I am currently renting here in Virginia beach.
I have 19,000 saved up for my first house.
I am 25 years old.
My wants.
To buy a duplex live in one side and rent the other out.(save $$$$)
Start buying undervalued single family homes at a discount as many ways as possible(i already know a little about the pre-foreclore game)
Rent and hold at hopefully a cash flow
I see this as an investment and don’t expect to get rich right away(so leave me alone gurus) I just want many long term investments so that when i’m 40 I can cash out and retire early.
My job has given me the oppurtunity to move to either Charlotte or maybe even Raleigh. If your goals were as above, what city would you excute this in?
Move to Charlotte. Its a larger more dynamic town with a very strong economic base. There is also a wide variety of demographics in the city resulting in opportunities across the $$ spectrum. Weather’s good, people are nice, there’s things to do. Only drawback…3+ hours to the beach.
Tidewater area definatly sucks. I consider myself lucky to live in the better parts (sandbridge) but it’s only ok if you never leave the area and don’t watch the news.
Remember it is not about the money it is about the lifestyle. People love their jobs and people hate their jobs, but they live where they want to live. You need to set a goal of what your lifestyle is to be and work towards that. If you want to vacation one week per month, and live in a 4,000 sqft house, pick the place the will facilitate that. Ask questions like how much are 4,000 sqft houses. If you want to rent out properties to achieve that lifestyle ask how many rental properties I will need in various locations. Then pick the location that will best get you to your goal.
I made that lifestyle choice about 10 years ago when I moved from Virginia to Texas. I had a good corporate job (by the way they are everywhere) I moved to Houston and found that the employment base is strong (rents are high) and because of the culture (most eating out per capita in the USA, everybody has new cars, etc) nobody can afford to own homes and they rent a lot. The price of rentals affords positive cash flow.
You may decide you like to surf every afternoon. That may mean you move to Mobile AL. You may find you want to cross country ski in the winter. That may mean you move to Milwaukee. Don’t just take what your company offers you. Take a look at where you want to go in live and drive yourself towards that. Don’t be a passenger in your life drive it.
hey John hows it going? Raleigh isnt a bad idea, my .02 on VB you can still make money but entree into the market (200K+), and the market softening (over 11K active MLS listing in southside Hampton roads), there are better places, but (if you buy right doesnt matter much what the market is doing). We have entertained the idea of going to Raleigh ourselves, we just dont want to be spread to thin, and the stars just didnt aline. Give me a call sometime
youre getting good advice here. i used to live in virginia beach 1yr ago. leave virginia beach that place is a rip off they tax u for eveything that whole tidewater area.iam here in maryland and i would like to get started here in md.
