All Forum Posts by: Richard Boyd

Hi there. I'm also in Hampton Roads and an investor. I hate to be discouraging, but I'm not sure this will be as easy as you think. Norfolk is strict on zoning so first you will have to find a lot in a neighborhood that will allow for your multi. I've been working on one myself and we had a lot in a neighborhood that allows multis and is really deep. The city said my lot isn't wide enough for what they will allow, although it is wide enough for a single family. We got luck and the house next door went up for sale, so we bought it. A lot of ducks need to be in a row to accomplish your goal. I'm not saying it's not possible, but am just suggesting you also look for buildings that are already build that you can buy. Not only will your numbers look better, it will be much easier to achieve.

Thanks ,I’m looking in the Williamsburg area.There’s tons of multi units for sale in Norfolk but not in Williamsburg.Does Williamsburg changed anything?

Hey John, I am the CFO for a few construction companies. One in the Williamsburg area.

As many people mentioned developing a multifamily unit is a lengthy and expensive project and doing so with your VA loan might be difficult but there are some things you can do now to get a better understanding of your project. @Barry Ruby mentioned running a pro forma analysis to estimate the total project costs. Have you thought about buying a multifamily unit that would certainly save you time?

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Norfolk, Virginia

Richard Boyd has started 3 posts and replied 31 times.

Post: I Would like information about cost of new construction.