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2 things to look for in a realtor if you’re buying or selling your first home, according to a 31-year-old who’s made over $165,000 on real estate<!-- wp:html --><p>Kristan (left) and Shawn Wharrey used the profit from selling one of their houses to pay off their student loans.</p> <p class="copyright">Courtesy of Kristan and Shawn Wharrey</p> <p>Shawn Wharrey has made $167,500 in profits from renovating and selling three family homes.<br /> He says the key to his success is a good realtor who advised him during the renovation process.<br /> He also recommends finding someone with good reviews or word-of-mouth referrals.</p> <p>Between June 2017 and April 2022, 31-year-old veterinarian Shawn Wharrey made $167,500 from buying and selling three different houses.</p> <p>Here's a timeline of when Wharrey sold and bought his first three family homes:</p> <p><strong>Home and location</strong><strong>Purchase price</strong><strong>Sale price</strong><strong>Profit (after taxes and renovation costs)</strong>House 1: Delaware, OH$196,000$222,000$7,000House 2: Oakland County, MI$340,000$412,500$32,500House 3: Pickerington, OH$287,000$435,000$128,000</p> <p>Wharrey chose homes that were move-in ready, but still needed minor cosmetic upgrades. From the sale of his Ohio homes alone, he made $135,000 with the help of his go-to realtor, <a href="https://www.remax.com/real-estate-agents/molly-mosley-columbus-oh/100040870" target="_blank" rel="noopener">Molly A. Mosley</a>.</p> <p>"We ended up making $128,000 on [the Pickerington, OH] house. <a href="https://www.businessinsider.com/personal-finance/diy-renovations-profit-selling-home-2022-8" target="_blank" rel="noopener">I used some of the funds to pay my student loans</a>, and it's all thanks to my realtor," says Wharrey.</p> <p>For first-time homebuyers or sellers who need guidance on what to look for in a real estate agent, here are two qualities that Wharrey says helped him.</p> <div class="insider-raw-embed"> <div class="myFinance-widget"></div> </div> <h2>1. Look for a realtor with good online reviews and word-of-mouth referrals</h2> <p>Mosley came highly recommended by Wharrey's wife's colleagues and close friends. He adds, "A couple of weeks ago, I saw that she's amongst the top 5% of realtors with RE/MAX in the area. She also talked to us about how many houses she had closed on in the previous years, how many offers her clients are getting, and how fast the clients were getting those offers."</p> <p>Selling their first house was daunting, says Wharrey, "We were just terrified we were gonna lose money on it." With Mosley's help timing the market and her staging recommendations, Wharrey walked away with a $7,000 profit after <a href="https://www.businessinsider.com/personal-finance/how-much-is-capital-gains-tax" target="_blank" rel="noopener">capital gains taxes</a>, which he had to pay because he bought and sold the home in less than two years.</p> <h2>2. A good realtor should offer practical advice on what renovations will yield profits</h2> <p>Wharrey worked with a different realtor in Michigan, where he bought a home at the top of his price range that had an unfinished basement. His Michigan realtor told him that homes with finished basements sell for $400,000 in the area, so if he was willing to put in the sweat equity, it could really pay off.</p> <p>Wharrey hired family friends in Indiana to finish the basement over the course of a few weekends, which cost roughly $40,000 out of pocket. After two years, the home sold for $412,500 just as his realtor predicted. After the cost of the basement renovation, Wharrey pocketed $32,500 from the sale of his home.</p> <p>While looking for their third home back in Ohio, where Wharrey moved to be closer to his family, he worked with Mosley again to buy and sell their homes. During walkthroughs, Mosley pointed out the potential for each home to turn a profit, knowing Wharrey was willing to do DIY renovations.</p> <p>"She has a structural mind," he says. "Walking through our house, she was very honest and said, 'Don't worry about carpet or flooring because if someone doesn't like your carpet, they're gonna replace it anyways.'"</p> <div class="insider-raw-embed"> <div class="ca-widget"></div> </div> <h2>The right realtor helped Wharrey and his family move into their dream home</h2> <p>After paying off the <a href="https://www.businessinsider.com/personal-finance/veterinary-school-student-loan-debt-payoff-2022-8" target="_blank" rel="noopener">remaining $108,000 balance on his student loans</a>, Wharrey still had $20,000 from the sale of his third home to put into his family's next home. Without the burden of student loans, Wharrey and his family worked with Mosley again to find their dream home.</p> <p>"It's more of our forever home," he says. "We have six-and-a-half acres. We have a horse star barn and an arena barn. We were able to find a house that we've really been reaching for since we got married five years ago."</p> <div class="read-original">Read the original article on <a href="https://www.businessinsider.com/personal-finance/first-time-homebuyers-realtor-2022-8">Business Insider</a></div><!-- /wp:html -->

