Can You Really Make Money Wholesaling in West Virginia?

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Episode Transcript

Speaker 1 (00:00):
Welcome back to Wholesaling Around the World the
West Virginia edition.
Now I have spoken negativelyabout West Virginia for quite
some time and we have beenvirtually wholesaling in the

(00:21):
Mountaineer State since 2020,during the original 50-50-50.
Now the reason why I've spokennegatively about it is because,
as a virtual wholesaler, westVirginia can create problems for
you.
Starting with, you are going toreceive quite a few leads in

(00:43):
West Virginia unless you go toyour PPL provider and say I
don't want any West Virginialeads because there are a ton of
motivated sellers inside of thestate.
However, on the backside of thetransaction, dispositions is
always going to be an issue, isalways going to be an issue, and

(01:08):
it's not an issue like in otherlocations where maybe it's
rural and there's a limitedamount of investors and they
leverage that against you to buydeeper.
It's one of the rare locationswhere there's going to be
certain parts of the state wherethere just aren't any buyers.
You're not going to receive anyinterest in the property,
you're not going to receive anywalkthroughs or offers, and

(01:28):
that's unlike the majority ofthe United States.
The only thing I could reallycompare it to is certain parts
of Montana, certain parts ofWyoming and the Dakotas.
It's really kind of an enigmaacross the United States where
it causes so many issues,because the motivation from a

(01:50):
lot of these sellers is strictlydue to the location and kind of
the lifestyle that comes alongwith being inside of West
Virginia.
Now I will say this WestVirginia is also one of the few
states that I've never, everpersonally visited, so I don't
know too much about the state inregards to how it actually

(02:11):
feels to be there and live there.
I just know from owning realestate in West Virginia and
wholesaling deals.
This is my perspective and thenalso the stats that exist.
In regards to real estate, itis the lowest average purchase
price, median house price in theentire United States.
It is the second lowest medianincome in the United States and

(02:36):
it has a massive drug problemacross the state and this bleeds
over into what we do in thewholesaling realm.
There have been times where wehave gotten properties under
contract and during dispositionswhen we were able to actually
get a buyer that was interestedin going out and looking at the

(03:01):
property.
There would be squatters, therewould be drug sales going on,
drug issues going on in theneighborhood and this would run
our buyers off.
Now some of that could just bedue to the location and the
property type and whatnot, andI'm not saying this is across
the entire state.
But another major issue insideof the state of West Virginia is

(03:25):
it doesn't really have a bigcity.
When you look at the cities bypopulation, the most populated
city is Charleston, with apopulation of 45,000.
Anywhere else in the UnitedStates if you were to say 45,000

(03:45):
, you're almost considering thatrule.
Right, it's borderline, like wedon't even want to do a deal
there.
And then you go to Huntington44,000.
Morgantown, where West VirginiaUniversity is, 31,000.
Parkersburg, 28,000.
Wheeling, 25,000.
And then after that you're sub20,000.

(04:08):
Those are the most populatedcities in the state of West
Virginia.
And so because of that there'snot really even a specific city
that you can say, hey, you cando deals here.
Even though on the surface Ikind of feel that way about
Charleston and Huntingtonbecause they are the most
populated, it's still a stretch.

(04:30):
By all means, if you were totake those exact cities and drop
them in a place like Texas, itwould not compare whatsoever to
Dallas-Fort Worth and Austin-SanAntonio, houston, el Paso and
even some of our smaller citieslike the Midland, odessa,
amarillo and whatnot.
So it is a tough place to dispo.

(04:52):
That being said, if you areable to find a go-to in buyer
inside of West Virginia, you aregoing to be able to do deals
there because there is so manymotivated sellers.
Now, just like the majority oflower price point markets,

(05:13):
similar to the Birmingham,alabama's, jackson,
mississippi's, kansas cities,detroit's, indianapolis is where
price points can rangedrastically, when you are
underwriting deals, you have topay attention to the as is comps
.
Now I think it's vitallyimportant in West Virginia,
probably more so than anywhereelse in the country, that you

(05:36):
understand what the as-is compsare in comparison to your
property and make sure that youare buying at an extreme
discount.
Again, disposition buyers aregoing to be few and far between
and they're going to want theirdeals at an extreme discount.
So anytime you get that lead,you can't underwrite this deal

(06:00):
like it's in another state where70% of ARV minus repairs might
work out.
It's just not going to work.
You will get your teeth kickedin when it comes to West
Virginia.
Overall, west Virginia is the39th most populated state,
coming in at a population of1.79 million people.

