lard lording in norfolk and newport news

[Alex Carrow]

looking at some property in the area and was wondering what anyone's experience is. 

Any tips or pointers?

[Ayana Miller]

I have a multi-family property in Hampton Roads and it is my primary investment market. My primary strategy is "buy and hold", so that's the perspective I'll share below. Others who use other investment strategies may have different insights. I also grew up in Hampton Roads (Newport News), so I can provide some local insight. 

The military is a major driver/sustainer of the economy. There are multiple military bases (army, navy, and air force) and additional markets/agencies/businesses based around that economy (e.g. NASA, shipbuilding, contracting services). When the military is spending, things are great. When they cut back, it impacts the community almost immediately.

There are plenty of Class C and below properties, but I'd be careful with anything that might seem like a "steal". Much of the sentiment around under $30k properties that you hear on BP generally (about being too good to be true), is accurate for Hampton Roads too... Under $30k and you'll be working on fixer uppers and managing tenants and properties that require lots of attention each month. If you're ok with that challenge, then it could be really exciting for an investor. 

Hampton Roads is notorious for flooding (especially parts of VA Beach, Chesapeake, Norfolk and Portsmouth). I always ask if properties are located in a flood zone when I'm scoping potential properties. In Newport News, in particular, there are tons of condos and town homes that are attractive but HOA fees can ruin an otherwise appealing buy and hold deal.

My other sense is that lots of deals are happening off-market (read: If it's on the MLS, then it's too late). It's caused me to think differently about my strategy recently and start employing other methods for finding the best deals.

Looking forward to hearing others thoughts and would love to continue to share insights as you explore the market, Alex!