Jermaine Morgan grew up in a home without consistent hot water or compassionate landlords. This motivated Jermaine.
Today, he buys through Auction.com, turning distressed, foreclosed properties into beautiful homes for families.
“I’m trying to establish our community again and make homes livable,” said Jermaine.
As he rebuilds his hometown, Jermaine is creating a better life for himself, his family, and the neighborhoods in and around Columbus, Georgia.
Entrance into Investing
Before becoming a local community developer buying foreclosures through Auction.com, Jermaine worked part-time as a Realtor and part-time in the local fire department.
While working as a Realtor, Jermaine met his mentor, a local real estate investor. That mentor showed Jermaine how to invest in real estate, changing Jermaine’s and his family’s life.
One month after learning how to invest, Jermaine purchased his first property for $60,000 from Auction.com at an in-person auction on the courthouse steps. With a real estate agent’s help, Jermaine sold the home to a family.
This entry into real estate investing showed Jermaine that he could provide his family with financial freedom and improve another family’s life.
“I realized I was driven by my level of service to the community,” said Jermaine.
Experience with Auction.com
Jermaine uses Auction.com because its representatives work with buyers. With technology and care, Auction.com helps buyers not only understand the Auction.com mobile app but get the most out of every auction experience.
This investing experience made Jermaine feel comfortable going to Auction.com to purchase more properties.
“Auction.com is a transparent auction marketplace that tells buyers the expectations upfront,” said Jermaine.
Investing and Rehab Strategy
Like most local community developers, Jermaine buys near where he lives. He does both fix-and-flips and rentals and uses the 75 percent of after-repair-value rule when investing in properties. If he can buy for under 75 percent, he will purchase that property.
But first he conducts due diligence on the property. This includes driving past the property and going inside if available for inspection.
“My goal is to make the best looking and most efficient property in that price range,” said Jermaine.
Since demand is higher than supply, Jermaine has shifted his focus to cash-out refinances. Jermaine uses the Buy Rehab Refinance Rent (BRRR) strategy.
Helping Local Families
Larger investors moved into Georgia and started buying auctioned properties, pushing out smaller businesses, like Jermaine’s. That is when Jermaine started marketing himself as a real estate investor on various social media platforms, like Facebook.
Letting local families know he bought homes in the early stages of the foreclosure process led one family to contact him. With Jermaine’s help, that family received some equity for their home and that money helped them move on with their lives.
Stabilizing Communities
Jermaine is stabilizing communities in and around Columbus by creating quality, affordable homes that families can be proud to live in.
He believes in the possibility of neighborhoods to thrive.
When Jermaine was interested in buying a property in a risky neighborhood, other investors tried to discourage him. But Jermaine persevered. He bought, renovated, and resold the home after getting multiple offers. He had listed the home for $100,000 and closed it for $90,000.
After Jermaine closed on that property, other investors started buying in that area, and the neighborhood was transformed by this activity.
Investing in real estate has enabled Jermaine to change his family’s story. He is part of the solution and helping families on both sides of the foreclosure process to rebuild their lives and their communities.