Wild Wonderful WV House - Fayetteville, WV - 2019

[Nate Bell]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $34,000
Cash invested: $50,000

Bought this house off of Craigslist sight unseen from a known tweaker- he "needed the money". It's in the best little town and tourist destination in WV, and in a great location in that town. Undertook a full remodel, fired my first contractor, and then found a wonderful handyman who stuck it out with me for a few months as we worked through the problems associated with a 90 year old mining camp house. Super pleased with the outcome, and now occupied by a great tenant.

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

I spent several years in this small town and just love it. I'm a WW kayaker, climber, and mountain biker, and all of these activities are accessible within minutes from this cool little downtown. I hope to spend a few months a year in this house in my early retirement.

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

Craigslist! Paid cash at his asking price of $34K.

How did you finance this deal?

Used a HELOC on one of my other properties to pay cash for the house and remodel. Currently refinancing into a 30-year fixed.

How did you add value to the deal?

Complete remodel, storage shed.

What was the outcome?

Long term rental, in a market with high rental demand.

Lessons learned? Challenges?

Should have fired my first contractor more quickly. He was a jerk, charged me west coast prices while paying his crew $10/hr, and was just litigious with me in general. Would stop work and leave the site if I didn't pay for change orders in full up front. This was a weekly occurrence until I found his replacement.

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

Susan Hess, RE Agent, Century 21