September 20, 2023 • 43 mins
Today’s FlipSister guest is Kimberly who lives in the Atlanta area. She's a stay-at-home mom turned successful house flipper, gives us an inside look at her journey. From working in customer service at Marriott Hotels to staying home with her kids for the last 8 years to venturing into the world of house flipping, her story is inspiring.
She walks us through her first house flip, a project that generated a profit of $55,000 within just four months.
She shares:
- How she found the deal
- How she financed it
- The surprises and challenges that came up
- Her fears and things she was avoiding doing
- Her thoughts on "mindset work" that may have you rethink it all
- The 2 biggest takeaways she wants you to walk away with
- How she's seeking an identity that is separate from her kids, and the importance of that
...and so much more!
This conversation is incredibly valuable! Listen now!
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?
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Debbie DeBerry | The Flipstress®
Leaving people and places better than we find them.
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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, DebbieDeVere.
Speaker 2 (00:40):
Hey, how's it going?
Today?
We are going to introduce youto one of our flip sisters in
the Atlanta area and her name'sKimberly.
She has been a stay-at-home momfor the last eight years.
She has three young childrenand she recently made $55,000
(01:02):
profit on her first flip inabout four months.
So she's going to walk usthrough that.
She's going to talk to us aboutsome of her fears and the areas
where she did some learning andgrowing throughout her first
flip.
By the way, she's purchasedthree flips within the first six
(01:24):
months of joining our program.
So she is a doer.
Listen to what she has to say,because she's out there doing it
.
She's chasing time freedom.
Ultimately, that's what shewants.
She wants to be able to spendmore time with her family.
This is such a greatconversation.
She walks us through how shefound the deal, how she financed
(01:46):
it, any issues that came up andwhat she thought about the
mindset side of things.
Yeah, we're going there, andher two biggest lessons, her two
biggest takeaways that shewants listeners to get, are so
dead on.
All right, let's get into thisconversation with Kimberly.
(02:10):
Okay, cool, you want to startwith introducing yourself and
letting us know a little bitabout you, who you are, where
you are, if you're workingcurrently, what you do in the
world, that sort of thing.
Speaker 3 (02:25):
Sure, so my name is Kimberly.
I live in a suburb of Atlanta,georgia, a Northwest town called
Acworth.
Born and raised here, I've donea couple of stints elsewhere in
Florida and New York, but forthe most part, south is home.
(02:45):
I have a great family, beenmarried just celebrated 12 years
Wow, congrats.
And then we got three littleones Aw, my oldest is seven.
I have a six-year-old daughterand then a three-year-old
daughter.
I yeah, they are my middleactually has special needs and
(03:09):
feels like two kids in one.
Just a blessing, huge blessing.
But, yeah, so prior to thiscurrent life, I'm living of
being a mom and a wife.
I worked for Marriott Hotels forabout 10 years doing sales and
special events.
I loved it, but just once westarted having kids, decided to
(03:33):
step back from that role and Ihad been staying at home
completely for six years.
And then, in 2019, decided toget my real estate license for
the purpose of investing.
Like, my husband and I weregoing to focus on investment
properties and, after justbuying and selling one home,
(03:57):
realized how much we could saveby having a license in the
household, and so, to be honest,I jumped into the real estate
world with the I thought I wasgoing to do investing, but then
I went to my first couple ofreal estate meetings at my
broker and I was like man I knewfrom my past with Marriott.
(04:19):
I enjoyed sales, I was good atit, and so within like a month,
I was like I'm just going tofocus on finding buyers and
sellers and really doing realestate from that side.
And they promise you that it'sreally flexible.
Speaker 2 (04:36):
It's like living the dream.
You're in full control ofeverything.
Speaker 3 (04:40):
Yeah, it's really great for a stay at home, mom
and it's really not.
Speaker 2 (04:45):
Oh, it's so time intensive Because if you don't
drop everything to go show thatperson that property, right then
they will find somebody whowill.
Speaker 3 (04:54):
Yes, that is true, that is very true.
So, anyways, after doing thatfor a couple of years, we were
like, oh, not working, let'sshift back to the investment.
You know what we wereoriginally thinking, and I had
just started asking questionsaround my offices and other
realtors and connected with ahandful of people that were
(05:16):
doing investment.
