No matter what city, county, or state one lives in around the good old United States of America (USA) paying property taxes is a way of life. Unless one decides to purchase a property within the state of West Virginia (WV). West Virginia is the only state in the USA that doesn’t have personal property taxes. I am sure one of the biggest reasons why the state of WV, doesn’t have personnel property taxes is to attract businesses and residents to the state. WV is also one of the cheapest states to purchase real estate in. According to Zillow's Index chart, the typical home value of homes in West Virginia is $113,626. This value is seasonally adjusted and only includes the middle price tier of homes. West Virginia home values have gone up 4.7% over the past year. However, real estate investors can purchase distressed properties between 10k to 70k depending on the county one purchases the property. Now am I endorsing investors purchasing properties in the state of WV? No, because it is in every investor's best interest to do their due diligence when purchasing any investment. The true purpose of this blog, to look at other avenues is to ensure back-up plans. Meaning there is a multitude of investors like myself, will purchase rental properties in cheaper markets, like Pennsylvania, Maryland, Ohio, Indiana, Michigan, etc. The number one reason behind purchasing properties in these specific states is because the cash flow opportunities are massive in so many ways. One of the biggest reasons for the cash flow opportunities is because one can purchase properties from 5k to 50k dollars, meaning having a mortgage on the investment properties are less than likely. Most of these properties, are older and need more maintenance work, or need an overall facelift to make the properties habitable. However, at the end of the day, one will have to continuously pay property taxes regardless if the property has a mortgage or not.
The moral of this blog is this. In the COVID-19 economy having all sorts of economic back-up plans has been, and will always be in everyone's best interest. Especially real estate investors when economic hard times come to the U.S. economy pertaining to jobs, the stock market, and now a pandemic. It is definitely in the best interest of current, and future real estate investors to purchase properties not only in cheaper states but definitely in the state of West Virginia. Why do you ask? Because if and when another economic downturn occurs or pandemic, the only thing that most investors will want to worry about is only covering insurance and property taxes. Or if one’s properties are located in West Virginia then one would only have to worry about covering their monthly insurance payments. Landlords have had to learn the hard way, by carrying heavy mortgages, or outrageous taxes during the 2020 pandemic. Because at the end of the day, real estate is all about profits and losses. You win some, you lose but you live to purchase another property. Investors, real estate wholesalers, and homeowners, please contact Patterson L. Properties LLC at PttrsLr1@gmail.com or 703-966-6843 for all of your real estate needs.
