Ronald and Chandra Gibson work with “flooded and gutted” homes that run the gamut of issues from mold to rot to health hazards.
Because of the severity of these concerns, Ronald understands and preaches the importance of never cutting corners. He’s built up such a reputation, in fact, that agents seek him out and get deals to him first and appraisers use his houses as comps as he sets the tone for each neighborhood.
Ronald and Chandra ease any misconceptions about the homes previous flooding by always presenting high-quality results. Chandra does the interior design, and although they understand that it often means more money spent, their motto is “If we wouldn’t move into it, we won’t put it on the market.” And with a motto like that, they’ve never had a house sit on the market more than one day. They often reconstruct the interior layouts to make sense and, according to Ronald, “woo people” with their design.
Ronald tries to sell each house before it goes on the market, and has had three pre-sales out of that strategy.
With a full-time job with shell chemicals and three kids–13, 12, and 7 years old–Ronald and his wife, Chandra have found a way to keep their schedules full of restoration projects without sacrificing work and family time to do it.
Recently, they closed two properties with Cogo Capital.
The loan amount for the first property came in at $104,975.00 and after the house sold, Ronald pocketed a healthy $114,520.04.
The loan amount on the other was $159,250.00 and sold for $299,000. After deducting rehab and closing cost, he netted a profit of $67,875.64.
With the advice of his Success Accountability Group coach, Mike, Ronald has had people calling him for help. Recently, he was approached by a fellow investor who got near the finish line with the property only to learn that the mold wasn’t properly taken care of and overtook all the new cabinets, drywall, and finishes. Ronald tries to help by buying out projects that he can, but if the numbers don’t make sense, he can’t always help.
For more on the Lee Arnold System of Real Estate and the Success Accountability Group and coaching, call (800) 473-6051 for information and to start your journey of success today.
He has had a “beautiful experience” working with COGO. “If there have ever been bumps and bruises,” Ronald said, “the COGO staff is quick to clean them up and provide great communication.”
The loan officers walk him through everything as needed. In fact, Ronald and Chandra were recently in the process of purchasing their own home, and the mortgage company needed all sorts of documentation about their investing work.
“Cogo was more than helpful and accommodating with the information we needed.”
In addition to these 2 houses, they have another house they financed through Cogo that Ronald bought for $75,000 that should go for $299,000; a project that is already gutted and he estimates will cost $60-70,000 to fix. Ronald is also managing two smaller projects Cogo financed projects that he bought for $33,000 and $40,000 with a retail price point of about $120,000 each. After renovation costs, he stands to make $30-40,000 on each of those.
His advice? Take action! He often interacts with people who started with the Lee Arnold System of Real Estate at the same time as he did, yet they haven’t moved from where they began. Always trying to move them forward, Ronald wants to see them succeed alongside him and encourages them to press on.
We appreciate his encouragement to others and support Ronald and Chandra in their continued success!
Your Partner is Profit;
Lee A. Arnold
The Lee Arnold System of Real Estate Investing
Follow me on Twitter: @CogoCapital and @LeeArnoldSystem
Have a deal? Visit us at www.cogocapital.com to fill out your fast and easy quote. Want to learn more about COGO first? CLICK HERE to get to know all the ins and out!
FOR MORE, VISIT FUNDINGTOUR.COM