All Forum Posts by: Akiem Jones

TGIM BiggerPockets Community,

I've been researching the Hampton Roads area for a Duplex for the past couple of weeks. I am looking to find something recently renovated under 180K in Norfolk, VA Beach, or Portsmouth. Preferably with a tenant already in one side so I could house hack the other side. Central A/C and forced heat (would like to stay away from window units and baseboard heaters).

I've found a couple prospects in Norfolk, however, after driving the neighborhoods I'm not sure I'd be willing to take on those tenants in my first land lording experience. Virginia Beach doesn't seem to have much inventory within my criteria. (My main sources have been zillow, realtor.com, agent websites, etc.). I plan to start attending the local REIA's once I relocate to the area this month in hopes to find extra leads there.

Long story short, I've found a handful of properties in Portsmouth that fit my criteria. I was wondering if anyone has experience investing in buy and holds in Portsmouth. Mostly looking for information on the rental market. For example, I know there is a Coast Guard base in Portsmouth but I'm not sure if many of the Coasties tend to rent in Portsmouth or go elsewhere. If anyone has any specifics on the Cradock and Olde Towne neighborhoods that would be great as well. 

Thanks in advance!

Akiem

Thanks for the info, Mario. I will keep you in mind when I get to the area.

@Sean Ploskina Good stuff! Thanks a lot.

BiggerPockets Community, How's it going!

My name is Akiem and I am originally from the Hampton Roads Virginia area. Hampton, to be exact. I went to college at Old Dominion University in Norfolk then moved to Washington, DC to work shortly after graduation. I am a CPA by day and looking to make real estate my early retirement vehicle. Long story short, I will be returning home to the Hampton Roads Area this fall which gives me an opportunity to dive into a market that isn't crazy expensive. My plan is to research the market this fall and pull the trigger on a deal early 2017. 

What am I looking to invest in? 

I am looking for a duplex in Norfolk that I can house hack. Preferably I'd like to have at least one of the sides recently renovated (or up to date). As I am new to the area (investing wise) I have a couple questions I'm hoping the community can help me with.

1. A lot of duplexes I'm seeing are in the Oceanview Area. I'm having trouble finding flood insurance rates. Does anyone have any estimates or advice? I've heard that the numbers on these properties work until you factor in the flood insurance.

2. Is there a noticeable different between what renters will pay for central air vs window units? I am hoping to attract at least C+ tenants and I imagine the higher tenant class the less likely they will accept window units.

3. Any thoughts about the market? Is it topping? Is it typically stable? I'm not as concerned about his because I plan to hold for the long term, but its always nice to know what the community thinks.

I think I've made my first post long enough. I appreciate the feedback in advance. Looking forward to connecting with the Hampton Roads Community!

Akiem