All Forum Posts by: Ayana Miller

I travel pretty regularly to Norfolk, @Justin Pierce. It's where my family lives and where I grew up, so I'm most comfortable investing there because I understand the market and already have connections when I need to respond to something on my properties. I also plan to move back to Hampton Roads when I "retire," but for now the D.C. market provides the w-2 job that allows me to invest aggressively.

My strategy (along with my husband, @Renard Miller) is buy and hold with multi-families. We also own a restaurant in Norfolk (along Granby and College Park). 

I completely agree with @Patti Robertson's suggestions too, especially regarding the moisture termite inspection. We make all our offers contingent on a home inspection and a moisture termite report. 

Hi Justin! Welcome to the Hampton Roads RE market. I live in Alexandria, VA, but invest primarily in Hampton Roads.

I work with Liz Moore & Associates for my multi-fam RE deals. My specific realtor is Valarie Miller and she has experience dealing with investors for SF, multi-families, and commercial deals. 

Doing flood zone due diligence is a good flag for this area. If you're planning to do any buy and hold deals, the only other thing I'd flag is that the quality of tenants can range greatly from neighborhood to neighborhood. Having a good property manager will be key if that's part of your strategy. 

Norfolk generally is a great area with a lot of potential, but I'd be wary of deals on the MLS. If you watch the new listing they are either overpriced and end up being reduced over time or they stay on the market for long periods of time because of significant issues. Ghent is a great area as well as the area around downtown Norfolk (due to signiganct city investments). It's a great time to buy in Norfolk if you can find the right deals (usually off-market).

Best of luck to you and your team! 

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!

Hi Brian! I unfortunately don't have much guidance on wholesale marketing, but I can tell you that you're in the right place. I'm an investor in Hampton Roads and am always looking for awesome wholesale leads/wholesalers. 

The wholesalers I'm connected to have come from my RE broker, networking (such as here on BP and through meetups), and through email list-servs/distros. I'm on a few email distribution lists for wholesalers who send out email blasts each time they have new deals. I added myself to their email list via their website.

I hope that's some helpful insight from an investor perspective. I think others will likely chime in too!

Hi Scott! 

This is a great topic. I have a Bachelor of Arts in Government from The College of William & Mary and a Masters of Science in Public Policy from Carnegie Mellon University. 

In undergrad, I interned with the county planning commission office. I learned so much about plats, lots, blocks, and how a city approaches economic development. It was a great experience to learn about various aspects of community planning and all the tax credits and other incentives available to property owners. 

In grad school, I learned how to really use excel and analysis to fuel decision-making. It's come in handy for creating the "calculators" I use to run analysis on potential RE deals. I'm no longer afraid of numbers because I understand the power of making them work for you when it's time to negotiate. 

You can also do free group video calls through Messenger (Facebook) for up to 50 people. 

https://newsroom.fb.com/news/2016/12/introducing-g...