My Wholesale/Flip in Akron, Ohio.

[David Humphrey]

Hey Everybody,

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.  

[David Humphrey]

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.