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All Forum Posts by: Damon K Verellen

Damon K Verellen has started 6 posts and replied 25 times.

Post: Who uses home inspectors?

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Eliott Elias:

After walking so many properties, I have found that inspections are a waste of money. All they do is recommend hiring a professional. The only reason I would hire an inspector is for negotiation purposes. I can pretty much tell what a house needs after walking it once. 


 I guess long distance investors would be more likely to employ an inspector. It's true that we recommend a professional, but if you're buying sight unseen, you'd at least have a detailed repair list to hand to a contractor. Now the trick is figuring how to market to long distance investors buying in WV.

Post: Who uses home inspectors?

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11

I recently listened to Rookie Podcast #85 with Justin Munk and he said he gets a home inspection on every deal/offer. Justin is a long distance investor and buys mainly BRRRR's, but I was trying to gauge the amount of investors using home inspectors.

I'm an investor as well as a home inspector. After listening to the podcast I got thinking how I could attract long distance investors to my inspection business in WV. I'd love to work with fellow investors while providing a custom tailored inspection service. I know WV isn't considered a hot market, but property is still cheap and the state is implementing many perks to attract new residents and increase tourism.

Any input is appreciated. Thanks!

Post: BP Meetup in Barboursville/Huntington, WV Area

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @David Fowler:
Quote from @Jarret Durst:
Quote from @David Fowler:

We're going to shoot for Tuesday, April 11 from 5-7pm at Oscars. Let me know if you plan to make it so I can let the owner know and he can make sure they are properly prepared. First beer is on me!

Weekdays unfortunately do not work for me.

Meetup is this evening at Oscars from 5-7pm. First beer is one me! I'll be the bald one in a blue Kentucky polo, unless my manbun dreams miraculously come true in the next few hours. We'll most likely be set up to the right upon walking in. Looking forward to meeting everyone, hopefully this is the first of many!

It was great to meet everyone! It's amazing how a few conversations with like minded folks can get your wheels turning and stir up that excitement and motivation for investing. Looking forward to doing it again.

Post: BP Meetup in Barboursville/Huntington, WV Area

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @David Fowler:

We're going to shoot for Tuesday, April 11 from 5-7pm at Oscars. Let me know if you plan to make it so I can let the owner know and he can make sure they are properly prepared. First beer is on me!

Tuesday evenings actually work for me! As long as I finish up at the W2 in time to make the trip (usually not a problem), I'll be there. Looking forward to it.

Post: BP Meetup in Barboursville/Huntington, WV Area

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @David Fowler:

I'm looking at starting a BP meetup in the Barboursville/Huntington area of West Virginia. There are a couple REIAs in the Tri-State area, but none of them are backed by the power of BP and the incredible people that it tends to attract. My vision is for this meetup to be informal and organic. Really just a place and a time for like-minded people to get together and talk about their passion for or interest in real estate investing. If that leads to a more structured and education based meeting, then that is great - if it remains just a place to gather and bounce ideas and network, that's great too. If you're in the area and are interested, let me know and I will keep you updated! The first meeting will be within the next 2-3 weeks most likely (around the 3rd week of April 2023)


 Huntington is a bit of a hike for me, but I'd be willing to make the trip if I'm available. Keep me posted on the details. Thanks!

Post: West Virginia Lien Changes

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Mike Bell:

@John Underwood

I have read that and other articles, as well as the HB552 Verbage however am a little confused on the timeline of notices, as well as the sale. ( this is my main question due to not wanting to miss the notices of sale.)

I am also unsure if the county/city and non-profits will have first dibs in general on the properties or if they will be first In line for properties that are not sold at the auction.

I'm sure I haven't dug as deep as you Mike, but I'm also confused. Hopefully you get more replies here because I would love to learn more as well. 

Post: Investment areas in West Virginia

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Samuel Toma:
Quote from @Dominic Pizzi:
Quote from @Samuel Toma:
Quote from @Dominic Pizzi:

If you find the right market, it is always worth it to invest somewhere. You just need to make sure the property will cash flow or you can sell it later on for a profit. 

A lot of places to look to invest in West Virginia: Morgantown because of the university, Charleston, Huntington because the market is fairly stable, Parkersburg and Fairmont are also good areas to invest as well. 


 Hey Dominic, do you personally or know people who currently invest in those areas? I have looked briefly in Morgantown and Fairmont and seems like investment properties could cash flow pretty significantly but a lot of the properties were built in the early 1900's. 


 Hey Samuel! I personally do not invest in these areas, I am a private lender so I have borrowers that look in these areas when it comes to investment properties and these are the most popular areas I have come across. 


 Sounds good, thank you!


 Hello all. I live in Central WV and am also a certified/licensed home inspector here. I wouldn't say I "invest" just yet as I only have one property (other than my personal home) which is outside Fairmont and my daughter currently lives in it while attending college. WV is tricky because the areas mentioned above are flooded with rental properties because of the schools in those areas. Whether or not they all fill up during the school year, I can't say, but there are A LOT of rentals. WV in general is a relatively affordable market and whether you're looking for a student rental or a flip, there are deals to be had.

Let me know if I can help at all whether it be getting you in touch with local realtors or inspecting potential investments. Good luck!

Post: Moving to West Virginia-Looking for CPA

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Levi Casados:

We’re not dead set on a specific city yet. We’re open to moving around for a couple years or so until we get a foothold with investment properties in the state. As far as investment properties go we seem to keep finding things around Morgantown, Charleston, and Huntington. Prefer not to end up anywhere south of Charleston.


I'm in Sutton, about 2 hrs from Morgantown and 1.5 hrs from Charleston, so kinda central. I have a local accountant I use for my home inspection company. He's older and a little old school, but seems to know his stuff. Triplett Business Services in Flatwoods, WV. I don't know that he "specializes" in REI, but I know he has a couple investors as clients.

On a side note, if I can help you at all on the home inspection front or finding a realtor, let me know. I'd be happy to help.

Post: Moving to West Virginia-Looking for CPA

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Levi Casados:

My family and I are moving to WV soon and am working on building a team to get a head start. Looking for a CPA experienced in REI. No CPAs on BP in WV on smaller scale REI that I saw. Anyone in the state with recommendations? Working in 4-8 unit properties and have a self-directed 401k in the mix, specifically.


 What part of WV?

Post: Agents Familiar with the Matewan/Williamson WV Market

Damon K Verellen
Posted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Quote from @Adam Monell:

I am interested in looking at short-term investment properties near the Hatfield McCoy trailhead. I would love to connect with an agent familiar with the area as I am investing out of state. 

Thanks,

Adam


 The find an agent tool doesn't give you many results in WV. Try searching agents by zip code. If possible, gather a list of nearby zip codes to the area you're interested in. Usually it will recommend someone that's at least somewhat close.