Updated over 3 years ago on . Most recent reply
Buy & Hold into STR in Virginia Beach, VA
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
We bought and are currently working on this fun multi-family deal a couple blocks from the oceanfront in Virginia Beach. We are working closely with a company that renovates and manages short-term rentals who we love and trust.
What made you interested in investing in this type of deal?
Virginia Beach is an amazing market and is was a deal we couldn't pass up. We love multi-family buy and holds and love the Virginia Beach/ Hampton Roads market.
How did you find this deal and how did you negotiate it?
I connected with the owner a couple months prior simply through friendship, and he called me up and said he wanted to sell and asked if we wanted to buy. Life is all about relationships.
How did you finance this deal?
Private Financing
What was the outcome?
We are in the midst of remodeling and transitioning it into a Short-Term Rental.
Lessons learned? Challenges?
Always have a good network of people in your corner. Be kind towards everyone you meet, mainly because it is the right thing to do, but secondarily because you never know what those friendships can hold. Always have a network of contractors that you trust and love. Have good relationships with the city.
Most Popular Reply
John - Congrats on this purchase! We've made several attempts to land a STR in Virginia Beach, as we love the area and visit it often from Northern Virginia. Since the restrictions have been put in place, the available market for STRs is much smaller, but we're always looking! Please keep me in mind if you become aware of more. Congrats again! Karen