of the rest of the country, in that we are in a pretty tight seller’s market, which makes it a great time for flippers to sell houses, but makes it harder to buy.  Virginia is a very landlord friendly state, and you can still buy rentals here at or under the 100 times rent multiple. You won’t be able to do that in Virginia Beach, but you can in our other cities. I landlord in 6 of our 7 cities and Norfolk is by far my favorite.

What did you have in your mind for house hacking with a 5 person family?  Are you asking if we have multi families with lots of bedrooms, or are you thinking of buying a huge house and renting out rooms? As you can imagine, the short term rental market is growing like gang busters in our market.  Most of our cities are developing specific laws to keep these in order and keep them legal. 

A couple of groups you may want to check out are the Tidewater Real Estate Investors Group, which is a club that a platform for in-person education and networking on all topics of real estate investing.  There are lots of flippers in this group.  The Hampton Roads Landlord Assoc is a free club of landlords who get together at least once a month to talk about our trade.  Both groups are full of BP members.

Feel free to call me anytime.  My phone number is in my profile.

Hi Patti,

Thank you for the response and information! I was looking into the norfolk area as it did look very attracting. I wanted to ask if the market in those areas are hot with renting out units that are plexs? My plan was to purchase a duplexs or up and live in 1 unit and long term rent the other unit / units. I will for sure give you a call in the near future and hope to meet up as well!

@Lawrence Lloyd paclob - Norfolk is a great city for rentals and a great city to business in.  Norfolk has a new program to support landlords and tenants call Rent Ready.   If you google Rent Ready Norfolk you can find it easily.  BP won't allow a web link in a post.

Hello,

Its a great market for pretty much everything due to the strong military presence.  Flipping is competitive and there are deals to be had but you have to do a lot of digging.  Building is difficult due to us being landlocked by water and hard to find lots/teardowns.  You probably already know this, but you can get a lot more bang for your buck here in comparison to Hawaii.  Im a big fan of finding duplexes in Norfolk.  Good luck with the move!

Krissie Cole

Realtor

Licensed in VA

Better Homes and Gardens Real Estate

Virginia Beach, VA

@Kris Cole Thank you for the response. where is the best place to look for properties, I have been using trulia but I cant seam to find any duplexs for sale, unless their is a very short supply of plexs. Also I see you work with better homes and garden, I have worked with a great agent here in hawaii and we manage to wholesale 5 properties in the last year, Its a great company.