February 14, 2024 • 25 mins
This interview is with our awesome FlipSisters Coaching Program Member Jenny in the Portland area who made $40,000 in just 3.5 months using creative financing.
She is a mother of young children and works remotely.
The time and financial freedom that real estate investing can bring were the things that most inspired her to finally chase this dream she had of flipping a house.
In her first 12 months in our program, she completed 2 flips and bought a 3rd!
In this episode we cover:
- How she found her first flip
- How she financed it all using a combo of hard money and a HELOC
- The surprises that increased her repair budget by nearly 50%
- How buffers and a conservative ARV saved the day
- How her real estate agent didn't understand the FHA Rule around flips - we have to be our own advocates!
- The neighbors' reactions to the home she created
…and so much more.
GOODIES
1. THE book on women flipping houses is here! Click here to grab the digital download of my new book for just $4.99! Just as everything else we do is different, so is FLIPPED: Lessons and Stories of Women Flipping Houses and Facing Their Fears.
2. Sick of sitting on the sideline watching other people do the thing you want to be doing? Are you FINALLY ready to do what it takes to flip your first house and want incredible step-by-step training and support to get you there faster? Click here to see if we may be a fit to work together.
3. Follow That Flip! Follow this 8-part video series as we flip a house!
4. Our goal is to inspire 1,000 new women each month and we've been achieving it with help from loyal listeners like you! If you are getting value out of this podcast will you kindly leave us a rating and review and help us spread our message?
5. Are you a real estate agent tired of chasing the same potential clients as everyone else? Sick of the roller coaster commission? Get the REI Agent Pro Certification! Click here for info and to join the waitlist.
Debbie DeBerry | The Flipstress®
Leaving people and places better than we find them.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
You're listening to the Flip Houses Like a Girl
podcast, where we educate,empower and celebrate everyday
women who are facing their fears, juggling family and business,
embracing their awesomeness andwholeheartedly chasing their
dream of flipping houses.
Each episode delivers honest togoodness tools, tips and
(00:21):
strategies you can implementtoday to get closer to your
first or next successful houseflip.
Here's your spiky-hairedbreakfast taco-loving host.
House flipping coach DebbieDeViery.
Speaker 2 (00:40):
Hey, thanks for hanging out with us.
Today I am introducing you toone of our flip sisters in the
Portland area.
Her name is Jenny and shecompleted her first flip and
since recording this she'sactually completed and sold her
second flip.
So she is going to walk usthrough all of the things how
(01:03):
she found it, how she financedit, the issues that came up, the
challenges, her lessons learned.
You know all the good stuff welove.
She made a $40,000 profit inthree and a half months on her
first flip and guess what?
She's hooked.
She found the perfect balancebetween her creative side and
(01:26):
her business side and she saysflipping houses really just
integrates all of the things,and I have to agree.
All right.
So let's get into thisinterview with Jenny.
Let's start with your name andwhere you are.
A little bit about who you are,a little bit of your story,
what you're up to in the world,if you do something other than
(01:48):
this.
Speaker 3 (01:49):
My name is Jenny and I have a three and a six year
old, so I spent a lot of timebeing a mom and then I've worked
for the same company for like20 years and the great thing
about it is it's super flexible,and the not so great thing
about it is it doesn't pay verymuch.
So, yeah, I was just lookingfor something.
(02:12):
I've done a few entrepreneurialthings.
That's the blessed thing aboutmy day job is that I can do, you
know, try new things.
And I started out sellingproducts on Amazon and I did
really well doing that and Ijust I loved the freedom and I
got a taste of that.
And, you know, I got it to thepoint where it was pretty
passive.
And then I had two kids and I,you know, kind of dropped that.
(02:35):
And then, you know, I kind ofcame upon on this.
I had remodeled my house and Ihad always kind of thought about
it.
And then, of course, HGTV, likeeveryone says, and it just kind
of was something that keptcreeping up on me and it was
like that little whisper that Ikept hearing like, you know, why
don't you try this?
And it was just so big, youknow, it was just so big that it
(02:57):
took me a while.
But you know, when you have twokids and you're paying for
childcare, you got to dosomething different.
So so the voice got louder andyou know, just one thing kind of
came together after another andthe next thing, you know, my
life is totally changed and thatamazing.
Speaker 2 (03:15):
What kind of work do?
Speaker 3 (03:16):
you do.
I worked for the Nielsen TVratings and I just do sample
selection for them and thingsare changing, so there's not a
whole lot of stability with thatas well.
So and it was just always kindof a flexible situation where I
could, you know, work 20 hoursor 40 hours and do something
else if I wanted to, and not ifyou know.
It's just it always worked outthat it would just kind of be
(03:37):
when I needed it, and if Ididn't, I could do something
else.
So and it, you know it kind ofstarted me out because then I
was able to buy a house and thenI use that house for my key
lock and you know, that's that'swhat helped me out a lot with
this, this career.
Speaker 2 (03:52):
That's amazing, okay, so let's jump into it.
Let's talk about your firstflip.
Okay, how?
How did you find it?
Speaker 3 (04:00):
You know, I just I was looking everywhere but I
ended up finding it on MLS,which for my first flip felt
most comfortable just to have astate agent.
I had found another one beforethat with the wholesaler and had
it was a little tricky anddidn't work out and so it ended
up just.
I started looking more on theMLS and I did find this and
(04:21):
there wasn't pictures or therewasn't like so much competition
and we put in a bed and it gotgot accepted.
When did you close on thepurchase?
I would close on March 27th,okay.
Speaker 2 (04:34):
Yeah and then okay.
So what was the purchase price?
Speaker 3 (04:39):
It was 335,000.
Speaker 2 (04:43):
And where are you again?
You're in the Portland area,yeah, yeah.
Speaker 3 (04:48):
We were in a Portland , we were 10.
