How to Wholesale Real Estate in West Virginia (2024 Updated)

This guide provides actionable advice on wholesaling houses in West Virginia.

It discusses what is legal to do without a real estate license, how to find good deals and investors to market them to, as well as covers many other state-specific aspects of the business.

Read below to learn more.

There is no such thing as West Virginia real estate wholesaling laws.

However, this activity isn’t prohibited by the state’s real estate laws, so it is legal to wholesale real estate in West Virginia.

If you aren’t a licensed real estate agent, there are risks of wholesaling real estate arising from marketing properties similarly to how realtors do it.

In West Virginia, listing someone else’s house for sale is only allowed to licensed West Virginia real estate agents.

It’s not advisable to publicly display your contracted properties on well-known real estate marketing platforms like ZIllow where most potential buyers are looking for owner-occupied houses.

In this guide, we’ll elaborate on effective methods to promote your deals directly to investors.

As a wholesaler, your goal includes promoting the entitlement to the real estate purchase contract — your equitable interest in the property — and not marketing a house for the seller.

You should refrain from giving the impression that you are acting on behalf of anyone or providing services. This necessitates a valid real estate license.

To acquire a thorough grasp of the applicable legislation in West Virginia, it’s imperative to meticulously examine the rules and regulations established by the West Virginia Real Estate Commission.

For utmost compliance and efficiency in your wholesaling endeavors, it’s highly recommended to enlist the aid of one of the best West Virginia real estate attorneys.

They have the ability to correct or draft templates for a purchase contract and assignment agreement customized to suit your particular requirements.

Just as in other states, in West Virginia, homes are wholesold via contract assignment and double closing.

The real estate wholesaling process via any of these methods can be run from a remote location, even if you reside in a different state or city.

This approach is known as virtual wholesaling, which we will cover, too.

Contract Assignment

When discovering how to wholesale houses in West Virginia, the initial focus of many novice investors tends to be on the contract assignment strategy.

Let us explain how this strategy operates.

First, obtain a purchase contract signed by your motivated seller and yourself, akin to assuming the role of the purchaser. However, in reality, acquiring the property is not what you are going to do.

The agreement shall incorporate a provision authorizing you to transfer it to a third party (meaning the investor).

After getting the house under contract and finding an investor, you proceed to obtain the signatures of both the seller and end buyer on an assignment contract.

As a result, you will pass the rights to acquire the property to the investor who is genuinely interested in purchasing the house.

As compensation for the assigned contract, the investor will remunerate you with an assignment fee.

Unlike double closing, this approach enables you to circumvent the requirement of having the financial resources to actually buy the property.

A refundable earnest money deposit of approximately one or two thousand dollars is all that is required to successfully execute a contract assignment.

Double Closing

Although the contract assignment approach enjoys widespread popularity, learning everything you need to know about wholesaling real estate necessitates mastery of the double closing technique.

A wholesaler commonly employs this approach if they are receiving a substantial sum as their assignment compensation and they prefer not to disclose their gains to any of the parties.

A double closing encompasses two distinct transactions — one with the seller and one with the investor.

There are pros and cons of real estate wholesaling via the double closing strategy.

On the flip side of the aforementioned benefit, borrowing a transactional funding loan should be included on your real estate wholesaling checklist.

This financing can be obtained from one of the best West Virginia hard money lenders.

When opting for double closing, you will have to bear closing costs twice — once as the buyer and then as the seller.

This is on top of paying the motivated seller’s closing costs if they can’t afford them.

Don’t forget to find a title company that processes wholesale deals. Otherwise, you risk to show up for closing only to find out the title firm doesn’t know how to process it.

Virtual Wholesaling

Regardless of your location, you can engage in virtual wholesaling in West Virginia.

It’s crucial to thoroughly comprehend the complexities of wholesaling real estate step by step since you won’t have the chance to visit properties and meet all involved parties in person.

Before onboarding your first motivated seller, it’s imperative to establish a solid network in your target market.

There are two pivotal providers whom you can approach for aid before embarking on this venture.

1. A reliable contractor or home inspector in West Virginia can provide you with repair estimates for motivated sellers’ properties, which lets you analyze real estate deals. Be sure to include an inspection contingency clause in your agreement that permits the contractor to visit the property.
   2. A West Virginia wholesale-friendly title company must specialize in contract assignments and double closings.

