Possibility of more restrictions coming to STR in Virginia Beach

[Allen Magtibay]

Grew up in the Virginia Beach area and currently have a beach house in Sandbridge that I rent out over the summer. I was planning on purchasing some additional homes to rent out as ST units in other parts of the city that are not necessarily by the Oceanfront. I've been doing some research on the market and see that the City Council is looking at tightening the ST laws in the city. https://www.wavy.com/news/loca...

Should I wait to see what happens before I make the plunge to buy another house to rent as ST? Do I focus on homes that are only in the Oceanfront area where even if these new laws are passed would still be allowed ST renting? Another option I was thinking was to look at Norfolk and Chesapeake which I believe still offer ST renting that are less restrictive than Virginia Beach. 

Looking for a good strategy on how best to proceed. Thanks.

[Krissie Cole]

Hello,

It has  turned into quite a challenge at the oceanfront.  Norfolk is still a great option.  Not as many restrictions.  Have investors in OV that are doing very well!  We had one off Chesapeake Blvd last year that was always booked even when the virus hit.  If you cater to transitioning military families year round is definitely possible.  

Best of luck!  

Krissie