Speaker 2 (04:50):
Yeah, and then, okay, so how did you fund the
purchase?
Speaker 3 (04:59):
I did use a hard money lender and then I was able
to tap into my HELOC for therest of it and yeah, I got
pretty decent rates and I wassuper happy with the hard money
lender.
They were really easy to workwith and I guess hard money
lending kind of scared me atfirst, but these guys were
professional, they were great,they were amazing.
(05:22):
I really enjoyed working withthem.
Speaker 2 (05:26):
So what did you initially think the rehab budget
was going to be?
This is always a fun question.
Speaker 3 (05:37):
Yeah, I mean I thought it was going to be
around $40,000.
It was a lot more than that,but I also overestimated all the
purchase and holding andselling costs, so it balanced
out a little bit and then I hada pretty big buffer, so it still
worked out, but it was quite abit more than I thought.
(05:59):
Yeah.
Speaker 2 (06:00):
All about the buffer man, yeah, okay.
So what did the rehab end upbeing?
Speaker 3 (06:06):
It was 63,000.
So quite a bit higher.
Speaker 2 (06:10):
Were there some big surprises that caused that, or
what happened there?
Speaker 3 (06:15):
I think there was a couple of things where I just
really underestimated somethings that I thought were going
to be minor.
This wasn't an unusual house, itwasn't something I could look
up on Thumbtack, which is one ofmy favorite places to help
themselves, but this tenant hadsharpied all over the windows
and the windowsills and just alot of interesting things that
(06:42):
didn't have experience with thatand didn't find people that had
experience with that.
And I heard like, oh, you justsend different cleaners and
whatever that people were sureit was going to come off and it
didn't.
So it was like this littlething turned into a really big
deal and certainly didn'tinclude it in the rehab the way
(07:05):
I should have.
But we got it and didn't breakthe bank, but it was little
things.
It was definitely a lot oflittle things that really really
cut it up.
And yes, the repair of therepairs was like a genuine line
item for me at this point,because the guy would come in
and he'd demo the door and thatwas his job, but then the
(07:27):
drywall got messed up and it wasall of these repairs that
caused more repairs and I didn'trebudget for like the repair
that would be needed.
Speaker 2 (07:39):
I totally get that.
I just went to a project andthey took off like one of these
1970s mirrors.
That's just the mirror againstthe drywall right.
They pried it off but damagedall the sheetrock around it and
I'm like, guys, this doesn'thave to happen.
(08:00):
These have screws that you justtake the screws out and the
glass comes off.
Speaker 3 (08:05):
But yeah, I get it, I know, I totally get it.
Oh gosh, even like thecrawlspace guy, you know, he
went up and when he put thehatch thing back in it like
cracked and it was because itwas old, you know and it was
just like oh God.
Speaker 2 (08:21):
So were there any big surprises that you came across,
any big issues?
Speaker 3 (08:28):
Yeah, and this is one of the things I learned is that
you know I was trying to becompetitive and you know, I know
this was like a major no, but Idid an inspection until after,
afterwards.
So you know I it was a newerhouse, so I felt like I could do
that just because I knew thesystems were okay in the roof
and the siding.
I knew enough to know that andso you know, but there was like
(08:52):
there was like a rat infestationin the crawlspace and you know,
and it's just the mindset wasconstantly a thing, because when
he did that inspection and Ihad already bought the house,
you know he went, he opened thathatch and he just went, whoa.
You know he just started makingall these like horrible noises
oh gosh, oh God, you know, butlike in my heart of hearts, I
(09:19):
knew it was a good house and youknow.
And then you know, I wassurprised that some of the bids,
like the first guy, came outfor this crawlspace and it was
$7,000.
And I was like that's crazy,dude do it right.
Dude put insulation and rodentremoval and vapor barrier, yeah
(09:40):
yeah.
So that was certainly one of mylessons is just ride the wave,
is you know?
Just ride the wave because thenext guy was like $2,500.
And you know he was amazing.
So it's so important.
Speaker 2 (09:57):
It's so important to get multiple bids, even if you
like, even if you like that guythat came out Yep, yeah, two,
two mini splits.
I just got bid bids forinstalling too many splits and
the first guy came in at $10,000.
And I was like, well, that'sridiculous.
The last mini split I put inwas pre-COVID and so I thought I
(10:20):
don't think so.
Maybe they went up like maybeall of this is that much more,
and then the next guy came in atlike 4800.
And then the third guy came inat 5k and I was like, okay, so
the first night is way wrong.
Yeah, but, yeah it.
But I liked the guy and Ialmost was just like, yeah, sure
, come on, make good choices andget multiple bids, yeah.
Speaker 3 (10:40):
Yeah, it was.
It would have been easy to justdo that just because there's so
many bids on this house.
But you know that's what I'msaying.
Yeah, the items.
I really did always get a threeto even five bids.
Yeah.
Speaker 2 (10:51):
Okay, so rehab 63.
How long before you put it backon the market?
So you said March.
You bought it in March, rightyeah?
Speaker 3 (11:01):
end of March, march 27th, and then I think we had it
listed right around May, I wantto say May 18th.
It was like six to seven weeks.
Speaker 2 (11:09):
All right, so any other big things that came up,
big surprises.
Speaker 3 (11:15):
I don't think so.
Yeah, yeah.
Speaker 2 (11:18):
So then you list it.
Speaker 3 (11:20):
How did that feel?
Was that scary?
It was scary, you know.
I remember the guy like he wasmy buddy by the end.
You know, we were just like thelast couple of days kept doing
things and you know, at onepoint I was just like, oh my God
, it's like that cooking show,where they're, they have, like
you know, 60 minutes to make themeal and then they just have to
be done.
And I was like I was like I hadto tell them that I think I've
(11:41):
been like, I think we're donebecause it's it's live.
