Just wanted to share a bit of success I had last week.
Got a call from the owner of a rental property. His tenant moved out in December 2014 and decided to do the owner a favor and flip the main breaker... What she should have done was shut off the water. A pipe burst because of the Ohio winter, and water ran for 3 weeks before he discovered it. Luckily, the basement floor drain kept up, but the kitchen was gutted, walls, ceilings taken out. Professional remediation by a disaster cleanup company.
I buy the house for $4000. It was a 3br/1ba 1400sf with an arv of $45k in a C class neighborhood. I went in for 2 days, busted *** to hang 48 sheets of drywall, 16 sheets of subfloor, just to make the property appear less intimidating.
Put on the market for 1 day at $15k, insane response. 2nd person who came to look at it offered $12k cash and could close in 2 days. I took the offer
Long story short, bought a property for $4k, invested $600 and 2 days, sold within 2 days for $12k. Not a bad profit for a few days work.
yeah you did good!
Good for you, David!
Congratulations @David Humphrey
One part recognizing value, one part hustle.
Jealous! Great job! Akron is filled with these kinds of properties
Wow, that is amazing. Good work. Can't find anything like that in WA state.
What is the average price for a fixer in that neighborhood?
Hey @Adrian Chu . Akron is a strange market. The average price for a fixer in that area is in the 10-15k range. Like I said, the ARV on those properties is in the $45k range, but rents are strong at anywhere from $700-800.
Akron is really a street to street type of market. You can have a nice street, then a bad street, two nice streets, then 5 bad streets so it's very strange. There are areas that are worse in general. In addition to the Akron market, the Canton market (15 minutes South) is extremely similar. Feel free to PM me with any questions. I'd be more than happy to help.
Great work man! Akron can be tricky.. Well done.
@David Humphrey that is awesome! I'm moving to Hudson-Aurora this summer and am looking forward to putting in some elbow grease like you to get things done! I'll be looking for rehabs, so I'd love to touch base with you!
congrats @ David.way to go
I am checking an option to invest in a property on Bye str. West Akron. Does anybody have any idea on the neighborhood, crime rates, nearby schools etc? Is this area considered desired for rent?
@David Humphrey well done! Continued Success!
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