Real Estate Agent · Beckley, WV · Member since 2018 · 51 posts · 42 votes
I’ve been on this site for about 4 months now. I have yet to find a local West Virginia Forum where they’re actively engaged in conversation. I would love to connect with investors who are interested in West Virginia. Is there a reason why there is no traction here ? Would it be better to look elsewhere ? I’ve lived here all my life and I feel like it has opportunity but when out of state investors run numbers on places here it scares them. Please explain the logic that investors have when it comes to rural places like West Virginia. Things like population , which WV has been on at least a 1% decline every year for the past 7 years I’m sure has something to do with it. Are there any other factors that would effect this ?
Appraiser · Durham, NC · Member since 2013 · 48 posts · 20 votes
8y
@Anthony Hosea Hey man, I moved from Beckley about 3 years ago to Durham NC. I have been on and off here for a few years. There has never been a lot going on with WV activity. I dont know anywhere else to look. There is a WV Landlord Association but most stuff they do is offline. I think they are based out of Charelston.
The decline in population you mention is a big one. Also, there are very few property management companies and they charge more. The Beckley area properties don't really increase in value and neither do rents. Days on market in the area are 3-6 months with few investors and thats a factor too. Where I live now most stuff is 30 days or less a so the properties are a lot faster/easier to get out of when the investor is ready to move on.
The only stuff I see out of state guys doing are things like Condos at Winterplace or maybe a cabin in Fayetteville or other similar type stuff. These are all, for the most part Air BB rentals.
With all that said, you can find some great deals in the area. All of my properties rent for a least 2% of their value. It took me about 5-6 years to get everything in place to make it work. JJM is the company that manages everything for me. John Smith is my account on Kanawha St. He is also a real estate investor. Hire him as your accountant and you have at least one good source in the area. He is a very smart guy.
Appraiser · Durham, NC · Member since 2013 · 48 posts · 20 votes
8y
@Anthony Hosea Hey man, I moved from Beckley about 3 years ago to Durham NC. I have been on and off here for a few years. There has never been a lot going on with WV activity. I dont know anywhere else to look. There is a WV Landlord Association but most stuff they do is offline. I think they are based out of Charelston.
The decline in population you mention is a big one. Also, there are very few property management companies and they charge more. The Beckley area properties don't really increase in value and neither do rents. Days on market in the area are 3-6 months with few investors and thats a factor too. Where I live now most stuff is 30 days or less a so the properties are a lot faster/easier to get out of when the investor is ready to move on.
The only stuff I see out of state guys doing are things like Condos at Winterplace or maybe a cabin in Fayetteville or other similar type stuff. These are all, for the most part Air BB rentals.
With all that said, you can find some great deals in the area. All of my properties rent for a least 2% of their value. It took me about 5-6 years to get everything in place to make it work. JJM is the company that manages everything for me. John Smith is my account on Kanawha St. He is also a real estate investor. Hire him as your accountant and you have at least one good source in the area. He is a very smart guy.
Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
8y
@Anthony Hosea I had posted an awesome reply here and the new BP app ate it.
Biggest problem I’ve seen is the job market. Most investors like to see job concentration spread out across multiple sectors and among different employers so that if one sector/employer drops, the town doesn’t tank. In Beckley, WV, there are strong extraction, healthcare, government, and service professions, but most people see WV and only think “extraction.” And if extraction drops again, then the others may suffer as a result too.
Finally, the workforce in WV is not quite what it used to be. Many say that extraction professions took their toll on the bodies and minds of the older generatipn’s workers, and that impact has also been realized by the younger generations. Also, with us just now coming out of the 2007-8 crisis, and with the opioid epidemic still running rampant in the young generations, I few like out of state investors are nervous about the kind/quality of tenants in the area.
Real Estate Agent · Beckley, WV · Member since 2018 · 51 posts · 42 votes
8y
Konstantinos Zaferatos that’s what I was thinking . I appreciate the response. I’m being mentored by a really good realtor and a lot of the times the homes that are being closed on are around the 100k to 250k range being in areas like cool ridge , Daniels , grandview , shady springs area. So maybe should I think about shifting my focus to flips in good areas ?
Appraiser · Durham, NC · Member since 2013 · 48 posts · 20 votes
8y
@Anthony Hosea In the MLS that is Area 5. That is the best bet - it has the highest median sales price of the county. If you can keep the final sale price around 150-175 out there you will be just fine. You may also want to try and find something near the new school they are building in Crab Orchard, near Lester Square - that is MLS Area 2. I would try to keep the final sale price there under 150k. These are the two areas I think are best for flipping. I am an appraiser too and still work the area. I do a lot more of that than investing now. I go by Dino by the way. Who is the Realtor you are working with. There is another appraiser/investor named PJ Short. If you dont know him, I would hit him up one day. He usually has at least one flip going.
Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
8y
@Konstantinos Zaferatos I go to church with PJ - solid guy. I can also recommend as a connection in real estate investing, as I think he manages some rentals too.