What I was looking for wassomeone to mentor me.
I was like I want to follow inyour footsteps, I want to do
what you're doing.
I just couldn't find.
What I was looking for was alsoall men that I was talking to
Super nice, you know, but busy,like really busy.
So, yeah, one night, probably ayear and a half ago, I was
(05:40):
Google searching at likemidnight for women who flip
houses and came across yourgroup and started listening to
the podcast.
I think I got through almostall of them in like a weekend.
Speaker 2 (05:53):
I love it.
I love it.
You binged it, yeah, awesome.
Speaker 3 (05:57):
But also I'll say this so my past with Mariat I
worked for some of the moreluxury brand properties and just
had a strong passion for thecustomer service that they
brought to the table.
I really appreciated andrespected the level of detail
that they had, and so when I wassearching for a mentor program
(06:18):
that's what I was looking for Iwas like I don't, it's not just
about the money, Like I want tobe bringing like a level of
service and quality product tothe table that I feel really
good about.
So and it and props to myhusband because I kept searching
and searching and he was likeit's out there.
I know it's out there, Keeplooking.
So yeah, so that brings me toflipping houses.
Speaker 2 (06:45):
That's how you're here, that's why we're talking
today.
That is, yeah, I love it, Ilove it, I love it, I love it, I
love it.
It's so great because, you know, there's often times that's not
(07:09):
what we hear.
We hear that that spouse isreally like fighting tooth and
nail, like, no, this is a badidea.
No, you shouldn't do this.
You know it's like, yes, life'shard enough man.
Speaker 3 (07:21):
Like be in my corner?
Yeah, absolutely.
Well, yeah, and I, my husband,is a wealth advisor and so he
knows the value of real estateinvesting and he's like I'm
encouraging my clients to dothis Like we need to be on our
own.
So that's awesome that's.
Speaker 2 (07:41):
that's really good to hear that wealth advisors
advise for it.
Speaker 3 (07:45):
Yeah, yeah, huge piece of the portfolio, yep.
Speaker 2 (07:50):
That's really good to hear.
Yeah, that's really good tohear.
Okay.
So you recently sold your firstflip.
Speaker 3 (07:59):
I did.
I sold my first flip in March,march 29th.
Sold my first.
Bought my second on March 30th.
Speaker 2 (08:08):
So that's right, okay , so let's go.
Let's so walk us through thefirst flip.
How did you?
Well, first of all, when didyou buy that?
Speaker 3 (08:19):
one, so I closed on that November 28th.
Speaker 2 (08:23):
Okay, oh, wow.
So almost four months to theday, pretty much, yeah, okay, so
November 28th, and how did youfind it?
Speaker 3 (08:31):
I found it off of the MLS.
So all of the properties Istarted making offers on once
I'd gotten through some of mytraining were on MLS properties
and I it was originally on themarket for 450.
I put an offer in for 350.
(08:52):
And just they, you know, didn'taccept it.
But they did reach out and theagent was really great and just
touched base and then, likeevery two weeks, they continued
to lower their price on the MLSand I just would reach back out
to them and say, hey, I'm stillinterested, and so we didn't
come to an agreement till thebeginning of November.
(09:13):
So it was a, you know, slowprocess in the midst of you know
I'm still making other offers,okay, but yeah, so close.
Speaker 2 (09:22):
Yeah, what did you end up buying it for?
I got it for $350.
That's awesome.
See that just right there.
There's two huge lessonsalready.
One you got to make offers.
You're out there making offers.
It doesn't work without makingoffers.
Then two you're making youroffer.
(09:44):
It doesn't matter what theasking price is.
That's just a number.
So just because you're 100Kunder their asking price doesn't
mean you're wrong.
Speaker 3 (09:57):
Yeah, no, it's so true.
I think the kicker for me wasthat I had walked another
property previously and I didn'tmake an offer on it because I
thought my offer was going to betoo low.
I kept watching it on MLS andthen I saw it close below what
my offer was going to be at yeah.
(10:17):
So then I just started.
Well, I'm going to make offers,yeah forget it.
Speaker 2 (10:23):
I'm just making offers.
It's not lowballing, right?
I hate that term lowballing.
It's based on data.
It's based on data.
We're not just randomlythrowing a 100 grand less than
asking price offer just to do it.
