Looking to Invest in Hampton Roads Area?

Question

Hi Everyone, I'm semi new to the BP forum. I'm looking to invested a duplex or multi-unit with a few friends. I currently live in DC but I grew up in Hampton Roads so I know the area pretty well...especially, Portsmouth, Chesapeake and Suffolk areas. I would love to connect with someone who has similar interests. I'm looking into the Norfolk or Portsmouth area; however, I've heard Portsmouth has high property taxes and the tolls can also be a hassle, as well.

Sean Rooks · Answer

Lesley, are you looking for a partner or an investor friendly realtor? If you are looking for a realtor I recommend @Claudio Valdivia or @Erica Osborn, they pretty much run the investor network here. If you need a partner, or boots on the ground, I may be interested!

Thomas Jones · Answer

Hi Leslie,

I was born and raised in Portsmouth. I now live in Woodbridge and work in downtown DC. I was looking at properties up this way to househack but I can't make the numbers work to my advantage so I'm just going to put the 20% down on my first investment property in Hampton Roads. I have more support in that area as well. My best friend from high school is a home appraiser as well as an investor and I'm close with a couple that live in Hampton that are investors. You may want to look at properties in Hampton as well. Portsmouth and Newport News are 2 peas in a pod. Higher crime being the most notable similarity. Portsmouth has the highest property taxes in the area, mostly low rated schools and poor services. I get a little depressed each time I visit because it was a great place to grow up and it has such potential. They are planning to open a casino so I'm hopeful that will improve the economy. I'm just not at a place where I can only afford a certain degree of speculation. I am sending a colleague request. Have a great weekend!

Patti Robertson · Answer

Not only does Portsmouth have the highest taxes, the political arena is a circus.  Literally, it is my highest form of entertainment. Just when I think nothing crazier can happen, it does.  Just a few of the events I mean are - 1) a few years ago HUD investigate the Housing Authority and found over $1M of HUD money intended for recipient holders in the Housing Authorities bank account; 2) the city manager was just forced to resign; 3) the city attorney was just fired; 4) the last police chief was fired and the current police chief is currently suspended; 5) the fired city attorney is currently suing the mayor; 5) the police force is so short staffed I just read that they only have 19 officers on patrol at night in the entire city.

You didn’t list my favorite city to invest in - Norfolk.  It has the most resources for renters and the highest percentage of households who rent.

Looking forward to meeting you in person at one of our future investor club meetings!

Lesley Riddick · Answer

Patti Robertson Wow I wasn't aware of all the chaos going on there. I was actually born and raised in Portsmouth. Can you let me know where I can find future investor club meetings?

Patti Robertson · Answer

You can google Tidewater Real Estate Investors Club and the Hampton Roads Landlord Assoc to join.

Lesley Riddick · Answer

Hey Meghan Freckleton-Hopkins, sounds good -- I'm looking forward to hearing from you!

Meghan Freckleton-Hopkins · Answer

@Lesley Riddick Hey! I am semi new to BP as well... Been reading through the forums and listening to the podcasts since the quarantine. Was interested in SFH rentals but now leaning more towards multi families and small apt complexes. Live in Hampton but looking more in the Norfolk area, market seems better on that side. Interested in partnering up. Sending you a colleague request!

Looking to Invest in Hampton Roads Area?

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