Looking to start investing in the Virginia Beach area

[Jessenia Munoz]

Hi all! I've been a member of Bigger Pockets for almost a year now and have been reading many of these forums to stay informed. I'm also an avid listener of the Bigger Pockets podcasts and have read "The Book on Investing in Real Estate with Little or No Money Down" as well as other major real estate investing books in an attempt to capture and learn everything that I can prior to going down this road. 

I'm 24 years old, located in Newport News, VA but I'm looking to invest in the Virginia Beach area (only about 35 mins away). I've spent the last few weeks analyzing the VA Beach market and have found that my decision to pursue being a landlord and renting multi-family units seems to be an optimal choice for that market. The average household size in Virginia Beach is approx. 2.63 persons with an average household income of $67,001.00 which is within my target "audience" (middle-class, middle-income). About 50% of those who live in VA Beach are married status which could very possible mean that there are kids in the picture, although the average household size is less than 3 people. Now, being that I want to own and rent multi-family units (duplexes, apartments, etc.), is Virginia Beach a market where I could do so successfully?

I also delved into the city's local commission website and took note of various building permits and there seems to be an eminent number of plans (car washes, restaurants, parks, etc.) in the plans around different areas of the city that I'm sure will also contribute to the population and demand; not to mention, there are major resident-attracting plans in the books! 

I've read books and read articles on different financing options from seller financing to bank loans to partners but I want to know from those with experience what has worked best for them. I've not tons of money to get started but I do have the drive to make it happen so whatever it takes! I'm open for suggestions and tips from any and all and I thank you guys in advance! :)

[Patti Robertson]

@Roberto Costa - I own and manage rentals in Portsmouth.  It used to be my favorite city because the buy/rent ratios were so good. Then SEC 8 took rents from 100% to 90% of market. Then the city implemented the expenseive lawn mow law.  Somewhere along the line the property tax rate went to 1.3% (compared to .9% in Virginia Beach). Did you see that the former Housing Authority Director just threatened to sue the city for $41M if they don't give him $1.5M? It hit the news today.  This city is riddled with corruption. I'm just taking a stand.  I'm not selling what I have there, but I refuse to put any more in inventory.  I will flip or wholesale, but I don't want any more long term committments in PTown.