Ready to really do this in Dayton, OH!

6 Replies

My husband and I are 33, with 4 young kids (ages 8-2), and while we are not really new to flipping, my husband has been unhappy in his career and has decided to really flip houses instead.

We didn't start out as flippers but I guess more smart first time home buyers. Purchased our first home at 19 for $82k. We literally "scrapped" for our home improvements, collecting cans out of people's recycling bins and at a nearby college. Paid for roof, windows, and finished basement all in cash. Put about $10k in and sold 3 yrs later for $107k.

In June 12 a bank owned condo kind of fell into our laps. It had been on the market awhile, my mom was a realtor and noticed it. It didn't need any work, and we paid $65k. We decided to hold onto it and rent. Found a great renter within days for $950/mo. Made about $300/mo after private loan, HOA, taxes, insurance. Things were going so well....

We bought condo #2 in the same complex. This one was a total gut. Disgusting! As in the kids stayed in the car while we looked, lol. We closed Feb 13 for $49k. Spent about $12k. Rented out to a great couple before we even had the dry wall finished for $1,000/mo.

Renters were relocated in Aug on prop #2, and went through a nightmare of buy/rent situations. Great tenants who's deposit check/1st months rent bounced, first time home buyers who wanted 15% of the asking cost thrown in (closing costs, money for new HVAC/water heater/ac in cash, HOA fees, etc). This is when I decided maybe I'm not landlord material. I can't stand people who cant show up for appointments on time and I can't stand people who can't get their crap together. LOL.

Just closed on condo #2 with a profit of $38k (well roughly $30k after capital gains GRRR). With this new cash, and another $45k cash on hand, we're ready to really get into the flipping business. I'm opinionate though (hard for me to put my heart into a house I would never buy myself) and we've been spoiled on our other good deals that we shy away if the profit just isn't enough. Our realtor pointed us to this site after we found some properties on auction.com so I'm glad to have found this place. Looking forward to learning more and sharing our successes hopefully more than we share our failures.

Andrea congrats on the decision to make the move.  We are in a position like no other here.  I am also a full time investor in Dayton as well as a licensed realtor.  I would like to speak with you and maybe we can benefit from each other.  I have a pretty good network built up and we have a small group that meets once a month to just talk shop.  Let me know how I can help and if you would be willing to come around and shoot the breeze for a day and we can swap stories and experience.

Hi Ozzy! Good to hear there are other investors in the area here! It's sometimes defeating to watch these shows on tv in California where the profit margins seem so much larger. In a low cost of living area like Dayton, you sure have to be careful with finishes or your profit will be gone! I work the good old 8-5, but I'm sure the hubby would love to meet up and meet some others in the business.

Hi @Andrea Castor , it sounds like you're off to a great start already. A lot of us have been through similar experiences and survived. We have the scars from bad tenants, etc.

You've found BP, so thanks to whomever pointed you here. There's a great group of people, and they all want you to succeed. There is a ton of info on the site from the Guides, Tools, and of course, all the people in the forums.

As @Ozzy Smith said, locally a group of us get together once a month to talk real estate. Here's a link to the announcement https://www.biggerpockets.com/forums/521/topics/24...

We'd love to meet you and your husband.

As always feel free to call if you have any questions.

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