New in WV

[John Reid]

Hello Everyone!

I have been reading the site for the past few weeks and have already posted a couple of questions but haven't introduced myself yet. My name is John and I began investing in real estate with three partners Jan 1, 2008. We all have other full-time jobs on the side out of necessity but someday hope to make investing our number one source of income.

My partners and I formed an LLC for doing business, and we now have seven rental properties, some being single family homes and some being duplexes. We're starting to HELOC the proeprties we own outright in order to purchse new properties for renting. Knock on wood, we've had good luck so far finding quality tenants and keeping the places rented. There have, of course, been a few bumps along the way but those we consider learning opportunities.

My personal real estate interests (which mostly coincide with my partners' as well) include purchasing more duplexes. From what we've learned these proeprties are not frought with regulation like apartment complexes but have some of the earning power complexes provide. Our area in Huntington is full of duplexes and I would like to try wholeselling to future homeowners who want to live in one and rent out the other to make money. We also would like to start doing lease options in our area and maybe develop some housing for physically disabled tenants.

My partners and I have experience with short-sales and working with property owners on owner financing (they become our bank so to speak). We all enjoy real estate as it stimulates us creatively, but we take it very seriously. We meet once a week to plan and do business, and I am very proud of what we've accomplished in two and a half years. Our company actually showed a profit for 2009 which we were happy with. We've decided to take no distributions for the forseeable future and put all our money back into company growth.

If anyone wants to contact me about doing some deals in Huntington, WV, please let me know. My partners and I always work as a team, but we like to be creative. We look for win-win situations for us and the seller. I am sure you see more of me on here as I learn more and more from your guys.