That's just where it landed onthat one.
Speaker 3 (10:42):
Yes, I was representing myself as an agent.
I did with each offer that Iput in I just said, hey, I'm a
new investor.
Like this is where my number iscoming from.
Like because I knew as an agenthow it can be a little bit
offensive at times to get like afeels like a slap in the face
offer.
But I felt like by beingfriendly and having some data to
back it up, it was like okay,exactly, people can really argue
(11:04):
with it.
Speaker 2 (11:05):
You can't.
You can't argue with the facts.
So yeah, presenting the data ishuge and they can do with it
what they want and it doesn'tjust if they say, no, oh well,
you're not being rejected,there's nothing personal, it
just doesn't match what theyneed.
Until they do and they comeback and they say, hey about
(11:25):
that offer.
Yes, how long?
Okay, so when did you make thatfirst offer on that property?
Speaker 3 (11:35):
I put in the first offer in July.
Yeah, so I just kept followingup.
For what is that?
Almost three months, yeah.
Four months, four months, yeah,yeah, because I didn't close
until the end of November.
So, yeah, july, august,september, october, yeah.
Speaker 2 (11:51):
That's amazing.
That's amazing.
Yes, make your offer, stick toit and follow up.
Yes, love it so much.
Goodness there.
Okay.
So how did you finance thepurchase and the renovations?
Speaker 3 (12:05):
Yep.
So I ended up going with allprivate money Nice, and I had
interviewed several hard moneylenders, like I knew those
numbers and things.
And again this is where mysweet husband jumps in is that
he sees me crunching the numbersone day and I'm like trying to
(12:28):
decide what hard money lendersand he was like, before you go
with a hard money lender, that'sa total stranger.
He's like we have to presentthese options to our families,
you know.
He's like it's too good of areturn to not get people we love
involved, which, ironically,like I was really nervous about
it, I felt more comfortable andless vulnerable going to
strangers.
(12:49):
I love it.
This is so good.
Yeah, so yes.
So we ended up going with oneprivate money lender for the
purchase and then one for therenovation.
We did a straight return of 10%and then for the purchase we
(13:11):
did a profit share.
Speaker 2 (13:13):
Got it.
So what's really cool there iswhat we say so often, we try to
remind people so often, is inyour husband nailed it Right.
How can we not offer thisopportunity to people we know
and love?
When it's that great of areturn versus, oh my God, it
(13:37):
feels really scary to offer itto them and I'm asking for help
and I don't want it to be weirdand it's like no, you're giving
them a 10% return on their money, If not greater.
You can't do that.
You can't find that within afew months.
You cannot find that anywhere?
Speaker 3 (13:51):
Yeah, no, that was.
He was like I do that for aliving.
He was telling you if he's likea better return than you know,
especially looking at thetimeline, yeah, and there's an
asset, yes, and I mean, just tobe honest, it's also like I
found.
Now I'm like man, it's also Igot to skip all the paperwork of
(14:13):
like the hard money, so I'meven like willing to pay a
little bit more for that.
Speaker 2 (14:19):
Now I'm like, oh, there's a, there's a benefit to
me too, and it's so speed, right, yeah, you can be quicker, more
nimble, having that moneyupfront versus doing a draw
request and waiting for it.
Yeah, totally, I love privatemoney for the rehab, for sure,
at the minimum.
Okay, awesome, all right, sogoing into it.
Okay, so you paid $350.
(14:40):
What were you anticipating therenovations to come in at?
Speaker 3 (14:46):
So I was wanting to keep my renovation at $85,000.
And so I walked fourcontractors whenever I was under
contract and two of themironically didn't get back to me
, which is like it just blows mymind.
But then both of them and Itold him everything I wanted.
(15:09):
I was like this is my first.
I was really honest, upfrontwith both of them.
Like this is my first house.
They were doing this is every.
I have no idea how much stuffcosts, I'm just going to tell
you.
And yeah, so got the bids backfrom them.
One of them was at 100,000 andone of them was at 115.
And so went back and asked bothof them if they could revise
(15:38):
their quote.
Like I just said, if I takethis out, this out, this out,
like how do we get to 85?
That's what I need to be at?
And then I said I really Idon't do anything less than
100,000.
He was like it's just not whichyou know.
That's fine.
