All Forum Posts by: Dell Schlabach

@Account Closed we have rehabbed and sold quite a few foundation issue houses. When we did our first one, I was very concerned about the saleability, my agent assured me that at the price range ( 120k)  we would not have any problem selling it if we had a transferrable warrenty.

The first one we did sold in a couple weeks, we have rehabbed a dozen or so with foundation issues in the past four years, we recently did a 280k house in Hudson, 14k in foundation work, including straps, house sold within a week. We have sold the houses for full price without taking any discounts because of foundation issues, I would not be worried about it if you have a reputable contractor that can issue a transferrable warranty.

Be sure to get a couple opinions from top "retail" realtors and look at the comps yourself and compare, there are plenty of realtors, especially low volume ones, giving bad advise. 

We and our rehabber affiliates sell 3-4 remodeled houses a month, with an average of under 30 dom

We consistently sell our remodeled houses for significantly more then similar comps.

Its not unusual for us to sell a rehabbed home in an area where "similar" dated homes sell for 140-150 we can sell for 165-169 

I never take sold foreclosures into consideration when determining my arv. and in the last couple years we have not had any trouble getting them to appraise. 

If there are no other  foreclosed  sales to use as comps, you may have trouble getting it to appraise, but ftfromom your information that doesn't seem to be the case.

You can always start at the price you think it should sell for based on non-forclosed comps. If you don't get much activity in the first couple weeks you know you are over priced. 

You can always relist at a lower price in a couple weeks. 

We have had a couple threes, that's my max. 

I don't track showings to offers ratio, its all over the map depending on the house. 

Couple recent examples....in order

Oval Rd, four showings first weekend = one full price offer -3,500 closing cost contribution

Ranfield Rd,  four showings first weekend = three offers,contract 3k above list.

Oak Point, 12 showings over three weeks  1 offer, contract 5k under list

Main,  13 showings two weeks, one offer, contract 18k below list

Twinsburg, 4 showings three offers first weekend, contract 11k over list

Then a rehab affiliate we source all his deal for with similar stats as ours, has the infamous  Galloway house, 40 + showings in seven month 100,000 total price drop, no offers, kinda messes with the stats :-(

 That's my favorite one too! I vote for Nancy.

@Sarah Miller I have only been to two breakfast meetings,   there were 6-8 regulars there....not a large group. 

You are welcome to join us at the next ACRIEA round table meeting, I think you would find that more inspiring/valuable. We can have a canton contingent there, I expect 75+ people at the event. 

I was trying to link your name earlier in my response to Jen, you two seem to be in a similar track, similar interests.

@Sean Gregg just noticed you are new here as well. Welcome to the site!

Pretty familiar with your neighborhoods, stow, cfalls, hudson, bath. We buy fix and flip, and don't do rentals. 

Welcome and good luck with your ventures! 

@Jen R.

I was a member of ACREIA, although rarely attend meetings, I switched membership to Canton REIA this year.

If you join one group you can attend any other REIA affiliate groups for free.

The next meeting is ACREIA annual roundtable meeting, the one meeting a year I typically attend.  The format; typically there are 5-7 tables each covering a specific topic, each table has a moderator discussions are 20? minutes then you pick a different table/subject that interests you. 

Its a good way to get nuggets of information and find people with interests similar to yours to network with. 

We are going  to be at the next meeting, if you decide to come, let me know and I'll keep and eye out for you. If you want to meet at start of the event, you are most welcome to hang with us,  rehab roundtable will be our first one, assuming they have one this year.

A little late to the welcoming committee here, but glad to have you join the bigger pockets community. 

Lot of helpful greater Akron area investors on bigger pockets willing to share their insights and experience. 

Wish you the best in your adventures. 

We have used a few different accountants as we have grown our business over the years. We have been using Jeff Craft CPA, from Canton for a few years now.

  Exceptionial accountant, entity structure, tax strategy advisor, works with quite a few  real estate Iinvestors locally. Also owns rental properties and has experience in rehabbing. 

http://www.jcraftconsulting.com

May be worth a free consult.

Good luck in your endeavors.