Actually, right now we're done,we have to stop.
I realized there could just youcould just go on and on and on,
but that lasts the details atthe end.
Yeah, yeah, I did thosecompletely for sure.
Yeah, so it felt amazing.
(12:02):
I mean it really.
That first week, you know, whenI had all the drywallers coming
in and I was like it was amessed up house.
It was somebody who had mentalhealth issues and he had punched
and kicked and torn out 75% ofthe drywall.
And you know, people walkedinto that house and they, they,
they all, like it was just, itwas I would.
I would say like wait for it,three, two, one.
(12:24):
And then they would say, whoa,wow, you know, it was just.
It just smacked you up insidethe head to walk into this house
and see the level ofdestruction that had happened.
You know, when we listed it,you know I just started people
would walk into that house andthey would say, wow, you know
totally different way, and itwas just the most amazing
(12:44):
feeling to have that juxtapose.
You know that beginning and endof that process to come
together like that was justamazing.
Speaker 2 (12:53):
That was a huge transformation then.
Speaker 3 (12:57):
Yeah, it was Absolutely.
This house was broken.
Speaker 2 (13:02):
What was the exterior like?
Like were the neighbor like?
Was it this sore thumb stuckout, or was it really just
inside?
Speaker 3 (13:09):
It was.
I mean, the neighbors would sayyou know, that was like they
always wanted somebody to comefix that house up.
Speaker 1 (13:14):
It wasn't terrible.
Speaker 3 (13:15):
I mean I didn't think it was terrible, but you know
there was junk and it was therebut it wasn't like.
You know it wasn't anythingcompared to the inside.
But you know they it was verysweet because they all would
come over and say just thank youso much.
Thank you so much because theyhad been dealing with this
neighbor who was mentally unwelland you know police were out
(13:37):
there all the time and you knowthey couldn't have their kids
playing outside.
So you know it was a big dealto have.
You know.
You know, have a new neighborwho you know they could feel
safe around, come in and youknow I really appreciated just
how much they appreciated it.
I felt good that it was sohelpful.
You know, especially when theywere out there with their kids
and not wanting their kids toplay outside, I was like oh,
(14:00):
that's horrible.
Speaker 2 (14:01):
Yeah, so okay, what were you initially thinking your
sales price would be?
What were, what was the ARVinitially?
Speaker 3 (14:12):
I think I went, I was trying to go low just to be
conservative, and I said, likeyou know, 469 is kind of what I
was like wanting to have work,got it, got it and then hoping
it would go up a little bit.
Sure.
Speaker 2 (14:25):
What did you list it at?
Speaker 3 (14:28):
We listed it at 489.
Speaker 2 (14:30):
Okay, so you put it on the market.
And then what happened?
Speaker 3 (14:34):
It didn't go as fast as I thought.
You probably remember that,yeah, I mean it was obviously
spoiled.
It was like a week and I waslike, hey, what's going on?
Speaker 2 (14:44):
I'm the same way.
That's why I don't list my ownproperties anymore.
I fired myself because I am myown worst client.
Speaker 3 (14:51):
I imagine how hard that would be.
Yeah.
Speaker 2 (14:53):
But it's scary.
Speaker 3 (14:54):
Yeah, it is In that area.
Things were pending within twoor three days.
Even though it took a week, itwas a very long week.
Speaker 2 (15:04):
Yeah.
Speaker 3 (15:04):
Was it only a week?
Yeah, I think the offer came ina week after, like seven or
eight or nine days.
Then we had to go back andforth because it came in 15
under and I was ready to gothere.
I was trying to buy time for abetter bit, honestly, because I
(15:24):
wanted to go through it.
I used my whole time up toaccept or not accept.
We went back and forth likeprobably three or four times.
Speaker 2 (15:33):
What did you land on?
Speaker 3 (15:34):
finally, we landed on Dot Buyer 49.
I think we landed on like 483.
Speaker 2 (15:40):
That's so funny that it was only a week, because I
remember you posting.
Yeah, I thought maybe it wascloser to a month.
That's funny.
Oh my gosh, we are definitelytwins in that area.
Speaker 1 (15:53):
Yeah.
Speaker 2 (15:53):
For sure.
Yeah, it was a long week.
Oh gosh, did they end upclosing on it?
Speaker 3 (16:02):
No, they did the exact same.
They terminated on theinspection because, basically,
the roof wasn't brand new andthe siding wasn't brand new.
That was what they said.
Everything, like the systems,were not brand new.
They were cash buyers, so Ithink they thought they had a
little more like leeway orsomething, but everything was in
(16:23):
great working order.
There was nothing, no issues,anything.
So I wasn't yeah, it's all cash.
Speaker 2 (16:28):
In the end, it's all cash.
There's no difference to you,right, I can wait an extra two
weeks.
Yeah, exactly, exactly, ok, sothat one didn't pan out.
And then how long after it cameback on, because that's always
such a bummer, it's like oh, Idon't want to put it back on the
market.
Speaker 3 (16:47):
People are going to think something's wrong with it,
totally, totally, and Ithankfully did not have to put
it back on because in the midstof the haggling we did get
another offer which my realestate agent missed.
But, yeah, but we did wind uphaving them as backups so we at
least didn't have to go back onand they were about our own ways
(17:09):
.
Speaker 2 (17:10):
What did you end up selling at?
I guess I should add.
Speaker 3 (17:13):
We ended up selling full price, but we gave like a
5K closing cost.
Ok, so 484.
Speaker 2 (17:20):
Basically, yeah, Was there anything that came up with
them with their inspection oranything came up during the
escrow of that?
Yeah, oh yes.
Speaker 3 (17:32):
I had heard you say something about the FHA loan and
this is where I would sayreally, really vet your real
estate agent, because theymatter, it matters.
