All Forum Posts by: Aaron Gobble

Investment Info:

Single-family residence other investment in Akron.

Purchase price: $115,000
Cash invested: $16,500

This home is a live in BRRRR type strategy. Rehabbing the home while living in it will bring the value to close to $175k. After finishing, move to the next home, rent this one out, and refinance it (given that rates don't skyrocket), and continue with the same strategy on the next home.

What made you interested in investing in this type of deal?

I was already renting the home, and was able to purchase the deal off market.

How did you find this deal and how did you negotiate it?

Found the deal through family, and negotiated a 6 month lease-purchase, with the majority of the lease payments going to pay down the purchase price.

How did you finance this deal?

First 6 months was financed through the homeowner, and then bought using a traditional 30yr mortgage.

How did you add value to the deal?

Kitchen, and bathrooms gutted, new flooring and paint throughout the home. Purchased used oak cabinets for a total of $475 that are being utilized in the kitchen, lower bar area, and laundry room. Flooring for half of the home purchased from a wholesaler for $1000 with minor defects, and lower level will utilize LVP flooring. Comps are showing $175k +

What was the outcome?

Currently living in the home until work is completed. Original plan was two years, but that timeline may move up if they right follow up deal comes along.

Lessons learned? Challenges?

I never want to sand cabinets again. The time taken to do so has outweighed the cost benefits. The roof was supposed to be redone through insurance, but we chose a bad contractor who ended up taking the deposit, and disappearing. The insurance claim expired before we were able to get the work done. I'll be redoing myself to save money, but will no longer be putting a metal roof on the property like originally planned.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I myself am an agent, but this property was done completely off market to keep purchase price low. The team that I work on has over 100 doors, and also a home flipping partner. The knowledge gained through them has been the main reason for joining the team.

Thanks @James Wise !

@Remington Lyman Thank you!

@Jill F. Thanks for letting me know! I look forward to meeting you and your husband at your next meetup. I will definitely keep you in mind for any duplex groups I come across. 

@Shawn Cordes Thanks Shawn! That is how I met Terry as well. He loves teaching on the side despite the success he's had in real estate. Good luck to you too. 

@Kobe Xin Thank you! I chose to work on a team specifically for the investing side of things. I don't mind getting a smaller piece of the pie with the help and direction I'm receiving through it. 

Hi Everyone,

I'm not necessarily new to the site, but only recently put up a picture, and am now making my first post here as well. I have long been interested in REI, but didn't truly know where to start. I tend to be the type of person that wants to have everything planned and figured out before starting. I know now that is never going to happen when it comes to REI. After listening to BP podcast for over a year and not taking any action, I realized that I was possessed by a bit of analysis paralysis. I also didn't have a direction or niche that I wanted to focus on initially. I decided to finally take action a couple of months ago by becoming a real estate agent. I figured that the best course of action FOR ME was to keep myself surrounded by real estate all of the time. Although that may burn out some people, there isn't a topic on real estate that I have not found interesting, and I find I am most productive when I can obsess over something.

Without much money, or knowledge in investing prior to becoming licensed, I realized that it was going to be hard to find a mentor. Networking would also be difficult if I couldn't provide much value to anyone. I am handy, but do not have a desire to work with my hands the remainder of my life (I find that to be more fun as a hobby). I do help my Team (The Aikens Team) by doing some small projects on investment properties while I build up my sphere, and get to a higher volume of sales. 

Like it says in the title, I am from the Akron area, specifically Stow. I grew up here, and know a lot of the greater Akron area pretty well. I currently live in Tallmadge/Goodyear Heights. I enjoy working on my own cars, and bought and sold some for a while. I also sometimes play semi-pro football, and enjoy snowboarding, and hiking. I would love to meet up with anyone local and figure out how I can provide value to you. Whether that be thru utilizing my license, or connecting you with my preferred contractors/bankers/investors/etc. I am newer, but work on a team with 3 other agents, 2 of which have a combined portfolio of about 40 SFR, and over 40 years as an experienced agent. If I can't personally help you, I can definitely point you in a good direction, and hope that you could do the same for me.

Thanks!

Aaron Gobble