Optionally, partnering with West Virginia investor-friendly real estate agents fosters swift communication among the engaged parties.

Dotloop or DocuSign are examples of electronic signature software that you can use for signing documents remotely before and during the closing.

You need to grasp how to find properties for wholesaling at a lower price than they could be purchased for if sold the traditional way — with a realtor.

Individuals eager to sell their properties at a reduced rate are referred to as motivated sellers.

Diverse motivated seller types urgently require funds or lack the money, time, or are just unwilling to put the property in good enough condition to sell, pay attached debt or address other problems.

We’ll explore three approaches that can aid you to find distressed properties.

#1 Buy West Virginia Distressed Seller Leads

There exist companies that find motivated home sellers, have them submit information about their properties and contact details, and then sell these leads to investors and wholesalers.

Additionally, there are apps for wholesale real estate professionals that also offer lead acquisition.

Leads from these resources compile homeowners’ contact information and particulars concerning their properties, and sometimes even circumstances indicating motivation.

Depending on the service, you may see why a lead is motivated. For example, it’s a:

• property owner who is not currently living there
• person who is about to get his house foreclosed on by a lender or local property tax authority
• heir who doesn’t need their inherited house and wants to get done with the probate quicker
• married couple who are divorcing and want to sell their property fast and move on with their lives
• owner of a house in bad condition who can’t or won’t fix it up

Lead providers impose either a recurring payment for a package of services or a fee for each prospective seller.

While it’s a fact of life that not all 100% of leads you get can be converted, you can run into a lead provider that will offer dead leads more often than others.

Confirm that the company is well-established and possesses a history of generating highly-motivated leads.

For example, Real Estate Bees offers a lead marketplace, allowing you to acquire top-notch leads for wholesaling or investing in real estate.

Additionally, explore a compilation of the finest real estate investor lead generation sources to evaluate various lead suppliers.

#2 Hire an Agency to Do Marketing for You

You also have the option to delegate wholesale real estate lead generation and various other responsibilities to an agency specialized in real estate investor marketing.

Online marketing companies devise customized strategies that align with their clients’ financial resources and take charge of their campaigns. They offer:

• creation of engaging content for your website
• real estate website design
• on-page SEO for real estate investors
• off-page SEO (link building)
• social media marketing and paid advertising
• PPC for real estate investors

Paid promotion on social media and Google Search can generate leads pretty soon.

Conversely, search engine optimization (SEO), although working slower, presents an opportunity to establish a self-sustaining, lead-generating asset requiring minimal supervision.

The majority of agencies will bill wholesalers a monthly fee.

Just like lead providers, these companies can be unscrupulous, failing to deliver services as advertised.

If you are leaning towards hiring an agency, you have to be able to sift through an overwhelming sea of bad companies to find one that will serve you as advertised.

But since you are our reader, our team has already done all the heavy lifting for you. We’ve polled and surveyed thousands of our real estate wholesaler members and the overwhelming majority recommended Magnyfi run by Jacob Hicks.

The service provided by Magnyfi is not cheap. But it is definitely worth it if you are serious about growing your real estate wholesaling business.

Go ahead and watch Jacob’s video presentation on the Magnyfi profile page discussing their methodical process they have been using to successfully help other investors grow their businesses.

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#3 Do Your Own Marketing by Yourself

Starting with self-marketing can grant you a deeper understanding of this facet of your enterprise, enabling you to discern a proficient marketing agency from an inferior one when your company has grown enough for outsourcing.

The foremost requirement is a professional real estate investor website tailored for motivated seller lead generation.

A website is a multifaceted tool that can allure leads through various means, including social media advertisements and online search.

Opt for a website solution that empowers you to forge a user-friendly and search-engine-optimized resource. Handpick one from the best real estate investor website examples.

However, your marketing tactics should not be confined solely to your website. Explore offline avenues to find motivated sellers, too:

• place eye-catching “we buy houses” signs in strategic locations
• actively scout potential properties by driving around
• send real estate wholesaling postcards to residents of your target neighborhoods
• scrutinize public records
• get referrals from other professionals, and more.

One of the most effective approaches to find real estate investors for marketing West Virginia wholesale properties is creating a cash buyers list.

But as this takes a long time, you can also use someone else’s list, which we will discuss soon.