And I was just so busy with thehouse that and this guy just
kind of like kept beingpersistent and I was like, well,
if he's as persistent with me,I kind of let up a little bit
and I got the wrong real estateagent.
(17:53):
But I had asked her aboutbecause I didn't even meet her.
He like handed me to somebodyelse and when I asked about that
FHA clause she was like, oh, nobig deal, Because they were
originally conventional and thenthey wanted to switch to FHA.
And then I asked her I knowthat there's like a 90 day
window thing and I asked her andI didn't double check and she
(18:14):
said, oh no, there's no issuewith that at all.
She was saying that it was 90days from when I closed to when
they put the offer in.
So it was more of a ride thanneeded to be, but it works out.
And we did have to completelyresign all the sales agreements
and do all that stuff and it wasOK, but it was stressful.
Speaker 2 (18:39):
Yeah, it's real.
Did you have to turn over yourreceipts or anything, because
I've had to do that with FHA?
I did not, I was expecting thatthey didn't.
Speaker 3 (18:48):
The appraisal just was like literally hardly heard
anything about that.
There was no issue at all.
Speaker 2 (18:54):
And you didn't get a second appraisal.
Speaker 3 (18:59):
I think there was maybe a second appraisal yeah.
Speaker 2 (19:02):
What else Did anything else come up?
Speaker 3 (19:06):
Not really, Other than having to redo the entire
sales agreement.
It was a super smooth.
Their inspection requests wereso minimal I couldn't even
believe it.
And it was easy and it waspretty smooth sailing, with the
one exception.
Speaker 2 (19:23):
Yeah, Okay.
From purchase date to closingdate.
How long was that?
Speaker 3 (19:30):
March 27th through July 14th, so like three and a
half months, is that April?
Speaker 2 (19:36):
That's amazing.
What was your profit?
It was just over 40,000.
That's pretty great.
Yeah, I want to win.
That's pretty great.
Speaker 3 (19:46):
Wow, more than the money.
It was just like what I learnedand I met so many amazing team
members and, of course, now I'mhooked and I already have my
second house going and I'm undercontract for my third house.
I did win a little further away, but not local.
(20:08):
Then the third one is local,but it's awesome because I got
the inspection first.
I have all the at least 75% ofthe people I really liked and
will use again and have greatrelationship with and know what
to expect.
It's amazing to have that firstone under the belt and then
(20:36):
just I mean, I'm sure there'llbe harder times, but I feel like
if I can do that, I could doanything, as that's how it feels
.
Speaker 2 (20:42):
Seriously, that's huge.
Yeah, congratulations, thankyou.
Did you do anything tocelebrate?
Did you buy another house?
Was that your celebration?
Speaker 3 (20:55):
Kind of yeah, I'm sure I did, but I truly.
It was just kind of like ontothe next one, that long closing
period, because the closingperiod was as long as the actual
rehab period.
Oh, got it.
Oh antsy, and I should havelooked into a private money
lender, because all my money wastied up in that house and all I
(21:17):
wanted to do was go get anotherone.
Can't do anything, yeah, soyeah.
Speaker 2 (21:25):
What did you learn about yourself and your first
flip?
Speaker 3 (21:29):
Just that I could do.
It is really the biggest thing.
And I do know I'm learning howto give myself more credit for
the skills that I have and theknowledge that I picked up and
also allow myself to not need toknow everything or I don't have
to know everything I can relyon, especially people I've built
(21:50):
relationships with.
At this point and I mean thatwas the biggest thing and I just
I also realized this is just mygig.
It brings together skill setsthat I've had that I could use
one here or one there, but thisbrings together everything and
it's right brain, it's leftbrain, it's social, it's not.
(22:11):
It's just amazing balance andhas the variety.
That gives me passion.
And then to see kind of how itaffects the, and the same thing
with the poor-dortured one, thatit was a drug house, honestly,
and it had a squatter, and sothe neighbors are doing the same
thing.
They're just so grateful andthat means a lot to be able to
(22:34):
make it safe for kids to play intheir yards again.
Or in the same situation,because that poor-dortured one
still had the squatter and wewere there and there was people
passed out on the lawn.
I mean it was crazy.
The first couple of days werecrazy.
To be able to kind of bringthat level of peace back to a
neighborhood is you can't beatthat.
(22:57):
Really it's amazing.
Speaker 2 (22:58):
We aren't always the bad guys that people Scoob
flippers.
Speaker 3 (23:03):
No, yeah, and I thought that was a lie because I
did.
I was like, oh, I invest inreal estate and people have
their notions about it and alittle bit of me bought into it,
like OK, but the reality of itis I rehab that house Like I'm
going to live in it and it'sreally helpful to neighborhoods.
(23:28):
For sure, that's real, that'sawesome.
Totally.
Speaker 2 (23:32):
Well, congratulations on your first slip and on your
next two.
I'm excited to see if you feelup for it.
Share in the group your othertwo that you're working on.
That'd be fun to see.
Was there anything that wedidn't touch on that you wanted?
Speaker 3 (23:49):
to.
Yeah, I, just this group ofwomen, I just can't like say
enough about just how importantthat has been to that community,
to you know, those days whenyour mindset isn't quite the
right way and you know, to justsurround yourself with people
who will love and support youand and see you, know your goals
and help you and and give youwisdom and education, that will
(24:13):
just create a whole new life foryou.
Or, like the, the, theimportance of that was just, you
know, just off the charts andit's just super good yeah.
Speaker 2 (24:25):
Well, thank you for being part of it.
Thanks for contributing, yeah,and thanks for being here, yeah.
Speaker 3 (24:30):
Yeah, well, thanks for having me and thanks for
creating an amazing group ofwomen who can support each other
and do cool stuff.
Speaker 2 (24:37):
It's awesome, we attract really cool women.
