Starting Out in Virginia Beach

[David Lucas]

Good Evening Bigger Pockets Community,

Active duty USMC and I will be moving to the Virginia Beach area either Dec 2019 or Jan 2020 on PCS orders. Looking to begin house hacking when I move out there. I have been doing some research on homes out there and have some interesting finds that require some advice. **These finding are based on my budget.

I've noticed there are a lot of condos in the immediate coastal area of Virginia Beach (nearest to the boardwalk, etc). Of course most of these condos have high HOA fees (ranging from $200-$600!). Most of these are 2bd and either 1/2ba. The further inland I go, the bigger the homes get and I've seen lower HOA dues. These will be 3bd and 2ba mostly. This will put me 7 miles from work and a 10-15 min drive. Usually 1 mile or less from the beach.

I've also looked into the multifamily homes. Most of these are located in the Norfolk area and are duplexes. This will put me ~25-30 miles from work depending on the route and around 40min-60min+ driving depending on traffic. Most of these homes are also in need of more work and in higher crime areas.

**Note: I will be living in this property. So wherever I end up going, I will be a resident in that property.

Two courses of actions being considered:

1. Considering buying a home more in the VA Beach area, and renting/Airbnb the extra rooms. I imagine the location will bring in a desire for vacationers and travelers alike which would be more income than a standard renter would provide. I understand this mostly falls under the summer desirable months and my winters would be harder to fill. Depending on location, prices are ~$200,000-$230,000.

2. Buy a duplex in Norfolk. I live with one other in the other unit, and see where that takes me. Good if I get a consistent tenant but I imagine Airbnb and trying to get capitalize on profitable parts of the year and filling an occupancy with the Airbnb route would be difficult. Depending on location and how fixed up some of these are, they're usually $150,000-$200,000. 

Looking for some insight from experienced members. Also, anyone that may have some experience in this area and are familiar with this market would be even better! Anything I've overlooked I'm more than willing to listen and learn. 

Thank you all!

-Dave

[Patti Robertson]

I agree with @Kevin Sack. I live in a beach front community and have a neighbor who got hurt and had to stop working. She decided to “house hack” and had success house hacking with some military members.  Both roommates left at the beginning of summer so she tried short term rental this past summer.  I was shocked at how little she got per night being walking distance to the Chesapeake Bay and 4 restaurant/bars, and having a salt-water pool on the property.  She brought in about the same with short term rentals as she did renting two rooms, but with a lot more work. 

In case you don't know, the VA is lifting the cap in 2020, so there will be no limit on the amount you can finance, as long as it is 4 units or less and appraises. Why not look for a 4 plex?