We have 3 rental houses in Charleston, WV for sale. With almost 46% of households as rentals, the Charleston market is better than it appears on paper.
All these properties have been almost continuously rented since 2001. There is little or no repairs needed on any of them since we have worked hard to maintain them. These are pretty much turn-key operations, with tenants and a management firm in place.
Charleston doesn't have many people looking for investment properties (or my realtor isn't marketing it right). My sense is that I need to promote the property beyond WV. Any suggestions on where to advertise them?
Craigslist, call property management companies in the area, use public records or listsource to find landlords and send them direct mail
@Jobie DeVinney-Walsh might be a long shot, but the Marketplace here is always an option. Also, are you looking to cash out or owner-finance? Last long shot, maybe places like Roofstock or another P2P lending site would take interest, even though they probably don’t see a lot of properties in WV. Either way, good luck!
Thanks for your suggestions, Tyler. I've avoided Craigslist because: a.) I'm concerned that my agent will be burdened with too may "looky-Loos" and not enough serious investors and b.) there are so many horror stories and I don't want to put my agent in jeopardy. What's your experience with Craigslist?
Timothy, our preference is to sell outright. We are in our mid to late 70's, so we are rapidly approaching to time where cash in the bank to care for our needs is more sensible. But we have offered to consider creative financing to help our tenants get the down payment.
I am in a similar position here, just outside the Charleston, SC (how about that?!) area. Because I haven't been attending my local REIA meetings, my network has dwindled. I'm looking to sell a really good deal on owner financing terms. Just need to put some time into strategic marketing - I know it can be done
True, it can be done. But it requires a lot more work than in the past. In the past, we simply ran an ad in an appropriate newspaper or magazine. (In the late 1970's I ran a classified ad in the NY Times for a realtor client of my ad agency and sold a $2.5 million house in one day.) Today media is so fragmented you really have to dig to find what your target market is viewing and reading. That's what I'm trying to find out.
@Jobie DeVinney-Walsh You might team up with your realtor and maybe a mortgage broker to do a mailing to eligible renters in the area to offer a homeownership seminar.
Renters age 30-49
Income based on the property value
I'd recommend finding other investors - they tend to hang out at REIA meetings, put up signs that say, "we buy houses," and have construction projects in your neighborhood. Good luck!
If I wanted to sell my houses in Two to three days I would do it by posting Atleast a dozen white or yellow corrugated bandit signs at every street intersection . Handwritten “ must sell fast !! 3/2house- owner will finance 1800-123-45xx”
You could dump the whole portfolio in days this way . Rest assured there’s plenty of folks in your area with Atleast 10% down willing to do whatever to own a home or own a rental . Hold the rest on a ten year note at 10% and make a handsome return on front end and back end
Or go big league !!put out several dozen on a Friday all over the city at Friday night at every intersection and stop sign .I call this method “ flooding the block “
Zoran - great idea. I'm reaching out to the group in Charleston now. I'm not in Charleston - we are 4 hours away near Cincinnati. Would it benefit us to link with groups outside of the area?
May, I love the way you think. As a retired marketing executive and professor of marketing, I've always advocated thinking outside the box.
I'll talk to my realtor, who would have to implement it, since we don't live in the area.
well, do to unfavourable situations, I am once again in the 304 and would to meet with anyone that is nearby, the house I'm dealing with is in North Charleston. I'm a lot of overwhelmington (which could be a good thing if you like a good beef whelmington, i don't, I just stick to PB&Js) Meaning I am dealing with the imminent death of my mom and having to deal with Medicaid wanting all of her assets. I have been working on this property as a "handyman," never got the license, because she then made me the Medical and Durable Power of Attorney. Sad to say at this point in the game she won't be needing this house that, like I said, I have spent thousands of hours and dollars last year; getting back to livable status last year. She agreed with everything that I was going to do, and we still planned on me finishing, but I had to jump back to the 303 (Golden, CO) to get my house on the Market. My mom's stroke last week expedited me finishing here. Any input would be much appreciated, and an offer before I have to do the Medicaid paperwork would be amazing. Let me know.
call, text, or email on my profile page
P.S. I really need help with this one!!!