Speaker 3 (24:40):
Very special.
Speaker 2 (24:41):
Thanks, jenny.
Thanks for hanging out.
It was nice connecting with you, you as well.
Thank you so much Awesome.
All right, I'll see in the group.
Okay, all right, thank you.
Wonderful, inspiring story,jenny.
Thank you again for sharing itwith us.
All right, if you've beensitting on the sideline and
you're tired of sitting on thesideline, you're tired of
watching other people go chasethis dream of theirs?
(25:03):
This is exactly what we helpwomen do.
If you want to buy, renovateand sell or rent houses, that's
what we teach.
So go to herfirstflipcom andbook a call with us and let's
see how we can work together.
All right, until next time, goout there, flip houses like a
(25:23):
girl, leave people in placesbetter than you find them, and
make it a great day.
Bye, y'all.
You're listening to the Flip Houses Like a Girl
podcast, where we educate,empower and celebrate everyday
women who are facing their fears, juggling family and business,
embracing their awesomeness andwholeheartedly chasing their
dream of flipping houses.
Each episode delivers honest togoodness tools, tips and
(00:21):
strategies you can implementtoday to get closer to your
first or next successful houseflip.
Here's your spiky-hairedbreakfast taco-loving host.
House flipping coach DebbieDeViery.
Speaker 2 (00:40):
Hey, thanks for hanging out with us.
Today I am introducing you toone of our flip sisters in the
Portland area.
Her name is Jenny and shecompleted her first flip and
since recording this she'sactually completed and sold her
second flip.
So she is going to walk usthrough all of the things how
(01:03):
she found it, how she financedit, the issues that came up, the
challenges, her lessons learned.
You know all the good stuff welove.
She made a $40,000 profit inthree and a half months on her
first flip and guess what?
She's hooked.
She found the perfect balancebetween her creative side and
(01:26):
her business side and she saysflipping houses really just
integrates all of the things,and I have to agree.
All right.
So let's get into thisinterview with Jenny.
Let's start with your name andwhere you are.
A little bit about who you are,a little bit of your story,
what you're up to in the world,if you do something other than
(01:48):
this.
Speaker 3 (01:49):
My name is Jenny and I have a three and a six year
old, so I spent a lot of timebeing a mom and then I've worked
for the same company for like20 years and the great thing
about it is it's super flexible,and the not so great thing
about it is it doesn't pay verymuch.
So, yeah, I was just lookingfor something.
(02:12):
I've done a few entrepreneurialthings.
That's the blessed thing aboutmy day job is that I can do, you
know, try new things.
And I started out sellingproducts on Amazon and I did
really well doing that and Ijust I loved the freedom and I
got a taste of that.
And, you know, I got it to thepoint where it was pretty
passive.
And then I had two kids and I,you know, kind of dropped that.
(02:35):
And then, you know, I kind ofcame upon on this.
I had remodeled my house and Ihad always kind of thought about
it.
And then, of course, HGTV, likeeveryone says, and it just kind
of was something that keptcreeping up on me and it was
like that little whisper that Ikept hearing like, you know, why
don't you try this?
And it was just so big, youknow, it was just so big that it
(02:57):
took me a while.
But you know, when you have twokids and you're paying for
childcare, you got to dosomething different.
So so the voice got louder andyou know, just one thing kind of
came together after another andthe next thing, you know, my
life is totally changed and thatamazing.
Speaker 2 (03:15):
What kind of work do?
Speaker 3 (03:16):
you do.
I worked for the Nielsen TVratings and I just do sample
selection for them and thingsare changing, so there's not a
whole lot of stability with thatas well.
So and it was just always kindof a flexible situation where I
could, you know, work 20 hoursor 40 hours and do something
else if I wanted to, and not ifyou know.
It's just it always worked outthat it would just kind of be
(03:37):
when I needed it, and if Ididn't, I could do something
else.
So and it, you know it kind ofstarted me out because then I
was able to buy a house and thenI use that house for my key
lock and you know, that's that'swhat helped me out a lot with
this, this career.
Speaker 2 (03:52):
That's amazing, okay, so let's jump into it.
Let's talk about your firstflip.
Okay, how?
How did you find it?
Speaker 3 (04:00):
You know, I just I was looking everywhere but I
ended up finding it on MLS,which for my first flip felt
most comfortable just to have astate agent.
I had found another one beforethat with the wholesaler and had
it was a little tricky anddidn't work out and so it ended
up just.
I started looking more on theMLS and I did find this and
(04:21):
there wasn't pictures or therewasn't like so much competition
and we put in a bed and it gotgot accepted.
When did you close on thepurchase?
I would close on March 27th,okay.
Speaker 2 (04:34):
Yeah and then okay.
So what was the purchase price?
Speaker 3 (04:39):
It was 335,000.
Speaker 2 (04:43):
And where are you again?
You're in the Portland area,yeah, yeah.
Speaker 3 (04:48):
We were in a Portland , we were 10.
Speaker 2 (04:50):
Yeah, and then, okay, so how did you fund the
purchase?
Speaker 3 (04:59):
I did use a hard money lender and then I was able
to tap into my HELOC for therest of it and yeah, I got
pretty decent rates and I wassuper happy with the hard money
lender.
They were really easy to workwith and I guess hard money
lending kind of scared me atfirst, but these guys were
professional, they were great,they were amazing.
(05:22):
I really enjoyed working withthem.
Speaker 2 (05:26):
So what did you initially think the rehab budget
was going to be?
This is always a fun question.
Speaker 3 (05:37):
Yeah, I mean I thought it was going to be
around $40,000.
It was a lot more than that,but I also overestimated all the
purchase and holding andselling costs, so it balanced
out a little bit and then I hada pretty big buffer, so it still
worked out, but it was quite abit more than I thought.
