I choose west virginia
After some research and thinking, I have come to the conclusion the best starting point for me to buy my first out-of-state property is going to be in West Virginia.
with a low price point to start with I think I can learn a lot and make some mistakes on the way. please chime in with advise.
Quote from @Alex Case:
After some research and thinking, I have come to the conclusion the best starting point for me to buy my first out-of-state property is going to be in West Virginia.
with a low price point to start with I think I can learn a lot and make some mistakes on the way. please chime in with advise.
Don't buy something just because it's cheap. You may certainly make mistakes to learn from but they can prove to be very expensive lessons.
What price point are you seeing that is tempting you?
Here's a short list of things to consider when looking at lower priced properties:
What condition is it in? (long list of things to be concerned with here)
What kind of tenants want to rent where the property is, and how challenging are they to rent to?
How's crime in the area?
How well or poorly have properties in this area appreciated/rents increased
What property managers will manage the property, if any? How good are they?
Same as previous question for vendors/contractors
Quote from @Alex Case:
After some research and thinking, I have come to the conclusion the best starting point for me to buy my first out-of-state property is going to be in West Virginia.
with a low price point to start with I think I can learn a lot and make some mistakes on the way. please chime in with advise.
I love WV (not just because I live here), it's a great place for STR, in the right area. Houses are pretty cheap and can offer good cash flow. Since our homes are not as expensive, if the market would take a downturn, your equity will not take such a hard hit. Like everywhere, definitely some areas to avoid, I would also screen tenants thoroughly if you are out of state. The Fayetteville WV area is a good starting point, our tourism has increased a ton due to it bordering the newest National Park!
Hey @Alex Case!
@Rodney Sums hit this one right on!
What are your goals for buying a property currently? Also, what strategy do you intend learning/using for your first investment property?
Would love to connect more and help you nail everything down! Don't hesitate to reach out!
All the best,
Josh
-
Real Estate Agent Pennsylvania (#RS364365 )
- 484-986-5012
- [email protected]
Quote from @Rodney Sums:
Quote from @Alex Case:
After some research and thinking, I have come to the conclusion the best starting point for me to buy my first out-of-state property is going to be in West Virginia.
with a low price point to start with I think I can learn a lot and make some mistakes on the way. please chime in with advise.
Don't buy something just because it's cheap. You may certainly make mistakes to learn from but they can prove to be very expensive lessons.
What price point are you seeing that is tempting you?
Here's a short list of things to consider when looking at lower priced properties:
What condition is it in? (long list of things to be concerned with here)
What kind of tenants want to rent where the property is, and how challenging are they to rent to?
How's crime in the area?
How well or poorly have properties in this area appreciated/rents increased
What property managers will manage the property, if any? How good are they?
Same as previous question for vendors/contractors
Hi Rod :)
I am seeing all kinds of price's in west Virginia from 20k to 200k and a wide selection.
I will do my due diligence on what town and condition and what kind of property to buy tenants and stuff like that. I am just starting this journey and have a lot of work ahead of me. But I think the key to my plan will be the property management co.
Quote from @Joshua Messinger:
Hey @Alex Case!
@Rodney Sums hit this one right on!
What are your goals for buying a property currently? Also, what strategy do you intend learning/using for your first investment property?
Would love to connect more and help you nail everything down! Don't hesitate to reach out!
All the best,
Josh
Hi Joshua :)
My goal is to have a cash flow positive rental. I do have rehab experience and would fly in to WV to over see the rehab and to pick the right management co .Josh i would appreciate all the help and advise i can get a great deal I am think a 10 min phone call might help us out a lot.
Quote from @JonPaul Kessinger:
Quote from @Alex Case:
After some research and thinking, I have come to the conclusion the best starting point for me to buy my first out-of-state property is going to be in West Virginia.
with a low price point to start with I think I can learn a lot and make some mistakes on the way. please chime in with advise.
I love WV (not just because I live here), it's a great place for STR, in the right area. Houses are pretty cheap and can offer good cash flow. Since our homes are not as expensive, if the market would take a downturn, your equity will not take such a hard hit. Like everywhere, definitely some areas to avoid, I would also screen tenants thoroughly if you are out of state. The Fayetteville WV area is a good starting point, our tourism has increased a ton due to it bordering the newest National Park!
Hey Jon- I think you might be my new best friend ! can you please pm me? thank you
Hey @Alex Case,
I am also from WV. Originally from southern WV, but my wife and I currently live in north central WV. We have been building a nice portfolio in the greater Clarksburg area over the last year and a half. We enjoy investing here for some of the previously mentioned reasons, and also because it is an area of WV that is growing rapidly due to jobs, and it's proximity to Morgantown and Pittsburgh. I would be more than happy to answer any questions you might have about investing here, and would also go through some of the specifics of our deals. We currently sit at 5 properties, with 16 total units. Love the point that @JonPaul Kessinger made about Fayetteville. Gorgeous area adjacent to the New River Gorge National Park. Plenty to do in town as well. My wife and I have talked about an STR in the future there.
@Ethan Cole are you able to recommend a good Real Estate Attorney? I am buying a property and need a contract drawn up
Quote from @Genine V.:
@Ethan Cole are you able to recommend a good Real Estate Attorney? I am buying a property and need a contract drawn up
Sorry for the late reply! If you still need a recommendation, feel free to send me a PM. I know a few in different areas of the state.
Quote from @Ethan Cole:
Hey @Alex Case,
I am also from WV. Originally from southern WV, but my wife and I currently live in north central WV. We have been building a nice portfolio in the greater Clarksburg area over the last year and a half. We enjoy investing here for some of the previously mentioned reasons, and also because it is an area of WV that is growing rapidly due to jobs, and it's proximity to Morgantown and Pittsburgh. I would be more than happy to answer any questions you might have about investing here, and would also go through some of the specifics of our deals. We currently sit at 5 properties, with 16 total units. Love the point that @JonPaul Kessinger made about Fayetteville. Gorgeous area adjacent to the New River Gorge National Park. Plenty to do in town as well. My wife and I have talked about an STR in the future there.
Hi Ethan! Can we please chat? I’m from out of town but thinking of investing in WV!
#5 Starting Out Contributor
- Lender
- Austin, TX
A lot of West Virginia will be considered "rural" on an appraisal, meaning your max LTV will likely be cut. For example, the max LTV on most DSCR loans is 80%, but if you are rural, you will likely be cut to 70% LTV or less (if the lender can do rural). Make sure you work with a lender before looking for a deal to ensure your buy box will get you a property eligible for financing.
I see some pretty profitable deals there, and there are a fair amount of profitable STRs in the Snowshoe and Canaan Valley area.
Quote from @Joy NA:
Quote from @Ethan Cole:
Hey @Alex Case,
I am also from WV. Originally from southern WV, but my wife and I currently live in north central WV. We have been building a nice portfolio in the greater Clarksburg area over the last year and a half. We enjoy investing here for some of the previously mentioned reasons, and also because it is an area of WV that is growing rapidly due to jobs, and it's proximity to Morgantown and Pittsburgh. I would be more than happy to answer any questions you might have about investing here, and would also go through some of the specifics of our deals. We currently sit at 5 properties, with 16 total units. Love the point that @JonPaul Kessinger made about Fayetteville. Gorgeous area adjacent to the New River Gorge National Park. Plenty to do in town as well. My wife and I have talked about an STR in the future there.
Hi Ethan! Can we please chat? I’m from out of town but thinking of investing in WV!
Give me a PM if you are interested in WV! I'm a local Investor and agent and own a property manager in WV who specializes in working with out-of-state investors! Id love to schedule a time to talk about it with you
