I own one house in Norfolk currently and have owned it for over a year. I understand there’s a lot of military members coming and going out of that area, would it be wise to purchase another property out here?
@Logan Perkins this area is very active. The market right now is pretty hot. I own a few properties here myself. As long as you run your numbers, and don’t lose your head, there’s good opportunity.
@Kristopher Kyzar thank you very much for the information sir it's been over a year since I've used my VA loan and I really want to purchase another, it's just intimidating.
@Logan Perkins my first 2 properties were purchased about a year apart. I lived in them both and house hacked. I didn't know at the time I could have used my VA benefit a second time. I got a conventional mortgage for the second and paid PMI for about 10 years. Do you know how much of your eligibility you have left?
@Kristopher Kyzar okay so that is a path I might have to take? Our year just came up for the first house and I’ve been in Pensacola for a month for school without a car so I haven’t been able to make an application yet for a second one.
@Logan Perkins I'm a principal broker here in Virginia Beach. My understanding is that if you have a signed lease on your current property and you meet all the other qualifications, you would free up your VA eligibility. I'm not a loan officer, so you should consult with them, but I have had a few clients that have done this.
@J Frank Cole okay awesome that is exactly what I will do, I appreciate you for letting me know.
@Logan Perkins . If you can find one! Houses are going so fast and for top dollar right now. There’s also practically no rentals available either. If you can something that might need some work, get that done quickly, you’ll find tenants immediately. People are selling their houses because it’s such a sellers market right now but not been able to find new houses so there’s even more people looking to rent right now. ￼
Logan I have got lucky on a couple off market properties lately, but they were for fix and flips, not buy and hold. IMO this market is getting kind of ridiculous now, I think its overvalued extremely, such low inventory, any decent deal on the MLS which are almost not existent get 10 contracts the first day it seems if one does pop up. I would definitely make sure the numbers make sense if you do buy another property. The HR market has been kind of ridiculous imo. I had three showings today, an hour before I got ready to leave all of them canceled due to having an offer accepted, they are on the market not even a full day. Like I said the last property I found was off market which we closed last Friday, it wasn't a home run, but we'll probably get around 25 to 30k after we repair and put it on the market. Anyways, this market sucks for buying unless your able to find something off market.
@Kaylan Field I will definitely take that into consideration while I am looking. I appreciate your insight.
@Logan Perkins . You’re welcome!
@Taylor Bishop thank you for letting me know about all of this I will definitely keep an eye out for the right deal. I definitely appreciate you’re help.
@Logan Perkins anytime man!
Welcome to Hampton Roads investing @Logan Perkins ! Since you can only have 2 VA loans at a time, I'd recommend you make your second a multi-unit. Your can use your VA to buy up to a 4 plex. Many military members do this and even at today's crazy prices a 4 plex in decent condition should bring in more than enough with 3 units rented to cover the entire mortgage, allowing you to live in the 4th one for free. It's not easy to find them, and they move fast, but if you can land one it would be an awesome addition.
@Patti Robertson I definitely love that idea and it's something I am definitely open to, I've been looking for even duplexes but they're all going like hot cakes haha but I definitely do need to take that in to account that I can only use the VA twice I should definitely look for the right move I appreciate your help very much.
You are right they are! I’ve sold 8 Norfolk duplexes in the last 6 months.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you