All Forum Posts by: Bill Kenny

@Russell Brazil We've done a few larger multi-family building in WV (more than 4 units). But they were all rental with some storage and we used the standard EPBR residential contract and so the closing costs were agreed upon as most residential closings that are handled in WV. It's customary for the Seller to pay the transfer taxes (and inspections for termite, well and septic if you are outside of the city) split the title attorney fees and the seller will pay broker fees. Each County is different with Taxes and Fire and Garbage fees etc. etc etc.

WV State Transfer Tax  ($7.70 per 1000 of Sales Price)

I think on the larger commercial deals everything is negotiable so depending on your signed LOI the attorney would break out the costs and create the closing cost breakdown. AS for just running the #'s, in the beginning, you can use the standard breakdown to see a ballpark cost until the deal is agreed upon.

Hope this is helpful!!

We own and flip in Hagerstown and we are having success. We are here and know the lay of the land. The #s we want to achieve can be had in Washington co and Berkeley co WV. Cash flow #s in Frederick county would be thin.. there is nothing on MLS that makes sense there.. Everything is off market or sold prior to listing. Better get deep into the networking to make it happen in Frederick. If you can find a good deal there buy it and ask questions later.

Hagerstown is a good rental market but beware of the costs to run a rental business in Maryland. Inside Hagerstown City can be a challenge due to their inspection process and landlord unfriendly stance. If you buy right and follow all the rules you can cash flow. If you are out of town you need to start first by finding a good Property Manager. A good property manager will make a difference. 

Cumberland is on the decline so that is why it's so enticing to purchase there. Prices are low due to high inventory..once again a good property manager is the key.. ( don't know of any good ones there ) I do own in Allegany county but in Frostburg only. I manage my own property there..  

My business partner@Mike Webb has a large portfolio in Hagerstown and can help.. The majority of my holding and our joint venture holdings are in Berekely County WV ( Martinsburg WV). Let me know if I can help any further.

Hi Jordan, I have 2 single family rentals in Frostburg and they have always been fully rented. I am potentially looking to sell 1 or both as the majority of my business is no longer in that area and my kids are growing up and will no longer be in that area. Let me know if you want to discuss the area and these properties. Best of luck. 

I'm a cash flow investor. We self manage and have rentals in Hagerstown. There are plenty of decent areas where you will find good tenants for those rentals. Without proper management and good selection (and that goes for any area ) you will deal with problems.

Our meetup is for any stage Investor looking to Network, Share Ideas, Learn, and Build new Relationships.

This is a Free real estate investing MeetUp in Martinsburg.

https://youtu.be/KSAKDlLVVtc

Just Getting started? Landlord? Rehabber? Agent? Lender? Business Owner? Just want to learn more? This is the place for you!

Nobody will be here to sell you some expensive course. There is no fee to attend. This is good old fashion networking with folks who have similar interests as you.

This month Patrick Blood from Blackwell Property Management will be speaking about what "3 Things Every Successful Landlord Needs to Know!".

Hope to see you there!

Any question can be directed to [email protected]

@Lou LaMedica looking forward to meeting you too!

Hi Lou,

We are bullish on Berkely county West Virginia and have many rentals in Martinsburg. The growth in this county gives it a bright future. If you are interested in learning more we (myself and @Mike Webb ) have a monthly meetup with all kinds of real estate investors, agents, contractors, Property managers that are highly engaged locally. I'm an investor agent and can help with any questions you may have about this area. There are people who come from Winchester to our meetup and invest in Martinsburg. Here is our meetup info:

https://www.mdwvhomebuyer.com/berkeley-county-inve...

Happy Investing! Bill

Mike, I do manage those properties but I have family in Frostburg and routinely travel back there.. I have contacts there that can help me as well. When managing at a distance it is even more important that you find the best tenants. I do know of property mangement companies that I would trust with my properties but I don't know of any in that area and all the people I know personally there that are in the business, self manage. 

Mike,

I own property in Frostburg and have had mostly great tenants over the years. 2 times I had poor tenants and only one time I got stiffed on rent and water bill. I don't trust property management and can not vouch for any of the companies in the area. I self manage everything. You have to actively take this into your hands. First, Fire the management company! Get all leases and lead certs and any documentation together. Call Allegany County clerk of the Circuit Court. Ask them about the eviction process so you are armed with the correct information and process. I think you need to file a notice of notice of non payment or something like that.. don't know, I've avoided it by staying is close contact with my tenants. Then call all this renters and tell them you are the new managers and work for the owner. They need to get current asap and the owner has started the eviction process. Tell them you want them to be able to stay there but going forward you need them to pay rent, take care of the property and always stay in contact. 

I would bet the management company put anyone that could breathe into these units. by them saying families don't pay tells you that they don't require their clients to pay rent. its that simple. 

Take this situation back, learn how to do it. You can call me if you need help. 

Bill