Investing in Martinsburg WV
Investing in Martinsburg WV
Getting Started in Real Estate Investing in Martinsburg West Virginia
I Purchased my first Martinsburg rental around 5 to 6 years ago after moving here in 2011. As I got to know the area better and seeing the upward economic trends first hand, I decided there was no better area to investing in Real Estate then where I live here in Berkeley County WV. Since that time I have purchased and either fully own or have a partnership in over 30 rental units with the plan to get to 60 in the short term future. I feel Berkeley County WV has a great future and as a real estate investor I have pushed all my chips in on the area. Here is what the short term future has in store for the local area.
Berkeley County has seen steady growth in real estate prices and rents over the last 10 years in response to high demand for both homes and rentals. This has been spurred on by economic growth in the county and migration from other more highly-priced denser populated areas. The current growth cycle has been on a steady climb since the end of the “Great Recession”. Having current inventory levels so low, that has pushed prices up, so would expect that there would normally be a tipping point. One must consider with job growth there would be wage growth and additional opportunity. More people coming to the area increase demand and the increased wages have residents looking to upgrade their living conditions. I don’t see any reason locally that we should not expect 2020 to be another solid year of growth.
If you have considered getting into real estate investing or are looking to expand your portfolio into Berkeley County, I would strongly encourage you to take a close look at this area. My expertise has been in evaluating potential real estate deals to either invest myself or working with my investor clients to help them decide what is a deal and what level of risk and reward they want to achieve. There are many things to consider when purchasing investment real estate; location, level of rehab, tenants, property management, price point, return on investment. Many people try to rely on traditional residential realtors but I would suggest that you find an investor-friendly realtor, as there are many parts of investment real estate they may have not considered.
As a new investor, I would recommend several starting points that have served me well over the years. Education; nowadays its easier than ever to learn with so many books, podcasts and videos about real estate investing. Self-education is the key to financial independence. Networking; putting yourself in the same room as people that are doing or want to do what you are looking to do it very powerful. There are many real estate clubs and meetups and area free. Through networking, you can build your team, as I have. Nobody succeeds alone and in the beginning, this is so important. You can gain the support you need to move forward from your network. Action; take action and do a deal! You have to start somewhere and you will never be fully confident until you take some action. Start small and fail forward! Everyone makes mistakes but without action, nothing moves forward.
If you are interested in learning and networking in Berkeley County WV check out our Real Estate Meetup group. If you want to reach out and network with me I would welcome a call or email. I am always looking to build my network and maybe we can work together to achieve our individual goals.
Bill Kenny – Investor / Realtor
Keller Williams Premier Realty
Martinsburg WV / Hagerstown Md
L. Morrell – Broker