All Forum Posts by: Jimmy Bartlett

 Give me a PM if you are interested in WV! I'm a local Investor and agent and own a property manager in WV who specializes in working with out-of-state investors! Id love to schedule a time to talk about it with you

I love WV (not just because I live here), it's a great place for STR, in the right area. Houses are pretty cheap and can offer good cash flow. Since our homes are not as expensive, if the market would take a downturn, your equity will not take such a hard hit. Like everywhere, definitely some areas to avoid, I would also screen tenants thoroughly if you are out of state. The Fayetteville WV area is a good starting point, our tourism has increased a ton due to it bordering the newest National Park!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $195,000
Cash invested: $40,000

Just Bought an STR near the New River Gorge National Park with 6 Lots.

What made you interested in investing in this type of deal?

The property is in g rear shape and the numbers work well. Also, it includes a total of 6 individually deeded lots including two across the street for expansion.

How did you find this deal and how did you negotiate it?

found the deal on the MLS. I negotiated through my agent, offering $7k over asking.

How did you finance this deal?

I financed it out of pocket and with a partner for the down payment, minor rehab, and furnishing. We used a traditional mortgage for the balance.

How did you add value to the deal?

We will be adding another deck, EV charger, and renting it as a STR.

Lessons learned? Challenges?

Timing is always a challenge. Having to order furnishings before you are cleared to settle is stressful. For instance, we ordered the hot tub and were given a delivery date a week after we were to settle. It shipped early and will be delivered before we were to settle. We had to pay the shipping company to hold it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our Agent Joshua Harold has been fabulous. If you are looking to buy in the New River Gorge area of WV I highly recommend.

Hi Roee! Welcome to the Pittsburgh market! I highly recommend checking out niche.com when researching the best brrr areas. The areas do change reguarly in regards to demand, pricing, etc so it's best to work with a team here. I'll dm you some contacts for financing, agent, reno, etc!

@Shane Duncan

If you are willing to move into the property for a period, you can try to look into primary residence loans such as FHA which have a 3.5% down payment requirement. To meet the terms of a primary residence loan, you will need to live in the property for a year. After the year, you can move back to your current house while keeping the FHA loan.

@Shane Duncan

If you are willing to move into the property for a period, you can try to look into primary residence loans such as FHA which have a 3.5% down payment requirement. To meet the terms of a primary residence loan, you will need to live in the property for a year. After the year, you can move back to your current house while keeping the FHA loan.