I was appreciated his honesty,yeah.
(15:58):
And so then the other one, who Iwas more familiar with because
I had had my brother had usedhim on his house and so I knew
the work he had done he said hewas like, yeah, we can take out
a couple of things, get you to85.
And so I will say, on thatfront, though so he starts run.
(16:19):
He's literally demoing like theday I'm signing the papers and
then, like a week or two later,I go in and one of the things
that I had taken out of myoriginal request was to take a
wall out and like open up thespace, because he, you know,
told me he's going to have tohave a support beam and just the
(16:40):
cost and right Anyways.
So I go in and the wall is goneand he was there and I was like
my gosh.
I said I told you I don't havethe money for this.
Oh, no.
And he was like Miss Kimberly.
He said I've seen your numbersand I had sent him my
spreadsheet and, like my youknow proposed ARB and things,
(17:02):
and he was like you're just.
He's like you're way, way, waytoo low.
And he said I'm jumping in withyou.
And he said I'm doing all youasked for to begin with and if
you sell over a certain price,then you can pay me the extra
15,000.
Interesting, yeah, so that'swhat we did.
And you know, did he get theextra 15,000?
(17:25):
He did, yeah.
So we picked at a price that wewould get over and we went well
over that and so, yeah, so itwas good.
Speaker 2 (17:34):
Were there any issues along the way?
I was trying to remember, likeyou, posting any issues or
anything with contractors orsurprises, and I don't remember
anything.
Speaker 3 (17:46):
We didn't and I have to say that, like that's one of
my mindset pieces that I workedon throughout the project is
that it went so well and Ialmost kind of felt guilty for
that.
That's weird to say, but likeyou see all these shows and you
even being in the group andtalking to other women that are
having, you know, some crisisduring their flips, and it just
(18:11):
went really really well andthat's okay.
Speaker 2 (18:14):
Yeah, I get the guilty thing.
It's okay for it to go, okay,it's okay for it to not be
difficult, it's okay.
And even sometimes, when thingsdo come up, you know especially
more exposure to it it's like,oh, that's no thing, whereas you
know at the start it might belike, oh my God, this is such a
(18:35):
big deal.
But then when you get into itit's like it's actually not a
big deal, like it's gonna befine, so.
But yeah, I get that whole.
Speaker 3 (18:43):
That was a little bit too easy, like right, like, oh
God, waiting for the other shoeto drop, that whole foreboding
joy that Brene Brown talks about, yeah, yes, but yeah, so
everything I mean the only I'dsay that we didn't have to have
to replace all the electrical,but he was still able to be in
budget to do that because we hadopened up the walls so much
(19:08):
that he was like it's notdifficult for me to get in there
and do it.
Speaker 2 (19:12):
So yeah, so it went really good Okay so the rehab
budget was 85, it ended up being100 because he did some extra
stuff, but you wouldn't have hadto have paid it if he didn't
hit a certain number, yeah, orif the sales price didn't hit a
certain number.
Okay, cool, how long was howlong between you buying the
(19:36):
property and you putting it onthe MLS for sale?
It was 11 weeks.
I think, wow, that's fantasticfor that budget, like that's
great.
Speaker 3 (19:48):
Yeah, yeah, he was really fast, that's great.
Speaker 2 (19:52):
And then, okay.
So when you bought the property, what were you projecting based
on data at the time, the ARB tobe Okay that's a great question
and my answer is entertaining.
Speaker 3 (20:08):
So when I was running my numbers, like when I was
doing the analyzing on not justthis property but a lot of
properties, I was not trustingthe ARBs and I was putting my
ARBs in really really low andtherefore then my offers were
really really really low.
I had put my ARB for thisparticular property as 490,
(20:32):
despite the fact that, like allthe, I've had probably five
comps that would support 550.
It will probably continue toalways be a learning for me of
like trust the ARB, like trustthe data, trust the comps, and
but that's the piece that feelsso personal and emotional.
It's easy to you know thepurchase price and the
(20:57):
renovations and all of that likeI don't get as emotional about.
But Mm-hmm.
I get that.
Speaker 2 (21:03):
I get that Okay.
So you went into it with 490being your ARB.
What did you list it for whenyou went to sell it?
Speaker 3 (21:16):
We listed it at 550.
