All Forum Posts by: Thomas Jackson

First off, how did you end up in this debacle? Secondly, Marci is right....never lose money! But on a serious note....my thought is to kick that tenant out immediately and either raise rent to at least break even or Airbnb it and most likely cash flow positive. Where is the condo located in SD? 

@Eric Martin my father and I and in the process of building our first self storage complex in Ohio. It’s not your typical self storage, we call it XL or Mega storage. Extra large units for extra large storage needs..... boats, Rvs, business storage etc. Its a 49 unit complex and the first phase is about 50% complete. Took us a little over a year to break ground, but we have ironed out all of the kinks and are rolling now! The first phase is set to be complete by years end and the 2nd phase to follow. I think we can replicate what we are doing just about anywhere and to scale this thing we are going to need investors! Pm me if you’d like to talk more about it.

Rule number 1, never give money to people/companies that ask for it “up front” or out of escrow....

Look for a cheap duplex or multi-family unit. With good credit you should be able to buy with a small amount down as long as you live in one of the units. Build from there! 

Investment Info:

Single-family residence fix & flip investment in Medina.

Purchase price: $238,000
Sale price: $343,000

My partner and I purchased this home at the Medina County Sheriff sale in October of 2017. The house was in pretty decent shape, a lot of small cosmetic repairs like painting, engineered floors, carpet etc. We re-tiled all of the bathrooms, installed new vanities and fixtures. In the kitchen we painted the cabinets, installed granite counters and tile backsplash. Built a custom stone fireplace in the main living room and cleaned up all of the landscaping

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

It was in a sought after school district and the price we purchased it for was within our budget.

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

Sheriff Sale

How did you finance this deal?

Cash and traditional financing

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,900
Sale price: $425,000

Bought this home as my primary residence back in 2015, but all along the plan was to fix and flip this property. It was a highly distressed property, but it had good bones and hell of a potential to be great. A complete remodel inside and out.

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

I knew this property had great potential and it was located in a hot market with very good schools.

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

I actually found this house while searching on Zillow. It was a foreclosure and I was probably the only contractor crazy enough to see the potential.

How did you finance this deal?

Cash Buy

What was the outcome?

The house just currently hit the market and showings are stacking up.

Ask @Brandon Turner

@Andrew DeBlock I have a friend making nearly double his rent with Airbnb, he has a 4plex and will be Airbnb’in all of them as soon as leases end. It’s incredible, the demand for Airbnb in Cbus.

@James Taylor its a HOTTTTTT multi-family market. So many multi-family property’s for sale (high prices) in the good areas, but there are pockets of up and coming neighborhoods that you can still find deals. If I lived in Columbus, I’d be all over it! Good luck!!

I recently put myself in a similar situation, except I quit my regular job. I contemplated getting another job for the steady w-2 income and the better loan approval chances or just going full into real estate investing myself. My only difference is that I have done a great deal of REI and have had a ton of success flipping houses. I know for a fact that I can make 2-3 times my normal w-2 job if I put all my efforts toward REI. Seems like a no brainer huh? My problem is that I've done all of my investing in Ohio and now I'm moving to SD. Trying to do it out of state is what hangs me up a little bit from just jumping right in full time.