I am currently a Contractor for the military in Afghanistan working for the Army. I have alittle spare time that I can research and identify property that I think would fit into my desire of Buy and Hold investing of Single Family Homes for the purpose of renting. The area that I am focusing on is a small town called Fayetteville, WV which is between Charleston and Beckley, WV. It is a very friendly little town. My wife and I purchased (financed) our first property there in March of this year and after reading BP for the past month, I decided if I wanted to be a Buy and Hold investor with Rental property then I needed to buy a second property. So I found another property that I feel is a good deal with all of the information that I have gathered from BP. With everything that I can account for, I expect a $200 a month positive cash flow on this new property. I already have a renter lined up for the property to move in shortly after closing.
I am excited and looking forward to learning more as I go through the process of this sale and hope to buy at least 1 property a year, even though with this new mortgage I will be at 3, so I will be paying off the smallest one faster to get back to just 2.
I am just reading everything that I can currently and would like to become a Real Estate Agent once I return to the states, so I am reading over all of those books also.
I am glad I found BP, as it seems to be a great community of like minded individuals that help each other along as we all advance.
Look forward to sharing my final numbers after the closing in December and I look forward to meeting many of you virtually and maybe in person in the future.
@Michael Hatcher I've actually been there a few times to go white water rafting!
@Dawn Brenengen Yes, my wife's family moved there because they loved the area, and my wife and I fell in love with the area when we went last Christmas. We had considered trying to tap into the Tourism House Rental Market but I am not comfortable not having something rented for 12 months even though the short time rentals are sometimes comparable to a whole months rent. I would rather have 1 bird in the hand than 2 in the bush.
So we researched the year round resident rental market, and there are not alot of places available so we think we should be able to keep our first house rented long term with a quick turn around hopefully. Once we finish this purchase we will have purchased 2 of the 7 properties sold this year in Fayetteville.
Thanks for saying hello.
Welcome to the group! Sounds like you are off to a great start. I am in Boonsboro, Md. so I don't think I am too far from you. However, with that said, I am quite directionally challenged!
Looking forward to seeing you on the forum!