Okay, you know what all theoriginal ARBs supported.
We sold at 540.
Speaker 2 (21:28):
That's awesome.
You went under contract Quickly.
Speaker 3 (21:32):
Yeah, yes, and so we went under contract in three
days, I think, and a lessonlearned for me on that not that
I feel like I would have doneanything different this first
time, but maybe moving forwardis that I went on the market
(21:52):
over a school holiday here and avery, very rainy weekend and I
accepted the first offer that Igot and then I had like two
backup offers at full priceafter people kept seeing it for
that first week that they werein due diligence.
So, yeah, so learning lesson inthat stuff like burden hand
(22:15):
Amen, amen.
Speaker 2 (22:17):
It's invaluable, amen .
So I have friends who can leaveproperties on the market for
months because they're gonna getthat price and they know
they're gonna get it and they'rejust gonna wait.
That makes me want to hurl.
Yeah, it stresses me out sobadly that I'm just like I
that's, yeah, I'm not gonna wait.
(22:37):
I'm like all right, let's work,let's work on this.
And it's like dang it.
Speaker 3 (22:43):
But I get that.
But also, like every day you'reon the like every day cost much
, so that I'm like, even if Imake, and this person that I had
the offer from also was payingall closing costs.
So I'm like I might get a fulloffer but then have to play
closing cost and then I'm aboutat the same Right.
Speaker 2 (23:02):
Exactly, exactly.
Yeah, I get that, I totally getthat.
Yeah, that is awesome.
Okay, so bought it for 350, put100K into it, yes, and put it
on the market for 550, it soldfor 540.
What ended up being the profit?
Speaker 3 (23:21):
About 50,000.
So 50,000, I think 55 total.
Speaker 2 (23:27):
Uh-huh, got it.
That's awesome, that's huge,that's your 10%.
Speaker 3 (23:31):
Yes, yes, it was all the numbers that you promised
would work.
Speaker 2 (23:37):
Look at that.
Speaker 3 (23:40):
I have to figure out for myself $55,000 profit in
about four months time.
Yes, and I will add that, likejust for any other listeners,
that I ultimately am a stay athome mom, like I.
My kids are in school, myyoungest is in preschool, so I
(24:01):
have maybe like 15 hours a weekto like the vote to this, not
that even all 15 of those hoursgo to this.
I'm volunteering at school andI'm you know.
So, yeah, it can be done.
Speaker 2 (24:15):
It can be done Absolutely.
We all have things going onLike don't put it off.
Stop putting things off that wewant to do.
Stop doing that.
Yes, that is awesome.
Okay, what did you learn aboutyourself throughout this process
?
Speaker 3 (24:30):
So, man, so much, like so much.
But I think the biggest thing Ilearned and it was a hard thing
for me to learn was that, likeI got into this because of the
flexibility that I provided withmy family, but, and after being
a stay at home mom for, youknow, six years, like, I
(24:54):
realized, well, what I just saidis true.
This can be done in almost notime, in a week, if you just do
what you need to do, like I wantto work and, and so I think
that was probably like as myhusband and I wrestled over the
last, you know, couple months oflike I want to have more time
to devote to this, and itdoesn't mean that I'm a bad mom,
(25:18):
it doesn't mean that, you know,I'm greedy, like it, just it's
it's good for my soul and andthat's good and that's, you know
, healthy and and so I thinkthat's been like the biggest
thing of like it's okay, like towant to work like and and I'm
(25:41):
better for it.
Speaker 2 (25:42):
So yeah, that's huge.
I think that is shared, that inthat way.
I think that's really huge.
Yeah, again, it's, it's okay,it's okay.
It's okay that your first flipwasn't a struggle.
It's okay that you want that,you enjoy and want to work.
(26:03):
It's okay that you wantsomething that isn't, you know,
24 or seven around the kids.
It's okay, yeah, but but I getwhy you're, why you say that?
Because society, right, it'slike oh yeah, you, you are so
lucky that you get to be aroundyour kids 24, seven, sure, but
(26:24):
dang man, it's also nice to havean identity separate.
Speaker 3 (26:28):
Yes, Absolutely Like 100%.
That is, yeah.
