All Forum Posts by: Joseph Harr

For Norfolk I'd do a short term rental like Airbnb, which is what I'm planning to do next. I'd like to get a place in Oceanview near the beach. Norfolk actually allows STRs and has a process in place to register with the city and pay the taxes and such. Newport News doesn't allow them at the moment (unless the house is also your primary residence that you live in) so we just hope nobody complains and shuts us down. Long term rentals could work in either city but I like to chase the big Airbnb money. 

Where can we access this online? 

@Chris Warin From talking to some other investors in the area, it seems like people are thinking it's very likely going to pass. Also I think you're interpreting that requirement correctly. You can email the zoning office with questions. They responded to my questions pretty quick, usually within a day or so.

@Olga Kostrova Yeah it's frustrating. I'm considering condos in Virginia Beach also. It seems strange and archaic to me that all this info is kept from the buyer or you gotta pay hundreds of dollars just for some files. Hopefully the industry evolves to provide more transparency. You should just ask the seller or the seller's agent. They'll probably tell you what's included with the HOA/POA fees. Sometimes it's in the listing. Sometimes it's in the private agent's remarks section that clients can't see.

Holy crap!

@Frank A Castro It's tough out there. If you can't find anything now, could you keep renting your current place on a monthly lease? Paying a couple bucks more per month now might be better than buying a house that doesn't fit your criteria. 

@Arron Achey The meetups in the Hampton Roads area that I've gone to are TRIG, PREIA, Hampton Roads Investor Group/THINK, and Hampton Roads Landlord Association. All are good and PREIA and Hampton Roads Investor Group both have Facebook groups too. TRIG and PREIA are doing online meetups still. 

@Tyler McGill 

I'd talk to some lenders to make sure your plan for your financing would work. Then I'd look for a multifamily house with 2-4 units in Norfolk near the base. In my opinion, it would be easier to rent out the whole units than it would be to rent out rooms individually, especially after you move and hire a PM. You can still rent out the extra room(s) in the unit you live in while you're there. Watch out for flood zones. If you do buy in a flood zone, make sure you factor in the cost of the required flood insurance. 

@Kevin Van Witt Man that's awesome!

@Kevin Van Witt Thanks! My inherited tenant has been great. Not too much as far repairs and things but I still budget for that. Cashflow on this one is about $450. Would be higher if I managed it myself. It'll be lower after I refinance. I'll have to spend some money fixing it up a bit at some point but the equity is there. 

Congrats on your duplex! Is that a house hack are you renting both units out?