Investing in VA Beach

[Account Closed]

Hey, I'm looking to purchase my third property in the Hampton Roads area. I own two single family homes in Portsmouth, VA (3 Bed / 2 Bath and 4 Bed / 2.5 Bath) and was considering Norfolk, Chesapeake, or preferably VA Beach (4 Bed / 2 Bath) for my third property as an owner occupant. Not too familiar with these areas, I'm originally from New York. Any recommendations on location/value?

[Patti Robertson]

My husband and I focus more on the ratio of total investment to rent rather than appreciation, but thought you may be interested in seeing where we have been able to land by city for our personal portfolio. We have sold what we owned on the peninsula, so only own on the southside now.  Here's how my portfolio is spread over the cities.  As others have said, it is really hard to find something in VB that will work for a rental because prices are so high.  Unless you get higher end, the rents aren't much higher, and in some cases SEC 8) are lower than we find in the other cities.  Portsmouth is now on our "no buy" criteria list, so while we won't sell what we own there, we aren't buying more, so that percentage will come down over time.  Of course the spread of properties we manage looks totally different, because most of the owners we manage for are not "intentional landlords" and we are managing the homes they once lived in.

Virginia Beach	5%
Portsmouth	26%
Norfolk	58%
Chesapeake	11%