All Forum Posts by: Gary Alford

Hey @John D.,

I'm a wholesaler and realtor here in the Norfolk area as well. I would agree with the others the market can be really tight when it comes to multi-units but they're out here as I do get my hands on them to wholesale. The key is to #1 not be afraid to make an offer that you think make sense even if it's way lower than the list price (as owners often have unrealistic expectations and even list knowing they're high just to try their hand) and #2 look off market as that's where the best deals are. When it comes to financing theirs some good lenders in the area for veterans, I even work with one that can do VA loans down to a 500 credit score. He can even do up to 4 units with his VA loan instead of just 2 if he so chooses which makes for a even better return. If I could be of any help as a Realtor or getting him connected to off market deals It would be my pleasure to do so. Best of luck to him!

Whats up Akiem, 

I'm a wholesaler and Realtor in the area and would be happy to help you out anytime if you need it. As far as things go with new build duplexes, triplexes and 4plexes they are going to be hard to come by if you didn't build it yourself. Not to many people are building them let alone building them and selling them. Not a bad idea though to build one in a good area if the rents are good and the numbers work though. The rehabbed small multis are going to cost you more, especially in the better neighborhoods. Your likely better off finding something that isn't rehabbed that you can update and increase rents yourself. 

Hey what's up @Omar M.,

I'm a wholesaler and Realtor in the area. I've been wholesaling for a while and have a decent buyers list. The others are right that things are hot and it's pretty competitive for deals (we have at least 2 investors mailing over 30k mailers a month) and the areas really not that big, so you must really be in the trenches and know your numbers and you will stand out among the wholesaling community. Also the hot areas and buyers here look at things mostly by neighborhoods and subdivisions instead of zipcodes so it would do some good to do some driving and getting familiar with the area when you get here. 

My broker does property management and what they offer I think is a little hard to beat. They have a Renters Warehouse Franchise based in Chesapeake but manage through out the entire area. Inbox me if you want me to connect you to them.

Now my question is are you looking to be all in 40K for the purchase and work needed or your using that towards a downpayment to secure a loan? If the former chances are pretty slim in Virginia Beach but cities like Norfolk and Portsmouth you can likely make that happen but your still looking at duplexes or SFH. Honestly you will get more bang for your buck with buying cheaper and still getting pretty good rents looking outside of Virginia Beach in my opinion. Everyone wants to buy in Virginia Beach which is understandable as rents can tend to be higher but properties cost more as well. I wholesale and I'm a agent and would be more than happy to help you find something good. Feel free to reach out anytime.

I'm always down to have a drink or two and talk real estate and business @Raymond McGill

I've been talking to a few people I know about doing this that have thought of getting involved with me on deals. You guys have provided some great resources to pass on to people, thanks!

I've been looking for other investors in the are since I'm in Portsmouth working at the shipyard for the summer and wanted to maybe get into a few deals. Sucks i missed this one but will definitely make the next one

I understand not wanting to Wholesale but the biggest take away and valuable skill I believe in wholesaling is being able to market and come up with ways to find great deals. That itself is a skill that everyone can benefit from . So maybe spend time learning all the tactics used so that way you can find yourself good deals you can structure creatively.

I like the thought process of the more units under one roof the better. So I say start connecting with every wholesaler you can find to send you multi-units and maybe start reaching out to some multi unit owners yourself to try to get some creative deals and use that as down payment.