All Forum Posts by: Carter Fleck

When do you pull trigger on metrics surrounding NET Revenue.  I see so much about the 1% rule, Cap rates, etc. but at what point do investors use their "gut" or use a certain metric of Net Revenue (after financing) per unit/ whatever metric they use.  David Greene recently spoke about how there are certain properties you can sense are undervalued for various reasons or have intricacies that the market can't measure, which I appreciated.

Agreed to the above comments in regards to norfolk. The City of Norfolk actually has some legislation coming out that doesn't necessarily *limit* STRs, per se, but the legislation is making it so that if you have an STR property, 1) You have to get in front of the local civic league for a meeting with them and they will give their recommendation to the city of Norfolk. Some civic leagues are more involved in this than others. For example, the East Ocean View civic league is probably one of the most active (we had a meeting with them at the beginning of this month). and 2) The City of Norfolk is requiring certain expectations to be met in order to have an STR. I can share more detail if needed, but the legislation is going to require some of the following: Trash enclosed with trash service, decibel meters to measure sound, cameras, electronic locks, 24/7 response from management, and they are wanting to see improvements done to any properties purchased both inside and outside with approved site plans/elevation certificates. Hope that helps! Please message me if you have any more questions.

Carter

@Teddi Tanitsky -- You will hear this a lot in the Hampton Roads area, but the STR regulations are as they are today, but they could change come the next council meeting. Because it is such a newer market here, there is always a chance that the current rules and regulations could change. So no matter what information you get, be prepared to be nimble in this area.

As far as how long the permitting process takes, I was speaking with a Virginia Beach STR employee and the last I heard from her was that from start to finish expect the process to take 6 months. This was in November/December, so this time frame could have changed a little bit given current market trends. The application and fee itself is not a hassle, but the process can be. Because the overlay district houses a lot of year-round residents, there is often a lot of pushback from the residents, but it is definitely not impossible by any means. You will not be automatically approved since it is an application process. I would encourage you to call the City of VB STR department after you do some initial research to ask more questions you have. Here are some links on the city website:

https://www.vbgov.com/governme...

Application links: https://www.vbgov.com/governme...

@Steven Lazio, we used a handyman @Sean Rooks recommended and had a great experience!

@German Hall. Good luck!! May you find success and joy in your journey. In my limited experience of condos in VB, there are a lot of restrictions. Let's connect via message, I have someone who would have a better answer for you in regards to which condos allow for that. I am sure you know already, but Virginia Beach is also very strict on where STR's can happen in the Oceanfront area. Here is a map that shows where STRs are approved in the OR district: https://www.vbgov.com/governme... and here is the actual ordinance: https://library.municode.com/v...

@Alan Davidson, did anyone ever reply to this?  Listening to a video now he did and really love learning from him.  

@Nate Narcisse Teach me your ways!

@Patti Robertson Yes, that is most likely what we are dealing with.  Although we do not know if the leak is coming from within the structure or outside!  

Good morning Bigger Pockets family,

We just became landlords in Hampton VA for a commercial property over there. First day on the site, low and behold! a leak was coming through the ceiling tiles. Welcome to the big leagues! Does anyone have a recommendation for a commercial contractor in Hampton, Virginia? Feel free to shoot me a message.

Warmly,

Carter

@Erik Nordgaard Beautiful!  I love this section of Norfolk and the building.  CONGRATS