Hey BP - I'm looking for a growth-minded, investor-friendly contractor willing to work in the greater Charleston, West Virginia area. I already own one property in Nitro, and plan to acquire several more in the region each year for the foreseeable future. For the first property, I have a detailed inspection report, rough SOW, and cash in hand. Ready to start ASAP. I live on Maui now, but am from Charleston, and plan to buy and build in the Kanawha valley region for a few years. I'm an experienced investor diversifying into buy-and-hold real estate. Please contact me if you're interested, or know anyone who might be!
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
1y
@Justin Fletcher I'm not a contractor but I've not heard of too many people remote investing in the WV market, you obviously have a strategic advantage being from there, but I'd love to hear more about the market and what you are seeing there that is driving your investment decisions. Would also love to hear some examples or details of some of the deals you are doing there.
Hey Michael. Thanks for your interest. Here's what I'm seeing.
1) The numbers work: There is an abundance of distress and few buyers so buying right is comparatively easier. In the right areas (knowing them is key), rental demand is surprisingly strong and rents are acceptable today and trending better. Lots of young families with stable, decent jobs looking to rent with no intention of moving.
2) It's not as remote as it seems: The house I just bought is 6 minutes from an interstate, in a decent school district (better than mine in Maui), and about 15 minutes from a Chipotle, Target, etc. equipped shopping center. When you live there, standard suburban amenities don't feel any further away than in, for instance, Albuquerque or Dayton. I think you'd see more in-migration to WV if that was better understood.
3) Upside surprise potential: West Virginia is beautiful (seriously under-appreciated), cheap, and business-friendly. Climate change (i.e., insurance) risk is comparatively low. There's a small but non-zero chance that the state experiences major growth over the next 30 years.
It's also worth noting that this is a diversification move for me, so I'm much more tolerant of lower returns, smaller deals, and risk. Hope this is a useful perspective for you.
P.S.: I'm writing this from Schmidt's over in German Village. Small world.