(05:59):
Yeah.
Speaker 2 (06:00):
All about the buffer man, yeah, okay.
So what did the rehab end upbeing?
Speaker 3 (06:06):
It was 63,000.
So quite a bit higher.
Speaker 2 (06:10):
Were there some big surprises that caused that, or
what happened there?
Speaker 3 (06:15):
I think there was a couple of things where I just
really underestimated somethings that I thought were going
to be minor.
This wasn't an unusual house, itwasn't something I could look
up on Thumbtack, which is one ofmy favorite places to help
themselves, but this tenant hadsharpied all over the windows
and the windowsills and just alot of interesting things that
(06:42):
didn't have experience with thatand didn't find people that had
experience with that.
And I heard like, oh, you justsend different cleaners and
whatever that people were sureit was going to come off and it
didn't.
So it was like this littlething turned into a really big
deal and certainly didn'tinclude it in the rehab the way
(07:05):
I should have.
But we got it and didn't breakthe bank, but it was little
things.
It was definitely a lot oflittle things that really really
cut it up.
And yes, the repair of therepairs was like a genuine line
item for me at this point,because the guy would come in
and he'd demo the door and thatwas his job, but then the
(07:27):
drywall got messed up and it wasall of these repairs that
caused more repairs and I didn'trebudget for like the repair
that would be needed.
Speaker 2 (07:39):
I totally get that.
I just went to a project andthey took off like one of these
1970s mirrors.
That's just the mirror againstthe drywall right.
They pried it off but damagedall the sheetrock around it and
I'm like, guys, this doesn'thave to happen.
(08:00):
These have screws that you justtake the screws out and the
glass comes off.
Speaker 3 (08:05):
But yeah, I get it, I know, I totally get it.
Oh gosh, even like thecrawlspace guy, you know, he
went up and when he put thehatch thing back in it like
cracked and it was because itwas old, you know and it was
just like oh God.
Speaker 2 (08:21):
So were there any big surprises that you came across,
any big issues?
Speaker 3 (08:28):
Yeah, and this is one of the things I learned is that
you know I was trying to becompetitive and you know, I know
this was like a major no, but Idid an inspection until after,
afterwards.
So you know I it was a newerhouse, so I felt like I could do
that just because I knew thesystems were okay in the roof
and the siding.
I knew enough to know that andso you know, but there was like
(08:52):
there was like a rat infestationin the crawlspace and you know,
and it's just the mindset wasconstantly a thing, because when
he did that inspection and Ihad already bought the house,
you know he went, he opened thathatch and he just went, whoa.
You know he just started makingall these like horrible noises
oh gosh, oh God, you know, butlike in my heart of hearts, I
(09:19):
knew it was a good house and youknow.
And then you know, I wassurprised that some of the bids,
like the first guy, came outfor this crawlspace and it was
$7,000.
And I was like that's crazy,dude do it right.
Dude put insulation and rodentremoval and vapor barrier, yeah
(09:40):
yeah.
So that was certainly one of mylessons is just ride the wave,
is you know?
Just ride the wave because thenext guy was like $2,500.
And you know he was amazing.
So it's so important.
Speaker 2 (09:57):
It's so important to get multiple bids, even if you
like, even if you like that guythat came out Yep, yeah, two,
two mini splits.
I just got bid bids forinstalling too many splits and
the first guy came in at $10,000.
And I was like, well, that'sridiculous.
The last mini split I put inwas pre-COVID and so I thought I
(10:20):
don't think so.
Maybe they went up like maybeall of this is that much more,
and then the next guy came in atlike 4800.
And then the third guy came inat 5k and I was like, okay, so
the first night is way wrong.
Yeah, but, yeah it.
But I liked the guy and Ialmost was just like, yeah, sure
, come on, make good choices andget multiple bids, yeah.
Speaker 3 (10:40):
Yeah, it was.
It would have been easy to justdo that just because there's so
many bids on this house.
But you know that's what I'msaying.
Yeah, the items.
I really did always get a threeto even five bids.
Yeah.
Speaker 2 (10:51):
Okay, so rehab 63.
How long before you put it backon the market?
So you said March.
You bought it in March, rightyeah?
Speaker 3 (11:01):
end of March, march 27th, and then I think we had it
listed right around May, I wantto say May 18th.
It was like six to seven weeks.
Speaker 2 (11:09):
All right, so any other big things that came up,
big surprises.
Speaker 3 (11:15):
I don't think so.
Yeah, yeah.
Speaker 2 (11:18):
So then you list it.
Speaker 3 (11:20):
How did that feel?
Was that scary?
It was scary, you know.
I remember the guy like he wasmy buddy by the end.
You know, we were just like thelast couple of days kept doing
things and you know, at onepoint I was just like, oh my God
, it's like that cooking show,where they're, they have, like
you know, 60 minutes to make themeal and then they just have to
be done.
And I was like I was like I hadto tell them that I think I've
(11:41):
been like, I think we're donebecause it's it's live.
Actually, right now we're done,we have to stop.
I realized there could just youcould just go on and on and on,
but that lasts the details atthe end.
Yeah, yeah, I did thosecompletely for sure.
Yeah, so it felt amazing.
(12:02):
I mean it really.
That first week, you know, whenI had all the drywallers coming
in and I was like it was amessed up house.
It was somebody who had mentalhealth issues and he had punched
and kicked and torn out 75% ofthe drywall.
And you know, people walkedinto that house and they, they,
they all, like it was just, itwas I would.
I would say like wait for it,three, two, one.
(12:24):
And then they would say, whoa,wow, you know, it was just.
It just smacked you up insidethe head to walk into this house
and see the level ofdestruction that had happened.
You know, when we listed it,you know I just started people
would walk into that house andthey would say, wow, you know
totally different way, and itwas just the most amazing
(12:44):
feeling to have that juxtapose.
