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Realtors Turned Investors Put In Hard Work to Reap BIG Rewards
As 2022 was drawing to a close, engaged couple Jeremy and Katrina Ragon were looking to 2023 with the excitement of starting their journey together as a married couple, both working as real estate agents near Jacksonville, FL.
As they planned their lives together, they began reflecting, discussing their real estate journey, and acknowledging that the money isn’t in selling real estate. It’s in investing. Katrina said, “Real estate is hard. Why not do real estate for our own gain?”
Real estate school may teach about buying and selling houses, but it doesn’t teach you about buying and selling to profit in real estate investments, so they began researching and came across an ad for the Home Flipping Workshop. The couple immediately registered for the 3-day workshop and were overwhelmed with the knowledge they gained.
Armed with the knowledge experts, Glenn and Amber Schworm shared in the workshop and with their VestorPRO coach by their side, Jeremy and Katrina went in search of their first deal. They took advantage of social networking opportunities, and one day, Katrina received an email in her inbox from a wholesaler with a deal too good to pass up.
New investors are encouraged to look for a 3 bedroom, 2 bath house, about 1500 square feet. The 3200 square foot riverfront property, complete with 5 bedrooms, a broken pool, and a broken dock, was definitely not the typical first flip, but something told the Ragons this deal was too good to pass up.
The wholesaler was asking $232,000, and looking at other comps revealed that the house could sell for $450,000 once fixed up.
The Ragons had no money to bring to this deal. Dealbreaker? Nope! Thanks to what they learned at the Home Flipping Workshop, Jeremy and Katrina knew how to secure a hard money loan for the property purchase and a gap loan to pay for the renovation. They were able to fund their first deal with zero out-of-pocket!
Using Glenn and Amber’s Home Flipping Evaluator tool, they estimated the renovation costs would run between $90 – $95,000.
So, in January 2023, the couple found themselves the proud owners of their first flip. However, not everything would go their way.
Two months into renovating the property, the couple realized they had hired the wrong contractor, and he had to go. As a matter of fact, everything this contractor had touched would need to be completely redone.
This blow was a financial setback, to be sure. Still, because they had used the proper forms and contracts, they were able to sever work with the contractor cleanly and continue moving the project forward, but they had hoped for a different timeline.
Purchase Price: $232,000
Renovation Expenses: $125,000
Holding/Closing Costs: $63,000
Final Selling Price: $540,000
Planned for June, they hoped to have their flip done and sold well before their wedding day, but it soon became evident that just wasn’t going to happen. However, the couple soldiered on, and after plenty of stress, long hours, and sleepless nights, their property was finally ready for the market!
As the couple re-evaluated the comps on the property, they were in for a big surprise! The property was worth much more than expected! Instead of the $450,000 they had anticipated listing the property for, the comps showed the property could sell for closer to $600,000.
Because of high-interest rates, the offers came in a bit lower than they hoped, but they were able to sell the house for $540,000, netting them a profit of $120,000 on their very first flip! “That was more than we ever made in an entire year’s salary!” says Jeremy.
As the couple begins their life together as husband and wife, they start as true couplepreneurs looking forward to their next deal. Perhaps a rental?
The couple admits that things rarely go as planned, and real estate investing can be hard. But being realtors is hard, especially in this time of high interest rates, so why not do the hard thing that makes more money?
Katrina says of Glenn and Amber and the Home Flipping Workshop, “Real estate investing is not as easy as everyone makes it sound, so we are thankful for the education!”
“What we thought was impossible for us has now been such a rewarding feeling and one of our greatest accomplishments so far. Now we can’t wait for the next one!! A special thanks to our VestorPRO coaches, who helped us along the way and guided us through the tough times.”
Home flipping is your gateway into real estate investment and true generational wealth, financial legacy, and personal freedom.
Don’t miss out on attending the premier home flipping virtual live event, the Home Flipping Workshop!