House Hack Stratagey

[Damequia Montgomery]

Aloha, 

I am getting ready to move to Virginia Beach (Within the next 6 months) and plan to purchase my first home. Im still deciding on whether to house hack or buy a property that needs some work, fix up over time (leaning more towards house hack strategy).  Im not very family with the area and am wondering if anyone can give me some insight (good neighborhoods to live. I've been looking into possibly buying Duplex, Tri, or Quad. Based on what Ive seen so far they only exist near or on the beach, going for over 1.5 million (way above my price range). Can anyone point me in the right direction as far as areas to look at for my first purchase, are there any 2-4 unit properties not on the beach? Im also looking to purchase before officially moving to Virginia, so im looking for an agent that can be my eyes and has many creative tools in thier tool belt. Im anxious and ready to start my real estate investing journey. Any advice is welcomed. 

[Alex Winfield]

Hey Damequia, glad to hear you are moving to the area and looking to get into REI.
I think Sean brings up some great points about our area that might be different than others.  

I think Norfolk and aslo Porstmouth are going to be your best bet for House Hacking Multi-families as those 2 areas are simply where you will have 2-4 unit options.  It is a big area, so you will want to learn a little more about the area as a whole in relation to what your are looking for and where you will be working, but a good agent should be able to help with that.  

Also, as Sean said it is a House Hacking in the area is very competitive since we have so many military members here.  It is still possible to find good 2-4 unit deals, but it might be worth exploring some single-family and value-added options as well.  In the competitive market we have been in I feel like a lot of my clients have started looking for 2-4 plex house hacks and ended up deciding they would rather work a single family which made more sense.  Both options are great, but the key is to keep an open mind, have a good team, and continue to build a clearer real estate vision that fits your assets, timeline, and the area your working in. 

The great thing is that you are already thinking about real estate as not just a home but an investment.  Whether its house hacking or house hopping in single-family homes where you can add value, the key will be using this move to start building your real estate portfolio. 

Good luck with your journey!