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All Forum Posts by: Damon K Verellen

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

Post: West Virginia Home Inspector

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

Hello everyone. I posted at the end of 2021 when I was about to be laid off and looking for advice on a new career path that had something to do with real estate. Well, say hello to West Virginia's newest Certified Home Inspector! I'm so excited about my decision and just wanted to share. 

My local realtor is super excited because apparently there are no inspectors in Braxton County. Anyway, if anyone needs a home inspector in Central WV, I'm ready!

Post: New Career Path Advice

Damon K VerellenPosted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Originally posted by @Jonathan Greene:

I actually prefer the home inspector route if you are getting laid off. Real estate agent business is commission-only for most brokerages and it takes a long time and capital to get up and running. Home inspection is training and certification and guaranteed pay while learning a crap ton about homes along the way.

Great points! Thank you.

Post: New Career Path Advice

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

Hello all. I'm set to be laid off from my W2 at the end of the month. It's always around the holidays, isn't it? Anyway, my thought is to get unemployment to pay for some new career training. I figure if my long term plan is real estate investing, why not chose something in that arena. So far I've seen real estate agent and home inspector on the list of possible training. Which of these two paths do you think would be the most beneficial to a future investor? Also, it probably makes sense to include that I live in rural WV. Land and homes are selling like hot cakes to east coast/big city folks looking for retirement/vacation homes. I don't know much about the home inspection side of things.

Thanks in advance for any advice and if you know of some other career path that would be beneficial that unemployment might pay for, by all means throw it out there. 👍

Post: Short-Term Rentals in Southern WV

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

@Mason Weese Unfortunately I work evenings and 6:30 isn't possible on a Wednesday night. On a Tuesday, Friday or Saturday night; I'd be there for sure. Please keep me in the loop on the future meetups. Thanks for thinking of me.

Post: Short-Term Rentals in Southern WV

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

I really hope this gets more responses. I'm also in WV, however, a little more central, but have yet to make my first investment. My wife and I were just discussing short term rentals either by way of cabins on our property or elsewhere. Summer getaways, national/state parks, hunting, rafting, fishing; it's all here. Either way, @Mason Weese and @Dylan Good, I would love to stay in touch as we all start our journeys in the great mountain state. I'm shooting for spring 2022. Best of luck. 

Post: Looking for West Virginia real estate investors!

Damon K VerellenPosted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Originally posted by @Chad Hanna:

Hello everyone!  I am extremely interested in real estate investing.  Currently, I am no properties, but I am open-minded love to learn new things, and hard working!  My reason to invest in real estate is financial freedom, which would allow me to do whatever I desire!  I live in Craigsville, WV, and I would love to meet up or chat with people who also have goals to invest in West Virginia.

Sutton here! Looking to start investing as well. Shooting for Spring 2022. We should meet up sometime. Brainstorm, network, etc. 

Post: Wholesalers within 3 hours from WV?

Damon K VerellenPosted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Originally posted by @Alberto Gomez:

Hi BP. I come at you all today wondering if there are any wholesalers anywhere within 3 hours or so from Fairmont, West Virginia. I have been eyeing Dayton, OH but I am open to other locations. As a fellow aspiring wholesaler with the goal of making my first deal within the next month I'd be highly interested in connected with any of you. 

I'm not a wholesaler, but an aspiring investor located in Sutton, WV. I'm aiming for spring 2022 to get started. It seems there's not an abundance of folks in WV on BiggerPockets with whom to network, so I was excited to see your post. Maybe we could meet up somewhere sometime. I work my W2 in Clarksburg if that's easier. Good luck!

Post: [Calc Review] Help me analyze this deal

Damon K VerellenPosted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Originally posted by @Alecia Loveless:

@Damon K Verellen I'm not really certain why you'd be paying for trash for a SFH unless it's standard in the area. Where I live it's either curbside pickup that's paid for in your taxes or by tenant or you buy the bags and take them to the transfer station.

Also I think $45-50 for repairs is fine. I bought a well maintained building in February that has had little maintenance since then other than a flickering light. We changed out the light bulbs but now the tenant is complaining again and the electrician says $200 for the service call. $50/month.

Thanks @Alicia Loveless. Trash pickup is not included in our taxes here, but I wasn't sure if that was an expense I should pay or leave to the tenant. 

If the only things you and @Tim Herman are seeing wrong with my report is a couple dollars in expenses, I guess I did ok with the calculator. 

Post: [Calc Review] Help me analyze this deal

Damon K VerellenPosted
  • Inspector
  • Braxton County, WV
  • Posts 25
  • Votes 11
Originally posted by @Tim Herman:

@Damon K Verellen My minimum for repairs is $50 per month. Capex of $100 per month. Smaller homes the repair bills remain the same and capex will not be significantly lower. Cash out refi limited to 75% of ARV. Property tax likely to go up. A SFH shouldn't have any utility expense

Thanks @Tim Herman

Post: [Calc Review] Help me analyze this deal

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

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello everyone. I'm trying to wrap my head around the BRRRR calculator. Could someone take a look at this report and let me know how I'm doing? Thanks in advance.