R IN E ID U S T RY P RSOPPOETRLTI G YH MTA N AG E M E N T ISN KN S O R E D C O N T E N T PO
The Exemplary Investors S COT T S T U B E R A N D T Y R O N E V E L A S Q U E Z A R E T U R N I N G A R O U N D DAY TO N , O H I O , N E I G H B O R H O O D S O N E H O U S E AT A T I M E .
For most residential real estate investors, the name of the game is equity. What many discover along the way is that turning one property often dominoes into turning around an entire neighborhood. Take investors Scott Stuber and Tyrone Velasquez: They bought their first bank-owned property, flipped it for a surprising profit and then went on to revolutionize the Dayton, Ohio, community.
O N E G O O D T U R N D E S E RV E S A N OT H E R In 2013, Scott and Tyrone were looking
Four years ago they bought another
information, which would normally take
to buy near Tyrone’s parents’ home in
property in Estes Park, Colorado, near
us days to dig up, allowed us to do our
Gainesville, Florida. After being disillu-
where they now live. They renovated
due diligence in less than an hour.”
sioned with their lender, they decided to
the property themselves, flipped it, sold
take matters into their own hands and use the money from one of their 401Ks to buy a property at auction. Tyrone said: “We rehabbed the property ourselves. We didn’t intend to sell it
their business and used the profit to start their real estate portfolio in Dayton, Ohio, near Scott’s hometown. Scott said: “We stumbled onto Auction.com and were surprised to see so many foreclosure and bank-owned properties that
Initially Tyrone was a little hesitant about investing in Ohio. But after researching the area they found that Dayton was once a bustling auto industry town. However, during the 2008 recession, Dayton took a downward turn that resulted in a lot of foreclosed homes that negatively impact-
initially, but because of the huge value
were available in the Dayton area. Most
it had gained in the years’ time when we
property pages had preliminary title
were working on it, we sold it for a nice
reports, inspection reports and compara-
They found that the Cincinnati-Dayton
profit and got hooked.”
ble financial data. Having access to this
area is now growing. There is a U.S. Air
68 OC TOBER 2020
edthe neighborhood.