Wholesaler · Indianapolis, IN · Member since 2012 · 22 posts · 7 votes
I would like to know where in Hampton Roads, Virginia investors are looking. If you have specific zip codes that would be wonderful. Some like Chesapeake, others Newport News. Where's YOUR honey hole?? Where are you keeping away from? I've run into some people who can do Portsmouth while others keep away like its Ebola central.
Flipper/Rehabber · Virginia Beach, VA · Member since 2016 · 34 posts · 27 votes
10y
I'll buy almost anywhere on the south side if I think I can make money. The peninsula is a little harder to work because of distance for me but I won't pass on a really good deal.
As a beginning investor with not a lot of capital I bought a townhome in Chesapeake in a low income area with new/newer/established working class neighbors very close by zip code is 23320. Then I found an irresistible SFH (3bd 2bth) in Portsmouth on an auction site for 25k and it rents to 2 military guys for $1045 per month zip code 23704. I will buy anywhere on the southside for proximity reasons, as long as I feel like I can rent to decent people (all lower income people aren't bad tenants). I'm currently looking in Norfolk, Chesapeake and Portsmouth because that seems to be where the affordable and profitable property is. I use hard money so it has to be priced for me to make money monthly before I'll buy it. If I was using bank money and willing to put 20% down, I could go higher. But that's not where I live LOL.
Flipper · Yorktown, VA · Member since 2015 · 1 post · 0 votes
10y
I'm currently looking for my first flip in Newport News or Hampton. I live in York county so those cities are closer to me. I've heard that I should stay out of downtown NN but there is still money to made there if you buy right - especially if you are looking for rentals rather than flips.
As a beginner, I'm looking closer to where I live and areas I'm familiar with. Maybe after I've got a few under belt I'll venture down to the southside to flip.
Wholesaler · Indianapolis, IN · Member since 2012 · 22 posts · 7 votes
10y
thanks for the responses! I'm a wholesaler here in Hampton Roads who just happened to be a new(er) real estate agent. I love helping cash investors find properties locally state wide. I think I just like the chase (and the check). If I can assist you in finding properties, let me know...
I have access (of course) to the MLS and I do run into off market properties (being that I wholesale). So I can wing it and swing it both ways. Right now I'm working on getting a short sale closed near downtown NN. It's a 3/2 and the owner & bank are motivated! If you'd like more information please ask. Better yet...
The above link is to pics of the property. The comps for this type of house is around 30k-40k+ (no recent comps -that i can pull- are available at this time). You could potentially rent this house for about 8-900 a month.
The bank is taking offers on this property. This IS currently listed on the MLS (my listing).
FYI The bank IS HIGHLY MOTIVATED (dont let the current sale price spook you)!
If you find this one to your liking then please connect with me OR if you'd like for me to snag other investment properties-please call me-I'm investor friendly!