Looking to buy in Williamsburg, VA... best way to start?

Looking to buy in Williamsburg, VA... best way to start?

Investor · Williamsburg, VA · Member since 2015 · 20 posts · 3 votes

Greetings, BPers,

I am looking to buy a SFH in the Williamsburg, VA area (where I have lived for the last two years, but am currently renting on a local military base, and am about to retire). My goal is to buy a house, remodel it to my liking, but then rent it out in about five years when I will probably move to another state. I am single and am not too picky on the location or schools.

In your experience, what are the decent neighborhoods that appeal to renters in this area?  Kingmill (though I have heard that Kingsmill is not landlord friendly)?  Queen's Lake?  The Skimino area?  Gated communities?

I assume I should find a real estate agent that is also familiar with property management and can answer such questions?  Any recommendations?

Seems like Williamsburg has a LOT of inventory right now.  That's great for me as a buyer now, but not so great for me as a seller in five years (though, who knows what will happen over the next five years, of course).  Any thoughts on the current market in general?

I was hoping to ask all these questions at a the local PREIA, but had not been able to attend any due to work commitments.

Thanks for anyone's advice or thoughts,

J

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  • Investor · PA · Member since 2013 · 1k+ posts · 602 votes
    10y

    Pretty much any SFH in Williamsburg could make a good rental but the market is pretty expensive and properties will probably not cash flow very much. Expect to pay at least 25-150k for a SFH that needs work.

  • Virginia Beach, VA · Member since 2015 · 34 posts · 9 votes
    10y

    Good morning, James.

    You have lots of great questions! Let's start with decent rental neighborhoods- what may not seem to be 'landlord friendly' may surprise you. Getting to really know the neighborhoods you will find more rentals than you might expect in some of them. Definitely having the right real estate agent will help sort out through the details, now and in 5+ years when you are ready to rent. Having the right house is a benefit to help the right family decide your house is the home for them - in spite of or in combination with these details. I can certainly help with some of those in a more in-depth conversation. (I'm in VA Beach and I also have some agent recommendations in Wiliiamsburg.)

    The current market in general- a little of that depends on your 'current' time frame. With the interest rates increasing (and perhaps another percent to come - depending on who you listen to) there's no time like the present.  In general, steady and holding; here's looking forward to a strong spring 2016!

    Good luck in your search.  Let me know how I can help.  BP is the best place to start your search for sure!

    Regards

    ~NormaJean Cupp

  • Military Service Member · Toano, VA · Member since 2015 · 8 posts · 0 votes
    10y

    Good Afternoon
    @NormaJean Cupp


    @NormaJean Cupp

    @NormaJean Cupp I would love to get some recommendations for property management in the Williamsburg area. I have a SFH in Toano Va and looking for someone that is credible to rent out my home. I would greatly appreciate any help on contacts or recommendations in the area. Thank you!

    Very Respectfully, 

    Raphael Fernandez

  • Jan Erik NeunPro Member
    Rental Property Investor · Williamsburg, VA · Member since 2014 · 17 posts · 5 votes
    10y

    I am using Dodson Property Management with much success.  Local rep is Angela Fleshman. 

    http://www.dpmwilliamsburg.com/williamsburg-proper...

  • Virginia Beach, VA · Member since 2015 · 34 posts · 9 votes
    10y

    Hi Raphael,

      Thanks for reaching out.  Jill Sizemore in the Williamsburg Berkshire Hathaway office on Ironbound Road does a great job. Give her a call and let her know that NormaJean in the Beach office recommended her.

      So how is everything going for you?  All well?  Give me a call if you need anything.

    Talk with you again,

    NormaJean

  • Military Service Member · Toano, VA · Member since 2015 · 8 posts · 0 votes
    10y

    @NormaJean Cupp  & Jan Erik Neun,

    Thank you! so very much for your response and recommendations. I will surely interview both and hopefully have a great experience with either or. I will let you guys know if I decide to go with either company.

    Very Respectfully

    Raphael Fernandez

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