Student Success Stories – Allison Somera

So excited to have completed my very 1^st deal in Las Vegas, Nevada all while working in the comfort of my home office in Hawaii.  A big shoutout to my mentor Aaron Schlag for always being available to answer any questions, helping me to write the contract, being patient and just for making the whole process simple.  It was a small investment that generated a BIG return!

 Let me share my journey…

In October 2022 I attended Ron’s QSRE School, enrolled in the Master’s Program in November and started my 6 months mentoring with Aaron Schlag in mid-December.

Just a few days prior I was told that my cousin’s property was for sale but was already working with another investor.  I reached out anyway (thinking it would be good practice) I introduced myself as a newbie RE investor, got the info for the PI Sheet, worked out an offer with Aaron, used Ron’s FSBO Scripts and advised my cousin to give me a call if things change. Well, a few days later he dumped the previous investor, accepted my offer and I got my first deal! 😊

It took a few weeks in January to settle the title and gather all the required documents from the previous owners to close on the property. Using Ron’s Owner Financing Check List was of great help.

In February 2023 I closed on the property for $343,000 subject to the existing mortgage of $191,000. There were 2 liens totaling $81,000.  I put $10,000 down, back paid the mortgage of $6,000 and took over the monthly mortgage payment of $1487. We were going to list the property for $479,999.

We made improvements to the property after the owner and tenants moved out in March. Paid $9,000 to paint the entire home interior, garage and cabinets, replaced a couple of windows, toilet seats and fixtures and deep cleaned the house. We also got the pool inspected, made minor repairs to the equipment to get it up to spec and made it sparkle clean.

The property was finally ready and up for sale in mid-April. After looking at comps with properties without a pool and to cover the rehab cost, we decided to test the market and list high at $515, 000. After a week of showings and an open house with no offers, we dropped the price to $505,000. Two weeks later we got the full asking price from a family who was relocating from another state. 😊 In late May we made a few more minor repairs to the property, per the buyer’s request.

On June 1^st I got to visit the property for the 1^st time on the 1st day of our family vacation in Las Vegas.  On Friday, June 2nd I got the “Congratulations, the home is closed!” call that I’ve been anxiously waiting for.  On Monday, a few hours before my flight back home to Hawaii I got to personally meet the escrow team and pick up my 1^st sales proceeds check as a Real Estate Investor for over $187,000.  Timing couldn’t have been more perfect! 😊