New to BiggerPockets and Real Estate Investing

[Rich Lambert]

Hi All,

My wife and I are considering investing in a short term rental in the Virginia Beach area. We'd like to own property (house or condo) that we can use for vacation several weeks of the year and rent out the remainder of the time. The goal would be to find a decent 2 to 4 bedroom place close to the beach (or other outdoor attraction) that would allow us to realize a modestly positive cash flow. We might also be open to other markets, as long as they are within 4 hours of our home in Northern Virginia. As someone who has never invested in rental property before, I'm in the process of trying to educate myself, so I welcome any useful recommendations or suggestions related STR investing/analysis, financing, property management, etc., as well as any information specific to the Virginia Beach market. I'm excited to learn and look forward to engaging further with the community!

-Rich

[Sean Hudgins]

Quote from @Rich Lambert:

Hi All,

My wife and I are considering investing in a short-term rental in the Virginia Beach area. We'd like to own property (house or condo) that we can use for vacation several weeks of the year and rent out the remainder of the time. The goal would be to find a decent 2 to 4 bedroom place close to the beach (or other outdoor attraction) that would allow us to realize a modestly positive cash flow. We might also be open to other markets, as long as they are within 4 hours of our home in Northern Virginia. As someone who has never invested in rental property before, I'm in the process of trying to educate myself, so I welcome any useful recommendations or suggestions related STR investing/analysis, financing, property management, etc., as well as any information specific to the Virginia Beach market. I'm excited to learn and look forward to engaging further with the community!

-Rich

 @Rich Lambert, Welcome to the community! Virginia Beach is a great area, and we have some awesome spots for STR! One thing to be aware of here in VB is the STR zoning; not everywhere in VB can be short-term rented (<30 days). There are currently two specific zones in VB that allow STR, and they are very concentrated by the coast. Here is the Cities website that can help you better understand the regulations 

The first and most widely known would be Sandbridge; this market even made Vacasa's top 5 list (Article Here) of STR locations! The best part about Sandbridge, in my opinion, is that there are no Hotels to speak of, so they are extremely reliant on the STR market in that area, and Sandbridge has always been a vacation rental market even before it was "cool" so there has not been any push to regulate that area away from STR. the only real downside to Sandbridge is the price point is higher than other areas, the median price in Sandbridge is $928,000, but if you can swing it, I think it's pretty unbeatable for the area as far as STR demand goes.

The second STR-zoned area, which is relatively new, is called the oceanfront resort overlay. There are not as many residential options here, but it is worth keeping an eye on as this is the tourist hub when the warm season comes. The other advantage depending on your own style, is the proximity to attractions, whereas Sandbridge is pretty far from most attractions and is better known for the peace and quiet this area is close to all the happenings of the VB oceanfront.

Outside of these two areas, you would need to find a property that has been grandfathered in order to STR legally. Another option would be to look at the Ocean View area of Norfolk; though not quite as popular, it has a lower barrier to entry, and you can find some great homes very close to the water if not on it. Norfolk has less stringent STR regulations at the moment, but that could change in the future.

With you being in Northern VA, have you considered Lake Anna? I have spent some time there myself, and I think it is a great opportunity in the STR space. Oh, and it was #1 on the Vacasa list for the past two years!

Feel free to reach out if you have any other specific questions on the area!