“The Queen of Rehab” Visits Greater Dayton REIA
By Larry D. Hudson
 
Sometimes very big things begin in a small way. For Robyn Thompson, a long and successful career as property investor and mentor began with a neighbor’s decision to abandon a house ahead of foreclosure. Thompson shared the story during her appearance at Greater Dayton REIA’s First Wednesday meeting for February (2/17/18).
 
Back then, Thompson told the meeting, she was working long hours at a restaurant. She had debts and bills. She was more than ready to learn a new way to earn.
 
After the bank took over her neighbor’s condo, it was offered for sale for nearly $80,000. After months of no offers in a slow market, the condo went to auction – and Thompson became the winning bidder at $27,500. After offering it for rent, Thompson said, she earned enough in monthly cash flow to cover her car payment. She was hooked.
 
Over the two decades since, Thompson has tackled dozens and dozens of rehabs – some for resale and some to keep.
 
She had advice for everyone who wants to follow in her footsteps: hire qualified people to do the work – not the cheapest contractors in town, but those who do higher-quality work and are established in business and financially responsible.
 
Thompson offered this advice: “When you rehab a house, spend $5,000 to $7,000 more than anyone else in town. Be in the top one or two percent of houses available in Dayton. It will sell in hours,” she said.
 
Why? Because offering higher quality finishing in a home builds buyer enthusiasm, she said.
 
 “I’ve learned that if I do one level above other houses, I’m selling in hours instead of weeks and months.”
   
A great resource for rehabbers is right here at gdreia.com – Greater Dayton REIA’s directory of vendor members – which you can find under the “Resources” tab. Several vendor members were available to consult in the hallway outside our First Wednesday meeting, and some of them came to the front of the room to introduce themselves at the 2/7/18 meeting. Included were representatives of Auction.com, Dave Murray and Associates (CPAs), Farmers Insurance, HER Realtors, National Tenant Network (tenant screening) and Sherwin Williams Paints.
 
Vender member John Ison of Sherwin Williams provided a short presentation on the company’s discount program for property managers. The discount program is offered through National REIA and includes online ordering of materials like paints, floor coverings and other products.
 
 New Greater Dayton REIA librarian Jen Webster also spoke to the meeting – and described her current effort to reorganize the library’s materials. “It is amazing the wealth of information we have listed,” she said. “I learned today that we are one of the only REIAs left that has a library,” she added, and urged Greater Dayton REIA members to check out what the library has to offer.