Looking to Connect with Norfolk/Virginia Beach Investors!

[Raquel Blue]

Hello everyone!

As the title states, I am looking for current or future rental property investors in the Norfolk and Virginia Beach area that may be interested in doing business with me. I'm looking to invest in short term rentals in Norfolk and Virginia Beach, however, instead of buying property I am looking to rent property from someone who currently owns property for rent. The properties that I rent would be fully furnished and then listed on short term rental sites such as AirBnb, HomeAway, VRBO, etc. as available spaces for travellers using these platforms. I am focusing my strategy around at least month long stays for the guests that book, but I can't guarantee that guests won't stay for less time. As part of the lease terms we would need to sign a corporate lease that allows us to advertise the spaces on AirBnB and include some concessions to allow us to get off the ground.

What's in it for you? We hit the ground running, so if we go into business together you would get immediate occupancy for your property (I am not afraid of slow season and am happy to sign during these cold months!) as well as a long-term lease that will guarantee you the steady income you're looking for from your investment property. All guest screening (background checks, meeting guests, etc.), security (cameras, noise detection, security policies, etc), cleaning and upkeep would be provided by me and my company for the duration of the lease. Keep in mind, for the listing on AirBnB to keep top marks we would need to provide a clean and well-maintained environment. This means that your property will be cleaned before, after, and sometimes during a guest's stay. Due to the constant upkeep, when you're ready to sell, your property will have much less wear and tear as you would normally expect from traditional long-term tenants. Of course, any damages that are caused by me or the guests will be paid for by me.

Since we would create a long-term lease (one year or more) and no additional contracts will be created, this would not violate Virginia Beach or Norfolk's new Short Term Rental regulations and would not require a CUP. Even so, I would prefer to keep close to requirements of the ordinances as possible when it comes to parking and occupancy as I believe those were made because there is a real concern in the community and this (in my opinion) is circumventing the rules enough as it is.

I hope this sounds like an interesting opportunity for many of you! I am just getting started and I'm excited to begin my investment journey with the Bigger Pockets community. Please, feel free to ask me any questions or clarify any misunderstandings for you.

Thank you for reading,

Raquel Blue

[Patti Robertson]

@Raquel Blue - As both a Property Manager and landlord in Hampton Roads, VA, I'll tell you that I have had plenty of people inquire about doing similar things - what you described or even more often, group homes. So far, they have never been able to meet my income criteria. My criteria for something like this would be that you would have to show that you have three times the rent of my house plus the rent/mortgage of the property you live in of verifiable, reliable income. You need to show that you can afford both units if you lose your tenant or are between tenants.