(06:22):
Now, the thing about thepopulation in West Virginia,
talking about the cities, isthat it's pretty much spread out
across the state Could be agood thing, but when it comes to
wholesaling it's also anegative, because what you will
also receive is leads all overthe place in the state.
It's not like the majority ofyour leads are going to be

(06:43):
coming in in Charleston andHuntington and Morgantown.
They're literally going to beanywhere and everywhere in the
state and you're going to haveto broaden out your range in the
timeframe to be able to compthis deal.
So, across the board, westVirginia just brings a ton of
issues.
So in my personal opinion, Iview West Virginia as the worst

(07:09):
state to wholesale in.
That's my personal opinion.
I have also purchased propertiesand owned properties in West
Virginia and I've felt the lowmedian income.
I have seen tenants not be ableto pay their rent and I've also
seen the drug issues that go onin West Virginia.

(07:30):
I've had properties riddledwith drug issues called the cops
, not received any support fromthere.
There are issues with owningreal estate inside of the state
as well as wholesaling.
Now, because of the issues thatcome along inside West Virginia
highly motivated sellers,pretty picky buyers, a lack of

(07:52):
buyers in some areas and rurallocations creative finance is a
bigger part of the West Virginiareal estate market than it is
in majority of states.
The reason why is because thesesellers are going to be so
motivated, they are going to bewilling to work with you and
pretty much take anything thatthey can get.
So the four units that I haveowned in West Virginia, I did

(08:16):
buy seller finance during the2020 50-50-50.
I bought them, I owned them.
They were tenant occupied,immediately had to evict several
tenants.
Like I said, we had issues withdrugs, vandalism, all sorts of
issues with that and eventually,the only way that I could sell
those four units was sellerfinancing myself, and I had to

(08:39):
do that on a land contract.
One of the other things I wantto talk about in regards to West
Virginia is there was a billthat was proposed.
It was introduced on March 18,2025, and it was to ban

(09:00):
wholesaling.
The bill summary was thepurpose of this bill is to
create the West VirginiaAbolishment of Wholesaling Act,
and then it provided all thedefinitions of what wholesaling
was, and it's, by alldefinitions, what we consider
wholesaling real estate.
It actually died on April 12th2025.

(09:22):
And I actually just searchedand said what happened to this
bill and it was introduced inMarch it died in committee.
The bill progressed 25% but didnot advance further.
It was a partisan bill with a3-0 Republican majority, and the
bill was introduced in the 2025regular session of the West

(09:45):
Virginia state legislation the2025 regular session of the West
Virginia state legislation.
So they actually introduced abill to try to ban wholesaling.
And what's crazy about this iswhen you think about what states
need wholesalers more thananything.
To me, it's the lower incomestates the Mississippis, the

(10:06):
Lusianas, the West Virginiasbecause these properties are
distressed, real estateinvestors need to be coming in
and fixing these properties up.
The majority of landlords andflippers are not great at
marketing to motivated sellersbecause they're focused on their

(10:29):
actual jobs, which is takingcare of these properties,
getting them rehabbed, gettingthem tenant occupied, taking
care of their tenants.
Wholesalers have a place and wesupport these motivated sellers
.
And, just like I said, westVirginia lacks in buyers.
West Virginia has anoverabundance of motivated

(10:52):
sellers.
Leads are commonplace inside ofWest Virginia, especially in
comparison to the populationinside of the state, and so to
me, I believe it's ludicrousthat the state even contemplated
outlawing and banningwholesaling.
But, just like I've said,outside of other regulations and

(11:16):
talking about the states thatare trying to come down hard on
us.
This falls on our shoulders aswholesalers.
The fact that it's such amotivated state that needs us
felt like they should ban us andoutlaw our services that we
provide to the community isoutlandish.

(11:38):
It falls on us and we have todo better.
We have to do better Now.
Thankfully, the Republicans ofWest Virginia killed this bill
and there is no regulationinside the state of West
Virginia as of today, which isfantastic for us.
That being said, there arestill a ton of hurdles that you

(12:00):
have to overcome inside thestate of West Virginia.
The opportunity that existshere is that if you can build
that relationship with a knownend buyer inside of West
Virginia, it can become a honeyhole for you because there are
sellers that need us.
So, as a community, despite thefact that West Virginia is

(12:25):
extremely difficult today, wecan find the opportunity service
these homeowners by providingthem a solution if we take the
time to find the end buyersinside the state of West
Virginia.
So for those of you that arewatching this, if you are an end
buyer I hope there's at least acouple of you please leave your

(12:46):
contact information in thecomments so the wholesalers can
reach out to you, because weneed more of you guys inside of
the state of West Virginia.
It is extremely difficult for usto find you when you go on to
InvestorLift and InvestorBase.
It's a very limited amount ofyou guys, so we need to know who

(13:07):
are the end buyers in theMountaineer State.
Leave your contact informationbelow so we can all reach out to
you and we can better the stateof West Virginia Overall today
one of the worst states, butthankfully it's not outlawed,
it's not banned.
We can still do deals in WestVirginia.

(13:28):
So please, if you're an buyer,let's do some deals together.
Let me know if I missedsomething in the comments, let
me know if you agree or disagreeand in buyers, leave your
contact information.
Show me some love like today'svideo.
We'll see you guys tomorrow.