Rental Property Investor · Huntington, WV · Member since 2016 · 12 posts · 3 votes
8y
The Cashflow does make sense, If all the numbers are correct and you have 250 profit after paying mortgage then its a deal, try to negotiate less, as 89k seems to be the asking price. No harm in trying.
I am assuming you have taken into account property management as you seem to be out of state.
San Diego, CA · Member since 2015 · 5 posts · 0 votes
8y
Anyone have any thoughts on this town (Martinsburg) or the neighborhood? Appears to be a solid working class, C+ class area. Somewhat-ish commutable to DC area.
The numbers definitely check out for me, but the more I listen to the BP Podcast the more I think about how there may be some "intangibles" that could make this a not so great deal. Thanks for all the feedback so far.
Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
8y
Martinsburg is a great area overall. I don't know the specific streets and stuff as I am on the other side of the state. I can tell you that the whole area is growing very fast (for WV at least.) There have been additional high schools built in the area over the last few years to accommodate for the boost of population and rumored to be building another one soon.
Martinsburg HS is a powerhouse football program and have finished in USA Today Top 25 of the entire country multiple times over last decade and have won last 3 state championships. HS football is pretty big in WV.
I think that area is one of the few areas in this state where you can see true appreciation on top of your cash flow.
You are correct that it is a solid working class community. A lot of people actually do commute to DC or outskirts of DC for work. A lot of US Congressmen and Senators live in Martinsburg and surrounding areas.
You also have Shepherd University nearby. They are a small NCAA D2 school but also have a great football program and were National Runner Up two years ago. Shepherd is a historical town with lots of old buildings and such that have been restored and they get a lot of tourism because of it. Honestly, the whole area out there is pretty nice overall (at least by WV standards.)
If you have any specific questions just ask and I'll try to answer best I can.
Investor · Morgantown, WV · Member since 2016 · 43 posts · 17 votes
8y
I have family that live there, including some that have quite a few units. Finding tenants in that area is no problem. Finding tenants that pay their rent is a whole different matter. These are not inexperienced or timid landlords either.
Investor · Martinsburg, WV · Member since 2014 · 28 posts · 16 votes
8y
Hi James. I invest in Martinsburg and the surrounding areas. I also wholesale properties to other investors. I can get you better equity deals but tighter cash flow than this. Also, in a lot better area than Georgetown Square.
I have family that live there, including some that have quite a few units. Finding tenants in that area is no problem. Finding tenants that pay their rent is a whole different matter. These are not inexperienced or timid landlords either.
Hey James Fisher. What are your relatives names? Would they be interested in getting rid of any properties?