All Forum Posts by: Doug Van Liew

Those numbers are outrageous to even consider asking anyone, licensed or not to take their time and resources (essentially for free) to show you. By the time it would take to look at 50 hours just to wright one offer, you'll have already lost out on the "killer deal". Many investors get the property under contract prior to even looking at the property for this very reason. If you see a deal, make a move on it. Try not to get caught up in analysis paralysis!

Whether to do rentals or flips all determines how aggressive you wish to be.  Many investors do both in order to create checks and balances.  Rentals are for long term as flips are for the short term which can fund more long term investments such as rentals.

From a local standpoint Virginia Beach needs to be looked at very broadly and to include the Southside Hampton Roads area.  With all of the different industries there are a ton of pockets of hyperlocal markets to make your heads spin!  I'd call it more of a hybrid market mainly for this reason.  As far as negative equity goes, yes it's there but again you need to look at the specific sections of the area to have a fair judgment.  A lot of the negative equity situations I see are due to bad choices in adding loans to their property and capping out the value.  

Hi Tony, I wanted to reach out to see how you are doing in REI in Hampton Roads?

@Jessenia Munoz Welcome aboard! I'm an investor friendly Realtor that mostly works Southside Hampton Roads. I started in REI then eventually made real estate my full time career. I'm also a member of TRIG which has proven to be a useful tool! This is definitely a fantastic area for multi family investments. I deal with creative purchases such as owner financing along with the traditional routes. Each have their merits. I'd be happy to have a consultation at my office one day if you'd like some more information and guidance.

Line of credits are better in my opinion since you can keep using it as you pay it off and don't need to keep re-applying (basically a credit card).  A loan is more one and done...

Welcome to BP Scott! I'm a Realtor in VA Beach as well and actually started out in the wholesaling world before I became licensed.

Originally posted by @Jason Runkle:

@Eric P.

I recently purchased a single family home, 4 bed, 1 bath, in Portsmouth for $40k. Did about $9k in rehab and my cash-out refi appraisal came in at $97k. House will rent for around 1200.

Very difficult to get that kind of return in Virginia Beach because homes are much more expensive. You can do it in Norfolk and some areas of Chesapeake.

I definitely agree that Virginia Beach and Chesapeake are very competitive on the investor side and retail side. The MLS generally isn't the best place to get the numbers you want in those areas. Overall budget (at least to start with) will be the main factor in getting the results you want. The "cheaper" your money and the accessibility of those funds will greatly affect the negotiations.

Originally posted by @Eric P.:

I'm curious if BRRRR ("fix & rent") works in the Virginia Beach / Norfolk / Chesapeake / Tidewater metro area. Essentially, the ability to have your purchase price + rehab costs less than 70% of the ARV, so after you rehab you can find tenants & then refinance to get all of your cash back. I'm sure there must be some areas / neighborhoods where this works? Of course, the other requirement is that the rental income is enough to cover your mortgage + expenses on the back-end. So this tends to work best in middle class neighborhoods.

Are there any licensed real estate brokers / agents who can help me find such properties? Not interested in Turnkey btw - I'd rather buy pre-renovation (not post-renovation) to capture the equity myself.

 Yes, Hampton Roads is very investor friendly!  I'm a local Realtor that actually started in the investor side prior to getting my license.  Now, I successfully get others into profitable real estate transactions.  I negotiate traditional purchases along with creative purchases such as owner financing.  It's all in the numbers!