All Forum Posts by: Alex Winfield

It's that time of the year again!

This month we celebrate SIX YEARS OF HOPPORTUNITY and we get to deep dive into the state of the region report again!

We're joined by ODU Professor, Jay Walker, as he walks us through recent trends in the Hampton Roads market and how those trends could change things for us in 2024.

We'll be at Smartmouth in Virginia Beach on

October 24th at 7:30 pm.

Be sure to save the date so you don't miss out!

Tuesday, October 24th, 2023

@7:30 PM

Thanks for sharing Charles. I just read about it this morning and think it is great news. This will really those trying to house-hack. The VA and Fha loans have been able to do it but their strict appraisal guidelines make it tough to buy the often older homes in my market in Virginia Beach / Norfolk Area. Curious to see how this changes things. Either way its another doable opportunity for a lot of average investors.

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! 

Want to know everything there is about the ins and outs of having an AirBnB/STR in Norfolk? Here is the chance. Join us on Tuesday with City officials to answer ALL the questions. New rules, regulations,etc.

What are they actually looking for, how long is the process and all the other unknowns. Don't waste hours to get answers from the city of Norfolk and join us to have them here live and be able to ask. 

Smart Mouth in Virginia Beach!   

I agree with Matt on this that loan assumption can be very valuable.  I also agree that they are complicated and a lot of work, so you really need both parties and thier agents to be educated and up for the task.  
 I'm currently helping a client purchase a home with a 2.75% interest compared to the 6% that they were going to get affording them another $150K in buying power.  So, while they may not be easy or easy to find they really do have some great benefits. 

- Lenders don't like them but most will do them.  Also, there are some third party companies out there who will work with agents and their clients to work through the assumption process. 
- If you already have VA eligibility then you are that much further along. Most sellers are scared to have others assume their VA loan because they don't want to lose their own VA eligibility. If the buyers have their own VA eligibility that takes away a big risk for the sellers.

That being said I do think it is a case-by-case scenario.  I live in the Norfolk / Virginia Beach area in Virginia and we have a huge military population here, so I do think it is going to be something that will be available more often in our market.   When the military gets orders they have to sell or rent out their house regardless of what the current marketplace is doing, so having a low-interest rate attached to their home can be a big difference.  I also think you're going to find more assumable loans in the higher price ranges, since otherwise, it won't make as much of a difference.  

Maybe not for everyone or easy to find, but I do think there will be more and I do think they will bring great opportunities for some driven buyers and sellers.   

Good Luck! 

Need a virtual link. Send me a message! 

We're back Hopportunists!

After our break last month we're ready to deep dive back into the world of real estate. This month we'll be talking all things rentals! Macon L. Davis Jr. from Coastal Group, Inc. will be here to answer your questions about tenants, rentals, and property management. 

This will be an amazing presentation. Macon will touch on everything below and more!



🏠 updates to Virginia Landlord / Tenant Laws



🏠 how a recession could affect rentals 



🏠 tenant recruitment, vetting, and retention



🏠 AI and it's future in property management



So if any of that sounds interesting to you, we'll be at Smartmouth in Virginia Beach this month. The meeting starts at 7:30pm on May 30th. Don't be late!