It's so interesting because Idid listen to so many of your
podcasts and so many people inthe group who are working like
such rigorous jobs and and thisis an outlet for them to step
away from that and I was I wason it from a little bit
(26:48):
different mindset of like Istill want to be flexible but I
also want to have work to do,and I posted a little bit ago on
the group and that the thingI'm still working on in the
learning lesson is that, becauseit is so flexible, can be easy
(27:10):
to constantly put it on the backburner.
Yes, yes, and I'm like, okay, II was volunteering at the kids
school three days a week and Iwas, you know, going to coffee
with friends and and all ofthose things are great, but,
like, if you also want to growyour business, you have to be
sitting down and putting timeinto your business.
Speaker 2 (27:31):
Yes, how are you going to do that?
Are you going to time block, orwhat are you going to do?
Speaker 3 (27:36):
Yes, time block and then moving next school year.
We got some extra childcarehelp and so yeah, so I the way I
kind of set it up was that Ijust actually this morning I
just closed on my third propertyand so I kind of wanted to have
(27:56):
those in motion for the summer,because the finding the
properties takes the longest forme.
Speaker 2 (28:03):
You've literally found free in a few months.
I love that.
I love that we are so funny.
Speaker 3 (28:11):
We're like oh gosh, it's like Contract writing and
you know, but I gotcha.
But so I wanted to kind of Iknew that I can, I can balance
my kids more when I'm on the youknow Renault side of things
thing come with me theproperties, they can be there
while the GC is there and things.
So I wanted to have that set upgoing into the summer.
(28:31):
Okay.
Speaker 2 (28:33):
So that's a fantastic first flip.
Those are awesome lessons thatyou've shared Like.
This is such a great podcast.
Oh, I want to touch briefly onthe other two.
So you bought your second onethe day after you sold your
first one.
Did you also find that on theMLS?
I did.
Speaker 3 (28:53):
I found out.
Speaker 2 (28:55):
I love that.
You just make offers, like ifthere's any message that anybody
takes away.
I want you to take two thingsaway from this call, from this
podcast.
I want you to take away it'sokay.
However it unfolds, it's okay.
Whatever you want, it's okay.
And then B make offers, just gomake offers.
Speaker 3 (29:13):
Yes, okay, make offers, make offers, make offers
.
And yeah, so that I startedmaking offers when I listed my
first one.
So I knew that I'd have about30, 45 days.
So I started making offers whenI listed my first one and went
under contract that next dayLesson learned again to anyone.
(29:36):
So I hadn't failed to set up abank account for my LLC even
though you said to do it Detail,we don't always listen and I
had failed to set up an LLC.
It was a bank account for myLLC, so when I got my check for
closing on the first house, Icould not deposit it.
Speaker 1 (29:59):
Oh my gosh.
Speaker 3 (30:01):
Yeah.
So go set up your bank accounts.
Set up your bank accountBecause it ended up being a huge
hassle, because, like, I'mneeding to pay my investors back
, I'm needing to pay mycontractors extra money, I'm
needing money to close on mybank account, right, like so, oh
, that's hilarious, right.
(30:21):
So I had to set up a bankaccount, set it up, but yeah,
but I found that one on the MLSand it had been another investor
had it and had it had been onthe MLS for about a year, got
that one and I just made anoffer.
Made an offer, yeah, and thistime I was actually pretty close
to the list price.
He had continued to lower it,like over the past year.
(30:42):
So I ended up being prettyclose to list price and but also
I think people were shying awayfrom it, like because it was a
total good job, like it was itjust it needed a lot of work,
and so I think that you know,people, even other investors,
(31:02):
were just shying away from that.
Speaker 2 (31:03):
Yeah, I like those.
Yeah, I like those that peopleshy away from.
It's like, ok, awesome, cool,yes.
Speaker 3 (31:09):
Yes, well, and I learned from my contractor.
He was like, honestly, kimberly, he was like I can do more for
less because when everything'sopen, yes, it's easier.
Yes, and that was a huge, hugeeye opener.
That's what.
Speaker 2 (31:24):
I'm telling you guys yes, it's easier, I promise,
yeah, I promise it's easier.
I know it feels bigger andscarier, but it's, it's so much
easier.
Those cosmetic ones are sosneaky for me sometimes.
Yeah, ok, and then so thatone's been going a couple, maybe
(31:46):
a month and a half now.
Yeah, how's that moving?