You know that beginning and endof that process to come
together like that was justamazing.
Speaker 2 (12:53):
That was a huge transformation then.
Speaker 3 (12:57):
Yeah, it was Absolutely.
This house was broken.
Speaker 2 (13:02):
What was the exterior like?
Like were the neighbor like?
Was it this sore thumb stuckout, or was it really just
inside?
Speaker 3 (13:09):
It was.
I mean, the neighbors would sayyou know, that was like they
always wanted somebody to comefix that house up.
Speaker 1 (13:14):
It wasn't terrible.
Speaker 3 (13:15):
I mean I didn't think it was terrible, but you know
there was junk and it was therebut it wasn't like.
You know it wasn't anythingcompared to the inside.
But you know they it was verysweet because they all would
come over and say just thank youso much.
Thank you so much because theyhad been dealing with this
neighbor who was mentally unwelland you know police were out
(13:37):
there all the time and you knowthey couldn't have their kids
playing outside.
So you know it was a big dealto have.
You know.
You know, have a new neighborwho you know they could feel
safe around, come in and youknow I really appreciated just
how much they appreciated it.
I felt good that it was sohelpful.
You know, especially when theywere out there with their kids
and not wanting their kids toplay outside, I was like oh,
(14:00):
that's horrible.
Speaker 2 (14:01):
Yeah, so okay, what were you initially thinking your
sales price would be?
What were, what was the ARVinitially?
Speaker 3 (14:12):
I think I went, I was trying to go low just to be
conservative, and I said, likeyou know, 469 is kind of what I
was like wanting to have work,got it, got it and then hoping
it would go up a little bit.
Sure.
Speaker 2 (14:25):
What did you list it at?
Speaker 3 (14:28):
We listed it at 489.
Speaker 2 (14:30):
Okay, so you put it on the market.
And then what happened?
Speaker 3 (14:34):
It didn't go as fast as I thought.
You probably remember that,yeah, I mean it was obviously
spoiled.
It was like a week and I waslike, hey, what's going on?
Speaker 2 (14:44):
I'm the same way.
That's why I don't list my ownproperties anymore.
I fired myself because I am myown worst client.
Speaker 3 (14:51):
I imagine how hard that would be.
Yeah.
Speaker 2 (14:53):
But it's scary.
Speaker 3 (14:54):
Yeah, it is In that area.
Things were pending within twoor three days.
Even though it took a week, itwas a very long week.
Speaker 2 (15:04):
Yeah.
Speaker 3 (15:04):
Was it only a week?
Yeah, I think the offer came ina week after, like seven or
eight or nine days.
Then we had to go back andforth because it came in 15
under and I was ready to gothere.
I was trying to buy time for abetter bit, honestly, because I
(15:24):
wanted to go through it.
I used my whole time up toaccept or not accept.
We went back and forth likeprobably three or four times.
Speaker 2 (15:33):
What did you land on?
Speaker 3 (15:34):
finally, we landed on Dot Buyer 49.
I think we landed on like 483.
Speaker 2 (15:40):
That's so funny that it was only a week, because I
remember you posting.
Yeah, I thought maybe it wascloser to a month.
That's funny.
Oh my gosh, we are definitelytwins in that area.
Speaker 1 (15:53):
Yeah.
Speaker 2 (15:53):
For sure.
Yeah, it was a long week.
Oh gosh, did they end upclosing on it?
Speaker 3 (16:02):
No, they did the exact same.
They terminated on theinspection because, basically,
the roof wasn't brand new andthe siding wasn't brand new.
That was what they said.
Everything, like the systems,were not brand new.
They were cash buyers, so Ithink they thought they had a
little more like leeway orsomething, but everything was in
(16:23):
great working order.
There was nothing, no issues,anything.
So I wasn't yeah, it's all cash.
Speaker 2 (16:28):
In the end, it's all cash.
There's no difference to you,right, I can wait an extra two
weeks.
Yeah, exactly, exactly, ok, sothat one didn't pan out.
And then how long after it cameback on, because that's always
such a bummer, it's like oh, Idon't want to put it back on the
market.
Speaker 3 (16:47):
People are going to think something's wrong with it,
totally, totally, and Ithankfully did not have to put
it back on because in the midstof the haggling we did get
another offer which my realestate agent missed.
But, yeah, but we did wind uphaving them as backups so we at
least didn't have to go back onand they were about our own ways
(17:09):
.
Speaker 2 (17:10):
What did you end up selling at?
I guess I should add.
Speaker 3 (17:13):
We ended up selling full price, but we gave like a
5K closing cost.
Ok, so 484.
Speaker 2 (17:20):
Basically, yeah, Was there anything that came up with
them with their inspection oranything came up during the
escrow of that?
Yeah, oh yes.
Speaker 3 (17:32):
I had heard you say something about the FHA loan and
this is where I would sayreally, really vet your real
estate agent, because theymatter, it matters.
And I was just so busy with thehouse that and this guy just
kind of like kept beingpersistent and I was like, well,
if he's as persistent with me,I kind of let up a little bit
and I got the wrong real estateagent.
(17:53):
But I had asked her aboutbecause I didn't even meet her.
He like handed me to somebodyelse and when I asked about that
FHA clause she was like, oh, nobig deal, Because they were
originally conventional and thenthey wanted to switch to FHA.
And then I asked her I knowthat there's like a 90 day
window thing and I asked her andI didn't double check and she
(18:14):
said, oh no, there's no issuewith that at all.
She was saying that it was 90days from when I closed to when
they put the offer in.
So it was more of a ride thanneeded to be, but it works out.
And we did have to completelyresign all the sales agreements
and do all that stuff and it wasOK, but it was stressful.
Speaker 2 (18:39):
Yeah, it's real.
