Updated almost 5 years ago on . Most recent reply
Northern West Virginia
Hi - New member from Morgantown, WV.
No RE experience, though I have some property management experience. Total trial by fire - I signed up to manage a 20+ door unit that rents primarily to college students in several years ago. I arrived at the tail end of an improperly managed million dollar renovation. Since then I've been clawing my way into the black, but still robbing Peter to pay Paul. The property has nearly a 100% turn over every year and excessive wear & tear by students. I've dealt with many tenant issues (and tenant's helicopter parents haha), but for the most part the kids are good natured.
Morgantown is a college town, with what I believe is a huge surplus of beds due to a recent surge of construction. Many fortunes have been made with the rents from college kids. I am trying to completely avoid that model. Wife and I are using this first property to test the niche of 'up-scale' rentals.
Recently a property was brought to my attention and I jumped without looking. Not a great start, but the property alone is worth as much as I paid if I have to demo the house. The property will require a significant amount of rehab. I plan on doing much of the rehabbing on my own. The only thing I'll contract out is roofing. I spent a lot of time on roofs in my younger days, I just don't feel it's worth the risk now.
Our long term goal is to generate enough passive income to at least match the current combined income of the wife and I. I found BP while researching what I got myself into.