Different types of real estate investors might exhibit interest in your under-contract properties, including:

1. hedge funds
2. real estate investment firms
3. individual investors

Your list should include all of them to cover all areas.

Cash buyers tend to have diverse purchasing criteria, and it proves advantageous to document it thoroughly for each buyer you add on the list.

Having a cash buyers list will take your wholesale real estate marketing plan to a new level.

It will allow you to find buyers quickly, without risking running into legal problems caused by marketing wholesale property publicly like realtors do.

Build Your Own Cash Buyers List

Creating a sizable list of West Virginia real estate cash buyers is not a task that can be hurried, so it’s advisable to commence networking as soon as possible.

Participate in nearby real estate associations and REIA gatherings to personally connect with investors.

Consider reaching out to service providers who cater to your clients, such as home renovation companies or West Virginia lenders used by West Virginia real estate investors.

Building a cash buyers list doesn’t happen overnight. It’s a continuous process. Fortunately, it can be significantly sped up by Real Estate Bees’ revolutionary invention — Property Marketplace Widget for Wholesalers.

It basically allows you to build your own cash buyers list on autopilot, and it’s the only online tool of this kind on the market.

What’s even more powerful is that this tool lets you syndicate your contracted properties directly to Real Estate Bees’ massive marketplace of wholesale deals for sale in West Virginia and instantly reach thousands of potential buyers!

Leverage Other People’s Cash Buyers Lists

If you’re short on time to compile your own list of companies that buy houses in West Virginia, you have the option to adopt an alternative approach by utilizing someone else’s roster of cash buyers.

Numerous accomplished West Virginia real estate wholesalers and other professionals in the field have dedicated considerable time and effort to cultivate connections with investors.

While this sounds like a shortcut, there is a catch: owners of these lists will expect to receive a hefty compensation taking up to half of your assignment fee.

If you want to avoid giving away half of your profits while using someone else’s cash buyers list, you can use a robust property syndication tool developed by Real Estate Bees to help wholesalers with the disposition.

The tool lets wholesalers leverage Real Estate Bees’ extensive list of West Virginia cash home buyers to blast their contracted properties for free.

To take advantage of this cutting-edge functionality, create your free account and list your contracted properties.

Contract Assignment

When wholesaling houses in West Virginia, closing is done in two steps:

• signing a real estate purchase contract
• signing an assignment contract

The purchase contract is a standard agreement signed by both you and the seller, outlining the terms of the transaction.

Ensure that this agreement incorporates an assignment provision, an inspection contingency clause, and specifies the refundability of your deposit, regardless of the reason for possible backing out of the deal.

After identifying the end buyer, secure the signatures of both the seller and the buyer on the assignment agreement.

By using this contract, you transparently convey to both parties that the right to purchase the house is transferred to the investor.

To complete the closing process, provide copies of both contracts to the title company.

Double Closing

To facilitate a double closing, you must present two agreements to the title company:

• A purchase contract for the property acquisition by you from the seller
• A purchase contract for the property acquisition by the investor from you

Additionally transactional funding will be needed unless you have the whole home’s selling price in cash.

This type of funding, commonly a short-term loan due to be repaid in a couple of days, enables the completion of the first closing before you get your money back by being paid by the investor.

While it’s not necessary to possess an active West Virginia real estate license, engaging in wholesaling with a real estate license can make things easier and safer.

Obtaining a license allows you to promote a house not only as a wholesaler but also as a real estate agent.

Keep in mind that joining a West Virginia real estate brokerage is a prerequisite for becoming a licensed real estate agent.

Many brokers discourage their agents from wholesaling, so it is important to make your goal clear during an interview with a managing broker.

For comprehensive information on obtaining a license, we invite you to use our resources on getting a real estate license in West Virginia.

Although wholesaling real estate in West Virginia does not have a specific age threshold, it is important to note that a minimum age of 18 is required to establish any legally binding contracts in the United States.

Consequently, individuals under the age of 18 can’t do any real estate deals on their own. But they can collaborate with a partner who can sign contracts on their behalf.

You aren’t obligated to create an LLC to lawfully participate in wholesale activities in West Virginia.

Nevertheless, it’s crucial to contemplate that choosing the appropriate business structure can offer supplementary benefits for your enterprise.