Did you have to turn over yourreceipts or anything, because
I've had to do that with FHA?
I did not, I was expecting thatthey didn't.
Speaker 3 (18:48):
The appraisal just was like literally hardly heard
anything about that.
There was no issue at all.
Speaker 2 (18:54):
And you didn't get a second appraisal.
Speaker 3 (18:59):
I think there was maybe a second appraisal yeah.
Speaker 2 (19:02):
What else Did anything else come up?
Speaker 3 (19:06):
Not really, Other than having to redo the entire
sales agreement.
It was a super smooth.
Their inspection requests wereso minimal I couldn't even
believe it.
And it was easy and it waspretty smooth sailing, with the
one exception.
Speaker 2 (19:23):
Yeah, Okay.
From purchase date to closingdate.
How long was that?
Speaker 3 (19:30):
March 27th through July 14th, so like three and a
half months, is that April?
Speaker 2 (19:36):
That's amazing.
What was your profit?
It was just over 40,000.
That's pretty great.
Yeah, I want to win.
That's pretty great.
Speaker 3 (19:46):
Wow, more than the money.
It was just like what I learnedand I met so many amazing team
members and, of course, now I'mhooked and I already have my
second house going and I'm undercontract for my third house.
I did win a little further away, but not local.
(20:08):
Then the third one is local,but it's awesome because I got
the inspection first.
I have all the at least 75% ofthe people I really liked and
will use again and have greatrelationship with and know what
to expect.
It's amazing to have that firstone under the belt and then
(20:36):
just I mean, I'm sure there'llbe harder times, but I feel like
if I can do that, I could doanything, as that's how it feels
.
Speaker 2 (20:42):
Seriously, that's huge.
Yeah, congratulations, thankyou.
Did you do anything tocelebrate?
Did you buy another house?
Was that your celebration?
Speaker 3 (20:55):
Kind of yeah, I'm sure I did, but I truly.
It was just kind of like ontothe next one, that long closing
period, because the closingperiod was as long as the actual
rehab period.
Oh, got it.
Oh antsy, and I should havelooked into a private money
lender, because all my money wastied up in that house and all I
(21:17):
wanted to do was go get anotherone.
Can't do anything, yeah, soyeah.
Speaker 2 (21:25):
What did you learn about yourself and your first
flip?
Speaker 3 (21:29):
Just that I could do.
It is really the biggest thing.
And I do know I'm learning howto give myself more credit for
the skills that I have and theknowledge that I picked up and
also allow myself to not need toknow everything or I don't have
to know everything I can relyon, especially people I've built
(21:50):
relationships with.
At this point and I mean thatwas the biggest thing and I just
I also realized this is just mygig.
It brings together skill setsthat I've had that I could use
one here or one there, but thisbrings together everything and
it's right brain, it's leftbrain, it's social, it's not.
(22:11):
It's just amazing balance andhas the variety.
That gives me passion.
And then to see kind of how itaffects the, and the same thing
with the poor-dortured one, thatit was a drug house, honestly,
and it had a squatter, and sothe neighbors are doing the same
thing.
They're just so grateful andthat means a lot to be able to
(22:34):
make it safe for kids to play intheir yards again.
Or in the same situation,because that poor-dortured one
still had the squatter and wewere there and there was people
passed out on the lawn.
I mean it was crazy.
The first couple of days werecrazy.
To be able to kind of bringthat level of peace back to a
neighborhood is you can't beatthat.
(22:57):
Really it's amazing.
Speaker 2 (22:58):
We aren't always the bad guys that people Scoob
flippers.
Speaker 3 (23:03):
No, yeah, and I thought that was a lie because I
did.
I was like, oh, I invest inreal estate and people have
their notions about it and alittle bit of me bought into it,
like OK, but the reality of itis I rehab that house Like I'm
going to live in it and it'sreally helpful to neighborhoods.
(23:28):
For sure, that's real, that'sawesome.
Totally.
Speaker 2 (23:32):
Well, congratulations on your first slip and on your
next two.
I'm excited to see if you feelup for it.
Share in the group your othertwo that you're working on.
That'd be fun to see.
Was there anything that wedidn't touch on that you wanted?
Speaker 3 (23:49):
to.
Yeah, I, just this group ofwomen, I just can't like say
enough about just how importantthat has been to that community,
to you know, those days whenyour mindset isn't quite the
right way and you know, to justsurround yourself with people
who will love and support youand and see you, know your goals
and help you and and give youwisdom and education, that will
(24:13):
just create a whole new life foryou.
Or, like the, the, theimportance of that was just, you
know, just off the charts andit's just super good yeah.
Speaker 2 (24:25):
Well, thank you for being part of it.
Thanks for contributing, yeah,and thanks for being here, yeah.
Speaker 3 (24:30):
Yeah, well, thanks for having me and thanks for
creating an amazing group ofwomen who can support each other
and do cool stuff.
Speaker 2 (24:37):
It's awesome, we attract really cool women.
Speaker 3 (24:40):
Very special.
Speaker 2 (24:41):
Thanks, jenny.
Thanks for hanging out.
It was nice connecting with you, you as well.
Thank you so much Awesome.
All right, I'll see in the group.
Okay, all right, thank you.
Wonderful, inspiring story,jenny.
Thank you again for sharing itwith us.
All right, if you've beensitting on the sideline and
you're tired of sitting on thesideline, you're tired of
watching other people go chasethis dream of theirs?
(25:03):
This is exactly what we helpwomen do.
If you want to buy, renovateand sell or rent houses, that's
what we teach.
So go to herfirstflipcom andbook a call with us and let's
see how we can work together.
All right, until next time, goout there, flip houses like a
(25:23):
girl, leave people in placesbetter than you find them, and
make it a great day.
Bye, y'all.
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