Chesapeake, VA · Member since 2016 · 3 posts · 0 votes
For a first time buy, is Norfolk a good idea to start my Real Estate career? I want a Duplex to house hack but I don't want to live in a dangerous area. So in that regards I'd rather use my VA loan to buy a single family home in Norfolk and flip it. Any response could really help me.
Hey Emerson, my name is Sheen and we have the same niche. Not only do we have the same niche, but our backgrounds are the same. I am a Marine Corp veteran, and I had a Va loan that was sitting idly by until Jan 20th. On Jan 20th I closed on my first duplex in Oceanview, Norfolk. I live in the top and rent the bottom out for $900. I too when starting out had an unbalanced debt to income ratio, and looked at the same avenue to get my life on track. Everything that you could ever ask for is in the forums, on podcasts, and in the books. If you don't have someone to bounce questions off of, and don't feel comfortable using the forums feel free to ask me. I'm definitely not an expert, but I feel like I can relate to your profile so well that I may be able to shine lights in some dark areas you may have. It's kind of crazy, but we had the same 2016 goal written out! Hope to hear from you, or good things about you!
Hello folks! I know this is an old thread but I am looking at the area as well. I rented in Ghent and Ocean View while attending ODU and am looking to invest in Norfolk.
Hey Tim. I'm mostly considering the crime level. The NSU campus itself is pretty safe but immediately outside the campus is a moderate to heavy crime zone. Theft, vandalism and assault just from what I can see from the past week on Trulia. The surrounding neighborhoods themselves are not places I'd want to walk at night and I would question the type of tenant you would find who would want to live in the area, besides any college students.
If you are considering the duplex because it is near a college campus, I would recommend near ODU. You can appeal to ODU students, faculty and military personnel (Naval Station Norfolk is only a few miles down the road. In my opinion, the area is much more desirable for quality of properties, tenant types, vacancy rates and rental rates. The only thing I would caution is to make sure you check the flood map for your potential property- by NSU or by ODU.