All Forum Posts by: Kevin Phu

What kind of areas in Norfolk or the surrounding areas are good areas to search for MFRs? I live in California but am planning on investing in RE in this neck of the woods. I am actually in Norfolk right now for work and I will be here until Oct 20th. 

@Armando Melchor @Johnny Quilenderino @Nate McGee @Patti Robertson @Ryan Boyce

Hey all! Out of state guy in Norfolk for the next month!

I'm interested in investing in Norfolk and surrounding areas in the future as out of state rentals.

I also plan on going to the TRIG meeting on Oct 17th. Are there other meetings that are going on from now until Oct 20th? I would love to maximize my networking while I am here.

What are some areas in Norfolk that I should not waste my time with and avoid right off the bat? I am not familiar with the area at all but I plan on getting familiar since I am here until Oct 21. I come to Norfolk because of work pretty often.

Items on my "to learn" list:

-Historic areas

-Flood zones

-Gentrifyin neighorhoods

-Going rent rates

-average ARV's for areas

What else should I focus on researching so I can better understand this market?

Thanks all!

Hey all! Out of state guy in Norfolk for the next month!

I'm interested in investing in Norfolk and surrounding areas in the future as out of state rentals. 

I also plan on going to the TRIG meeting on Oct 17th. Are there other meetings that are going on from now until Oct 20th? I would love to maximize my networking while I am here. 

What are some areas in Norfolk that I should not waste my time with and avoid right off the bat? I am not familiar with the area at all  but I plan on getting familiar since I am here until Oct 21. I come to Norfolk because of work pretty often. 

Items on my "to learn" list:

-Historic areas

-Flood zones

-Gentrifyin neighorhoods

-Going rent rates

-average ARV's for areas

What else should I focus on researching so I can better understand this market?

Thanks all!

Ok BPers, I am in Norfolk, Virginia on a work trip and I'm taking advantage of my time here to check out the local real estate for future out of state purchases. I live in California and my income will go a very long way in a low priced market like Virginia. I also come here a lot because I work for the Department of Defense and Navy. I was eating dinner today and browsing listings on Redfin and I came across this quadplex in the Ghent/Park Place neighborhood of Norfolk (don't quite know the neighborhoods yet).

This listing looks too good to be true. What am I not seeing???

227 W 27th St, Norfolk, VA 23517

6 days on Redfin

List Price: 119,900

6 bedrooms/4 bathrooms

2,734 sqft living space

Total Current Rental Income: $2300 ($625x2 and $525x2)

Calculating with 20% down, 10% vacancy, 10% maintenance, 10% capex, and 10% PM

Monthly PITI=$638 and it comes out to $740 cash flow per month.

For Virginia investors, are these normal numbers????

Welcome to BP!

Originally posted by @Reuben L.:

Hey  @Kevin Phu, 

Pretty sure I met you at one of the Mimi's real estate investing meetings!

I was wondering if you ever got more insight on what other investors think of the crime spike this year in the Oxnard area. 

Are these incidents in one general area or are they dispersed throughout the city?

Ive briefly look into Oxnard and I like its proximity to the beach which tends to always be prime real estate. The homes on the market in south Oxnard seem to be priced lower than the surrounding cities, which makes me wonder if safety is the reason. I think i need to drive around those neighborhoods to see how they are first hand. 

Im thinking that the city is trying to improve starting from the collection and then moving south towards the water. 

-Reuben 

 Reuben, I believe we met at the most recent one! I have not gotten much more info but I have doing my own research. I use OPD's interactive crime map and I follow a few local facebook crimewatch groups. I also drive areas to get a feel for the neighborhood. 

From what I've found, areas west of Ventura rd and south of 5th are better/nicer areas. I just bought a house in the Marina West Neighborhood. The Collections influence hopefully will spread and improve areas. I think it'll start with El Rio and South Bank. 

Another area to watch is the Marina West and Via Marina areas because of the Seabridge shopping plaza and all the new townhomes that are on the intersection of Victoria and Hemlock.

I will be at this week's meeting. If you're there, we can chat more and share some of our knowledge with each other!

@Jim D. Thanks for the explanation! Makes a lot more sense now.

I see you guys mentioning LTV when getting HELOCS. How does the value of the property come into play? Isn't a HELOC a loan on the equity you already have in the property? Why can't you take that money out straight up?

Done!

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Interested in properties in the Ventura, Los Angeles, and Orange county area. Also looking for partners to potentially JV with in the future.