Hampton Roads (Norfolk) VA Small Multi-Family

[Brent T Howell]

Hello Bigger Pockets,

I am coming from Alaska down to Virgina, and plan on jumping into a house hacking opportunity in Norfolk Va. Housing in Virginia is much different than Alaska as you might imagine. I am reaching out to find some information on things to look for. The average age of the homes I see for sale is higher than I am used to. I know asbestos is a thing in older homes, as well, electrical problems can be difficult to deal with. Also Norfolk is a flood zone and I have never experienced investing in an area like that. A/C unit inspections, Roofs being installed over old ones.

Any information of shared experiences from you all would be great,

Thanks!

Brent

[Alex Winfield]

Hey Josh, welcome to Hampton Roads/ 757!  The main things you want to look for or avoid in the area, in my opinion, is going to be Flood Zones, moisture issues in the crawl space (it's very humid), and maybe knob and tube wiring if it was built before the 1940s.  All of those things can be dealt with, but I would say those are the key things that seem to be deal-breakers for most of my clients as they can have major expected and unexpected financial implications.  If you're going to keep it simple to start with, maybe look at homes 1940's or later, stay out of flood zones, and always get a good home inspection.  Other than that it really just depends on how much money makes sense to spend in order to make it a profitable asset.  

Have a good one! 
Alex