Real Estate Agent · Beckley, WV · Member since 2018 · 51 posts · 42 votes
8y
Konstantinos Zaferatos Well it’s nice to meet you Dino. His name is Brian Brown an extremely intelligent guy. Knows the area really well. I’m learning a lot from the guy. But yeah that’s really good information I appreciate that. Let me know when you are free in the beckley area !
Appraiser · Durham, NC · Member since 2013 · 48 posts · 20 votes
8y
@Anthony Hosea Will do. I do not know Brian, he is a little older than me. His mom was my gym teacher in high school though. I see his name a lot though and he works for a good company.
Real Estate Investor · Hagerstown, MD · Member since 2013 · 276 posts · 107 votes
8y
@Anthony Hosea my partner @Bill Kenny and I invest in the Berkeley County area. Mainly an annexed portion of the panhandle. It is more Maryland than West Virginia (at least REI wise).
Real Estate Agent · Beckley, WV · Member since 2018 · 51 posts · 42 votes
8y
@Timothy Doenges dude I had to go to the desktop version of the site to see your reply. I can’t see them on my app for some reason but that was beautifully said. I completely agree with everything you said and when put like that it really makes sense. At this point it sounds like it would almost take a miracle to bring back the housing market here lmao. I guess it will take a fine tooth comb and hard work but it’s definitely money to be made I’m just unsure about the long term a stabilty here.
@Anthony Hosea my partner @Bill Kenny and I invest in the Berkeley County area. Mainly an annexed portion of the panhandle. It is more Maryland than West Virginia (at least REI wise).
Definitely a whole different ball game up there around that area much more stable. Has that area treated you well though ? What’s the median price around that area that you’ve come to experience ?
Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
8y
@Anthony Hosea ...and that miracle very well may be WVU Tech. I have another realtor acquaintance in Beckley that is connected with Tech administration (former Tech grad, now a booster), says that the new Provost at the school wants to expand the student base to 5,000 in the next 5-7 years. They had 1,600 last semester and the dorms were 100% full, Tech is buying up entire streets and renovating into offices or demolishing to build dorms. It’s not going to be long before parts of Uptown, Park,Woodlawn, and maybe even Mabscott catch fire, if they are looking to place 3,000 more students by 2022.
Also, with Tech coming in, the hospitals will become more involved with precepting (and may become teaching hospitals?); Tech will start having sports which will attract year-long short term rentals and Increased demand for hotel space; and a portIpn of Tech grads will inevitably stay in the area, increasing wage-earning potentIal, growth of small businesses, and further increase in housing demand.
I do...I foresee great things for Beckley in he next 6 months to 10 years. Tech moving into town is going to be huge if they are invested in the community as they say they are (already $50m into the surrounding area, if my contact is correct).
Property Mgmt/Investor · Marietta, OH · Member since 2017 · 29 posts · 13 votes
8y
Hi guys, we're in Parkersburg with various rental properties and a full service property management company serving Marietta and Parkersburg. I was involved in the West Virginia Landlords Assn years ago when we had an active chapter in Parkersburg but that has since dissolved years ago. I see they have revived a website wvlandlordsassociation with some activity. There were about 10 county chapters at one time and they used to have an annual meeting in the fall. Try emailing someone on the site to see who's active in your area or visit a meeting in Charleston. A great website would be a great thing for statewide access and sharing ideas and esp. state specific issues! Not there yet.
Real Estate Agent · Beckley, WV · Member since 2018 · 51 posts · 42 votes
8y
@Mike Hinton nice to meet you ! I will definitely look into that. I totally agree with you saying that we are not there yet. I believe we need to get West Virginia updated in a lot of things. Too much potential to see it go to waste due to poor economy.
Real Estate Agent · Mount Nebo, WV · Member since 2017 · 174 posts · 68 votes
8y
@Konstantinos Zaferatos @Anthony Hosea I think you’re right - longest WV post on the forum that I’ve seen. And yes, I’d be up for a meet-up in the south-central part of the state, for sure!
Real Estate Investor · Beckley, WV · Member since 2015 · 3 posts · 1 vote
8y
I've been thinking of starting a REI org in Beckley, WV, but just don't think we would get the traction to be worth the effort. I also invest in Pittsburgh who has a very active and awesome REI club called ACRE. I'm happy to see this thread doing so well. I started investing in Beckley 10 years ago and rarely have vacancies, and when I do, it is because I am looking for the right tenant; one ad for an open rental usually generates 20-30 replies within a few days. I understand peoples' hesitations to invest in Beckley, and I have those as well (which is why I also invest outside of Beckley), but so far I have not been let down.
I've been thinking of starting a REI org in Beckley, WV, but just don't think we would get the traction to be worth the effort. I also invest in Pittsburgh who has a very active and awesome REI club called ACRE. I'm happy to see this thread doing so well. I started investing in Beckley 10 years ago and rarely have vacancies, and when I do, it is because I am looking for the right tenant; one ad for an open rental usually generates 20-30 replies within a few days. I understand peoples' hesitations to invest in Beckley, and I have those as well (which is why I also invest outside of Beckley), but so far I have not been let down.
Lisa, my wife and I would love to get involved in a REIA in Beckley. Just got out first rental house under contract in Mabscott and would love to find a group to get connected with.