All Forum Posts by: James Fisher

I can't say that looked into appreciation on the properties at Snowshoe, but my thought is that if these lodges are 20+ years old and units are selling for the same $ or less than when they were new....appreciation probably isn't something that should be considered.

The Aspen group recently purchased Snowshoe and are making some great improvements.  

HOWEVER - there is a reason the condos are priced so low.  Many owners that bought property there as an investment are willing to take a large loss just to get out from underneath it.  

HOAs fees are out of this world.  Special assessments almost a yearly thing and are usually several thousand dollars at a minimum.  Outside of the Snowshoe rental program - good luck finding anyone to do maintenance or clean after guests leave.  If you utilize the Snowshoe rental program you have no ability to screen guests - I've had owners tell me that they've had to replace every stick of furniture in their property after a poorly screened group destroyed everything.  Also, there are some weird cancellation/rescheduling rules with the Snowshoe program.

Personally, I think the only way that Snowshoe works as a rental is if you are an owner that plans on using the property all ski season except big holidays (Christmas, NYE, MLK, and President's Day).  Rent the property out yourself on the big holidays (not using the Snowshoe rental program) and make sure you visit the property enough to catch any needed maintenance.

@Sean Portune

Less competition in Morgantown...?  Not trying to be snarky, but you may want to review your research.  

Yes, there is inventory but most of it is dilapidated early 1900 construction that has never been updated being sold at retail price.

Oh - and you are competing with WVU for college students.  The public/private partnership luxury apartment complexes are sitting (or at least were about a year ago) at 50% occupancy.  These are brand new extremely nice apartments that kids can get for not much more than your break even point on ****** run down SFHs.

Charleston, WV is a crime ridden dump.  There is a reason that Fairmont State University is auctioning off all their property in Fairmont (Hint: Don't be the fool that buys that garbage).  Clarksburgh is failing - If it wasn't for the drug activity, there would be no activity.

The eastern panhandle is doing well, but there is a lot of competition there as well.

Thank you @Wayne Brooks, @Lori Greene, and @Noel Challenger

After more research, it looks like the house was part of a forced sale.  Has anyone had any success contacting the Fannie Mae officer in charge of REOs for a specific property?

Typically, in WV the foreclosure process is quite fast.  I've been involved in foreclosure sales in MD and it's taken freakin years, with the end result being the house becomes a tear down due to lack of maintenance.

A SFH I am interested in - which I know was foreclosed. Fannie Mae was the grantee of the homeowner's deed and several months ago ( over 6). It's now REO by Fannie Mae.

I've been following the property, however it has not been listed on Homepath and in reviewing the deed recorders office, it has not been sold.

Does it take a long time for Fannie Mae to list a property?  Something else?

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.

@Matthew R Crawford

That's a shame that happened to you.

I don't know much about these super high-priced real estate coaches, but I suspect that the only people that may benefit are extremely high net worth individuals that for whatever reason have no knowledge/connections in real estate.

Meaning, it's a filter.  If you can pay the $40,000 for the premium package without blinking, then maybe these so called coaches can put you in contact with syndicates or other deals that require hundreds of thousands to play.

If one struggles to get $10k, or $5k, or even $1k for a seminar - the best bet is to keep saving and learn in the school of hard knocks.

@John Hein

Do I understand that you plan on dedicating yourself to real estate full time?

If so, I have to ask - why are you pursuing a Chem E?  If you want to be a Chem E, why pursue real estate full time?

With an engineering degree, you have the opportunity to walk into a job making 100K+ out of the gate.  Focus on that, save money, and buy up real estate. 

A house hack is probably ideal when yall first move to Parkersburg.  You will spring board yourself far further by focusing on an engineering job, saving up money, and buying property.  You will be able to purchase more property at a faster rate, and pay to rehab/fix or whatever.  

Unless you have a nut squirreled away, no banks are going to give you a loan without a W-2.

Ryan,

- I think you are mixing up writing off expenses (wear and tear to your car, printed materials, showings, etc) with depreciation when referring to the 750 hr rule. 

- Any non-primary property will be taxed at double your primary in Mon County (and probably else where in WV). I think it is 1.2% for primary and 2.4% for non-primary.   Joe may have more knowledge on this, but I think that the county will base your assessment off the most recent sale.

- Student housing.  Vacancy rates are extremely high.  I will not be surprised if several of the big complexes go under.  You will be competing with those buildings.  Some of those brand new buildings are leasing single tenant apartments at $380 per month.  Also, WVU has the intent to require 1st and 2nd year students to live in the dorms or a university approved apartment (think the public-private partnerships).  That has not been implemented yet to my knowledge, but it's something to think about.

-  I have students and parents sign as guarantors.  Doesn't matter.  A security deposit doesn't come close to covering damage.  Good luck chasing a student back to their home state and getting money from them.  

- You went to WVU - so you know the cyclical nature of student lease signing.  I would be very hesitant to allow a kid to move in outside of that cycle.  It probably means they were evicted from their previous living space.  

- As far as financing...it's all a matter of preference.  

@James Seely

I see, completely understand now.  Thank you!