House hacking and rental

[Lawrence Lloyd paclob]

Hello fello BP! 

Me and my wife are planning to move out from hawaii and we are looking into the virginia beach market. I would love to ask what the market is like, examples of what I am asking, is it a great market for long term buy and hold properties or is it a strong market for flippers or both? 

Also we are moving with a full house of 3 kids, what neighborhoods would you recommend us looking into that would be safe with great schools.

Did anyone do a house hacking stretegy in this market? Also how do I find out if this is a landlord or renter freindly market. 

Looking forward to connecting and hearing your thoughts on these questions, thank you in advance! 

[Patti Robertson]

Hi!  Feel free to give me a call. This is a lot to talk about in a post.  I’ll take a stab, but feel you may have more questions and it may be easier to have a phone conversation.

Hampton Roads is an awesome investor market. Virginia Beach specifically is our toughest city to compete in financially, because it is where the majority of people want to live.  We are typical of the rest of the country, in that we are in a pretty tight seller’s market, which makes it a great time for flippers to sell houses, but makes it harder to buy.  Virginia is a very landlord friendly state, and you can still buy rentals here at or under the 100 times rent multiple. You won’t be able to do that in Virginia Beach, but you can in our other cities. I landlord in 6 of our 7 cities and Norfolk is by far my favorite.

What did you have in your mind for house hacking with a 5 person family?  Are you asking if we have multi families with lots of bedrooms, or are you thinking of buying a huge house and renting out rooms? As you can imagine, the short term rental market is growing like gang busters in our market.  Most of our cities are developing specific laws to keep these in order and keep them legal. 

A couple of groups you may want to check out are the Tidewater Real Estate Investors Group, which is a club that a platform for in-person education and networking on all topics of real estate investing.  There are lots of flippers in this group.  The Hampton Roads Landlord Assoc is a free club of landlords who get together at least once a month to talk about our trade.  Both groups are full of BP members.

Feel free to call me anytime.  My phone number is in my profile.