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Updated about 9 years ago on . Most recent reply

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3
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Jim Smith
  • Morgantown, WV
3
Votes |
3
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Is this a terrible plan? (Morgantown, WV)

Jim Smith
  • Morgantown, WV
Posted

Hi BP, long time listener first time caller.  I am a graduate student at WVU in Morgantown, WV, and am looking to start investing in real estate on a very small scale (for the time being).  I have read a ton of stuff on this site, and listened to almost every podcast, but at the end of the day I feel like I just need someone to tell me if my plan is downright foolish.

Ideally, I would like to use an FHA loan to buy and hold either a) a SFH to live in, with each of the remaining bedrooms rented out individually, or b) a duplex, with half of it rented out and the other half shared between myself and roommates. In either case I would need to budget for a property manager, since I lack the knowledge and skill to be able to fix much of anything. Does this seem like a reasonable proposition for Morgantown, or am I out of my mind?

If it's not a terrible idea, any recommendations for PMs and/or buyer's agents in the area would be greatly appreciated.

Most Popular Reply

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128
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23
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Mitch H.
  • Investor
  • Denver, CO
23
Votes |
128
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Mitch H.
  • Investor
  • Denver, CO
Replied

Option B will likely get you better economies of scale, and your personal housing expense will likely be lower, if not completely paid for, over a SFH.

Also, I dont think what you really need is a "Property Manager" rather, you just need a reliable handyman and/or contractor.  At your small scale, and live-in situation, it really doesnt make sense to pay someone 12% of income to screen a minimal amount of tenants at each turnover, and field phone calls from said tenants.  Youll be right down the hall (or next door)!

Edit: Ultimately, I think you can learn all you need for your situation, and therefore nix paying for a PM, for FREE on sites like this, and/or reading books on the subject.  

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