By operating as an LLC, you can take advantage of tax perks that wouldn’t be accessible if you conducted business under your own name.

Establishing an LLC is also a pivotal aspect of various real estate asset protection strategies.

As an LLC, you become eligible for business loans that wouldn’t be available if you engaged in business by using your personal identity.

Furthermore, having an LLC imparts a professional image to your business and elevates your credibility within the West Virginia real estate investing community.

Additionally, it augments your reputation as a reliable investor among homeowners.

Wholesaling reigns as a budget-friendly real estate investment strategy, precisely why many investors embark on this path.

While a marketing budget is required for seeking out distressed sellers and prospective buyers, ample methods we discussed earlier can alleviate these expenses.

You will need an earnest money deposit ranging from $1k to $2k. To secure a double closing, transactional funding becomes necessary unless you possess ample cash reserves.

Given that transactional funding serves as a short-term loan, qualifying does not necessitate a high credit score or employment history.

For the most suitable transactional funding in West Virginia, make use of the “request financing” form offered by Real Estate Bees. It facilitates soliciting quotes and comparing rates from multiple lenders with a mere few clicks.

To provide you with a notion, a typical assignment fee falls within the range of $10 to $15 thousand dollars for a home valued at $150,000 and representing a common property within its locality.

The remaining aspects are contingent upon the volume of transactions executed.

The viability of wholesaling real estate in West Virginia relies on the specific city or neighborhood you intend to conduct business in.

But to gain a broad understanding, examine West Virginia real estate investing market trends.

The most optimal cities in West Virginia for wholesaling real estate align with those ideal for investors to buy rental or flipping opportunities.

You should operate in areas where your customers — landlords and rehabbers — conduct business.

Investors are drawn to steady markets exhibiting population and property value growth. Here are the leading cities in West Virginia that fulfill these requirements:

1. Bethlehem WV
2. Morgantown WV
3. Charleston WV
4. Huntington WV
5. Parkersburg WV
6. Fairmont WV
7. Buckhannon WV
8. Princeton WV
9. Charles Town WV
10. Hurricane WV

Although we have explored the fundamentals of wholesaling real estate in West Virginia, it’s recommended to get further understanding before committing to your first deal.

Listed below are the most straightforward methods to gain knowledge about this field so you can start your wholesale real estate business as promptly as possible.

Courses

Many adept wholesalers have a will to empower and support others in attaining financial autonomy after reaching it themselves.

They boast abundant knowledge to put together all-encompassing educational programs.

Nonetheless, it is vital to stay watchful against deceitful individuals who aim to get advantage of beginners without providing them with truly useful expert insight.

For unparalleled real estate wholesaling classes that genuinely deliver, explore Real Estate Bees’ meticulously curated collection of the best real estate wholesaling courses.

Mentors

We highly recommend contemplating the aid of a real estate wholesaling coach for personalized advice and backing.

Acquiring the expertise of a seasoned professional can help circumvent expensive pitfalls and remain on the correct course.

The best West Virginia real estate investment mentors will cooperate with you to craft a tailored business blueprint, set attainable goals, and aid in selecting potent marketing tactics.

Books

Exploring literature on wholesaling real estate can be a fantastic and cost-effective method to get prepared to do business yourself.

Here are a couple of remarkable book recommendations for those just starting out:

1. Reverse Wholesaling authored by Kent Clothier
2. Everything Wholesaling written by Carol Stinson

Make sure to peruse through this compilation of the best real estate wholesaling books. It will provide additional suggestions.

Investor Clubs

There exist numerous local investor clubs across West Virginia that you can become a part of to gain insights from engaged members who possess firsthand knowledge.

An abundance of experienced investors are ardently devoted to assisting others, and you may encounter one who can aid you in optimizing your enterprise and achieving rapid profitability.

Attending these clubs presents an excellent opportunity to find cash buyers for wholesale deals.

For a curated selection of reputable clubs to join, peruse the list of Real Estate Bees’ real estate investor clubs in West Virginia.

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About the Author

With over 20+ years of experience in real estate investment and renovation, Brian Robbins brings extensive knowledge and innovative solutions to the HouseCashin team. Over the years Brian has been involved in over 300 transactions of income producing properties across the US. Along with his passion for real estate, Brian brings with him a deep understanding of real estate risks and financing.