Kristan (left) and Shawn Wharrey used the profit from selling one of their houses to pay off their student loans.

Shawn Wharrey has made $167,500 in profits from renovating and selling three family homes.
He says the key to his success is a good realtor who advised him during the renovation process.
He also recommends finding someone with good reviews or word-of-mouth referrals.

Between June 2017 and April 2022, 31-year-old veterinarian Shawn Wharrey made $167,500 from buying and selling three different houses.

Here’s a timeline of when Wharrey sold and bought his first three family homes:

Home and locationPurchase priceSale priceProfit (after taxes and renovation costs)House 1: Delaware, OH$196,000$222,000$7,000House 2: Oakland County, MI$340,000$412,500$32,500House 3: Pickerington, OH$287,000$435,000$128,000

Wharrey chose homes that were move-in ready, but still needed minor cosmetic upgrades. From the sale of his Ohio homes alone, he made $135,000 with the help of his go-to realtor, Molly A. Mosley.

“We ended up making $128,000 on [the Pickerington, OH] house. I used some of the funds to pay my student loans, and it’s all thanks to my realtor,” says Wharrey.

For first-time homebuyers or sellers who need guidance on what to look for in a real estate agent, here are two qualities that Wharrey says helped him.

1. Look for a realtor with good online reviews and word-of-mouth referrals

Mosley came highly recommended by Wharrey’s wife’s colleagues and close friends. He adds, “A couple of weeks ago, I saw that she’s amongst the top 5% of realtors with RE/MAX in the area. She also talked to us about how many houses she had closed on in the previous years, how many offers her clients are getting, and how fast the clients were getting those offers.”

Selling their first house was daunting, says Wharrey, “We were just terrified we were gonna lose money on it.” With Mosley’s help timing the market and her staging recommendations, Wharrey walked away with a $7,000 profit after capital gains taxes, which he had to pay because he bought and sold the home in less than two years.

2. A good realtor should offer practical advice on what renovations will yield profits

Wharrey worked with a different realtor in Michigan, where he bought a home at the top of his price range that had an unfinished basement. His Michigan realtor told him that homes with finished basements sell for $400,000 in the area, so if he was willing to put in the sweat equity, it could really pay off.

Wharrey hired family friends in Indiana to finish the basement over the course of a few weekends, which cost roughly $40,000 out of pocket. After two years, the home sold for $412,500 just as his realtor predicted. After the cost of the basement renovation, Wharrey pocketed $32,500 from the sale of his home.

While looking for their third home back in Ohio, where Wharrey moved to be closer to his family, he worked with Mosley again to buy and sell their homes. During walkthroughs, Mosley pointed out the potential for each home to turn a profit, knowing Wharrey was willing to do DIY renovations.

“She has a structural mind,” he says. “Walking through our house, she was very honest and said, ‘Don’t worry about carpet or flooring because if someone doesn’t like your carpet, they’re gonna replace it anyways.'”

The right realtor helped Wharrey and his family move into their dream home

After paying off the remaining $108,000 balance on his student loans, Wharrey still had $20,000 from the sale of his third home to put into his family’s next home. Without the burden of student loans, Wharrey and his family worked with Mosley again to find their dream home.

“It’s more of our forever home,” he says. “We have six-and-a-half acres. We have a horse star barn and an arena barn. We were able to find a house that we’ve really been reaching for since we got married five years ago.”

Read the original article on Business Insider

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