The simple truth is that West Virginia doesn’t present as many opportunities as most of the other US states. Over the last 12 months, there were less than 100 flips in total, according to research conducted by Attom Real Estate solutions.
Despite this forewarning, flips are happening in the Mountain state, and property investors are making money. For this reason, it’s worth taking a more detailed look at how to flip houses in West Virginia.
West Virginia House Flipping Stats
Median Purchase Price
$119,470
Median Resale Price
$174,690
Average Revenue
$55,220
Price Per Square Foot
$97
West Virginia Population Size
1,792,147
Median Household Income
$44,921
High School Graduation
86,5%
Travel Time To Work
25.8 Mins
Best Cities for Flipping Houses In West Virginia
- Charleston
- Huntington
- Morgantown
- Parkersburg
- Wheeling
Safest Areas In West Virginia
- Weston – Safety Score: 99.34
- Grafton – Safety Score: 96.63
- Lewisburg – Safety Score: 93.43
- Charles Town – Safety Score: 92.6
- Point Pleasant – Safety Score: 86.64
Please note – All the statistics in this article are based on 2020 data. You can view the data sources at the bottom of the article.
The Basics Of Flipping Houses In West Virginia
- Find a property in West Virginia that is undervalued
- Source funding from a reputable hard money lender in West Virginia
- Buy the property for a price that makes it possible to generate profit when it is resold
- Complete renovations that will increase the after repair value
- Find buyers for the property and sell it for a healthy profit margin
How To Find Houses To Flip In West Virginia
1. Use FlipScout By New Silver
FlipScout is a free tool that helps you find most profitable real estate investments using data and intelligence. Find a property to flip or rent out anywhere in the country.
- Free to use
- Works for flips and rentals
- Get alerts to your inbox
- Calculates rehab costs automatically
- See ROI and rental income instantly
- Aggregate results from various sources
2. Leverage The Power of Wholesalers
Finding a good wholesaler can be very rewarding for a property flipper. Wholesalers tend to have access to all the most relevant property databases, and they often have unique personal networks. By using a wholesaler, you effectively gain inside access to their knowledge of properties in West Virginia.
3. Attend Bank Auctions
Bank auctions often present opportunities to purchase properties below their market value. This is mainly because banks hold these auctions in order to sell the properties as fast as possible. If you attend bank auctions with a clearly defined strategy, you can potentially walk away with a new property that fits in perfectly with your investment portfolio.
4. Use Direct Mail To Find Off-Market Properties
Although it is considered an old school technique, direct mail can still yield positive results for house flippers. Direct mail has been shown to have a higher response rate than email, and numerous studies have shown that people actually enjoy checking their mailboxes. More importantly, you might be surprised by how many people have considered selling their homes. Your letter could be the trigger that they have been waiting for.
5. Sign Up To The Multiple Listing Service (MLS)
Even though MLS listings can be competitive, it is still a good avenue for finding properties to flip. The MLS is literally a database created by real estate agents, and it is filled with property details and statistics that can help aid your research process. There is a fee involved, but one deal is all you need to comfortably cover the costs.
6. Find Foreclosures
When properties fall into foreclosure, the primary goal of the loan originator is to recoup any potential losses. This is good news for house flippers, because properties in foreclosure often sell for less than their market value. If you are able to locate foreclosure opportunities in West Virginia, there’s a good chance you will be able to purchase a property for less than its market value. This is why foreclosure can serve as a great platform for a potential flip.
West Virginia Housing Market Analysis
House Flippers Are Selecting Mid To High End Houses: The median home value in West Virginia ($112,902) is considerably less than the final resale value for house flips ($174,690). This suggests that house flippers are focusing on high value areas where the resale value is likely to be quite high once the renovation work is complete.
The Revenue Per Flip Is Fairly Low: The average revenue per flip in the US is just over $60,000. In West Virginia, the revenue per flip drops down to $55,220. This could be seen as a red flag, especially for first time flippers. If you decide to run a project in West Virginia, you will need to be very strict with your renovation budget, and stick to the project timelines as closely as possible. If you veer off course with the budget or the project timeline, it could take significant chunks out of your final net profit.
Home Values Have Appreciated By 4.1%: According to Zillow, home values in West Virginia appreciated by 4.1% over the last year. Despite a small dip after the economic downturn brought about by the arrival of covid-19 in the US, the West Virginia real estate market has bounced back nicely.
In addition to the 4.1% annual increase, house prices in West Virginia have been trending upwards since 2012. Given the high demand, lack of supply scenario that is currently affecting most parts of the US, it’s fair to assume that West Virginia houses will continue to appreciate for the next 1-2 years, provided the US economy remains stable.
Homes In West Virginia Are Very Affordable: The median home value in West Virginia is $112,902. This is $153,320 less than the median home value in the United States, which is approximately $266,222.
The lower cost of homes in West Virginia makes the market more accessible than other states. You will need less capital to purchase your target property, which usually means a smaller deposit and less demanding credit score requirements.
Apply For An Investment Property Loan
If you’re ready to start your house flipping journey, New Silver Lending can provide the capital you need to fund your first flip. We offer ultra fast hard money loans with competitive interest rates and quick closing times. The entire application can be completed in less than 10 minutes.
Next Steps
If you’re committed to flipping houses in West Virginia, the next step is to invest time and energy into finding the best possible property. We have outlined a number of methods in this post, and all of them can potentially bear fruit.
Once you have identified a property, using a reputable Hard Money lender like New Silver can help accelerate the house flipping process. Our company is built on speed, efficiency and user-friendly technology. The online application can be completed in less than 10 minutes, and we offer instant proof of funds letters to all of our clients.
Property Flipping Resources
Hard Money Loan Calculator: Analyze the costs of your next flip in detail with our hard money calculator.
ARV Calculator: Workout the After Repair Value of the property that you are hoping to flip.
