Birdogs in Hampton Roads Area

I am haing the most difficult time finding properties to rehab in hampton roads area (Norfolk, Virginia Beach, Hampton and Chesapeake VA) Anyone here working in those areas?

I have several clients in that area and they are having a similar experience.

The Virginia market is one of those “hot” markets and real estate sales are like a Monopoly game. Everyone is buying whatever they can get their hands on.

The experiences that I have had with them recently, is that you need to “know” somebody to get good “leads”

What you are hearing is right. I live in Hampton, but am in the process of moving to Dallas. I tried to get some homes here, but it was very difficult. I own a home and a house in my neighborhood went on the market on a Sunday night. I called the realtor on Monday morning. By the time I met her at the house at 5pm there were three offers and it sold full asking price even though the owners admitted it needs about $10k in work. This was 2 months ago; though does seem to have slowed a bit.

Did attend some foreclosure auctions as well. I do think there were some possibiliies there–in the “upper” price range. The properties with starting bids of $150k and above were not as active. The bidding was much slower and I saw some really good deals made. There was one house I had previewed and the auctioneer was practically begging people to bid; I know the buyer got the deal of the day. I would expect (if he flippped) that it was a $20K plus profit with no work. I went just for the experience and had I had any money with me he would have had to wrestle that one from me. I had the impression that once the bidders had to go above $15k in cash, the competition dropped way off. The falling down houses (not ugly houses, but butt ugly houses) that could be purchased for $30k had some serious action; most often went way above both appraised and market value. Go figure.

Thank you for the insight. I know that this area is a hot spot for true investors and everybody in between. I am hoping something comes my way soon. Maybe I will focus my sites on those houses in the upper price ranges.