Can this deal be found in Virginia Beach?

Question

I am out of the area (for now, moving to VA soon) and looking for a cash off-market deals with the following criteria, and wonder if in this market those could be found:

- under $120K

- needs only cosmetic renovation ($10K investment or so)

- 2+bdr/2+bathrooms (ideally 3/2)

- 1500+sf

- ideally built after 1980 (to avoid environmental inspections)

- not in flood zone

- in a safe middle class area

- Virginia Beach or Chesapeake, maybe some Norfolk but in better areas

If I look at MLS, of course everything is much higher.  But are there some off-market opportunities can be found these days and what are the easiest ways to find them?

I am a new investor, so would appreciate some advise.

I want to develop a portfolio of rental properties - buy first one for cash, rent it and then use it to get a mortgage for the next one. Is it Brbrbr, I assume?  (sorry, I did say I am newbie in this).

Thank you very much, guys.

P.S. Since I am going to move to VA would be happy to connect with anyone who can offer any advise, so please don't hesitate to connect with me.

Victor Hill · Answer

@Olga Kostrova Welcome to the area. The criteria you have set will be very challenging in this market, especially in Virginia Beach and Chesapeake. Both of those markets are very similar to San Diego. If you are willing to expand your search area, you will have better luck.

Stephanie DeLeo · Answer

Agreed. The market is priced way too high here to fit that criteria. You might expand your search to Hampton or Suffolk where prices are lower.

G. Emerson Zollos · Answer

You aren't going to find that on the MLS, however, touch base with local wholesalers. There are deals that I've seen which come close to meeting your criteria. You don't specify an ARV so I'm assuming you arent particularly worried about creating a ton of value through equity up front. Virginia Beach will be harder than Chesapeake to find it in. If you look in the area of Chesapeake as it turns into South Norfolk you may be able to find heavily appreciating areas that are lower middle class with major appreciation potential!

Happy hunting!

Patti Robertson · Answer

Even the wholesalers are mostly selling through the MLS right now because the ridiculous competition nets them more than us traditional investors would ever dream of paying.  The only way to buy at your stated numbers is to invest a significant amount of time and/or money drumming up your own leads, and you will be competing with people who have been doing it for years and have really deep pockets. I'm not trying to discourage you but and just stating the reality.

Stephanie DeLeo · Answer

Agreed. The market is priced way too high here to fit that criteria. You might expand your search to Hampton or Suffolk where prices are lower.

Olga Kostrova · Answer

Attached is fine, townhomes or even larger condos (latest is less preferable), but I don't see them on MLS. Where would I look for deals like that, @Sean Rooks?

Sean Rooks · Answer

Agreed, l've only seen criteria like that met by attached housing for a middle class neighborhood.

Can this deal be found in Virginia Beach?

Most Popular Reply