Is that moving along?
Speaker 3 (31:51):
It is yes, so it is.
Kitchen is in, bathrooms aredone.
The windows were gettinginstalled today, so we concrete
is getting port like we'reredoing the driveway Not getting
done next week.
So I'm probably four weeks awayfrom listing that.
I think Nice.
Speaker 2 (32:07):
OK, and then you?
What did you just say?
You just bought number three.
Speaker 3 (32:12):
I closed on the third one this morning.
Again, I just want to give ashout out to my husband because
I was analyzing these numbers onthis third one last week and I
was like my ARV, I was justgoing way, way, way too low.
And he was like let me see yourcops.
(32:33):
And so yeah, so pulled thetrigger and that one I got from
a wholesaler Nice, oh good whichI was really nervous about.
I will be honest, I was nervousabout working with the
wholesaler.
I don't know why that.
Actually they're not scary andit was a great experience.
Speaker 2 (32:52):
What were you worried about?
Speaker 3 (32:56):
I think I was worried .
Well, I was.
I was maybe not worried, but Iwas not familiar with the
process of like assignmentversus like double closing and I
was worried about additionalexpenses that I, you know, I'm
really familiar with, like anMLS closing or conventional.
So I was worried about beingcaught off guard by things I
(33:19):
couldn't plan for.
Got it yeah, and it was OK.
It was yeah.
So we ended up doing assignment.
I was from is it New Western?
Yeah, yeah.
Speaker 2 (33:30):
Oh, and they did an assignment, not a double closing
.
Speaker 3 (33:32):
They did, which I again.
I did not know that that was abig deal, but after doing it I'm
like, oh, that did save me.
Speaker 2 (33:39):
Yeah, that's interesting.
I wonder why they chose thatroute.
That's really interesting.
They usually do double closing.
Speaker 3 (33:46):
So I asked again Just goes back to never hurts to ask
, because they were pretty deadset on the double closing and I
kept trying to negotiate down onmy price.
Really, my negotiating was onlycoming down to like five or six
thousand dollars and she waslike let me just see if we can
do an assignment.
(34:06):
I know this guy, he might workwith us.
Just get it off his hands andso yeah, nice.
Speaker 2 (34:15):
Just asked.
Just asked I love it, man,you're doing it.
You're just doing it.
Are you having?
Speaker 3 (34:22):
fun I am, I'm really enjoying it and I have to say
that as well.
Like another learning for me isthat you know, gosh it.
Just your program is really,really good in terms of the
mindset.
You say it all the time.
And like I realized, like thenegative self talk, like we just
(34:44):
have a lot of negative selftalk, and one of the things that
I was doing was, like a lot ofpeople, naturally.
So I think we're asking me likewell, couldn't you save more
money if you did the workyourself?
And like have you ever thoughtabout putting in the elbow
grease in?
And like just getting in there.
And so I kind of started talkingor making myself feel like well
(35:08):
, I'm not really flipping housesbecause I'm not the one or
doing the work, like I'm notlifting a hammer and knocking
out walls, and and it was Ibrought that, I think, to your
group, to the Facebook group,and I think it was this that was
like and your lane, like you'rereally good at sourcing it,
you're really organized andyou've got your spreadsheets,
(35:30):
you know.
And so just realizing like thevalue I was bringing to the
table, like I don't have to bedoing the, I am doing work.
It is really important.
Nobody these contractors wouldhave a job if I wasn't doing it.
You know, like absolutely so,yeah, so I'd say that that was
just a huge mindset shift oflike talking to myself more
(35:52):
positively, of like I am doingthis.
It might look different thanwhat some people think about
when you say you're flippinghouses, but I'm doing it.
Speaker 2 (36:01):
Interesting.
So also, what I would add is ifyou're there physically doing
the work, you've given yourselfa job and it doesn't meet what
you said you want.
You want the time freedom, youwant to be able to do this and
not be tied to it.
You can't do that and also haveto do the work in order for the
(36:22):
thing to get done.
Yes, absolutely 100%, 100%, Ithink, honestly.
So whenever anybody sayssomething like anything to us,
it's coming from their own stuff, right?
Whatever it is they're saying,whether it's positive or
negative or in between, it'sbased on their own experiences
(36:43):
and their own stuff and theirown like what's going on in here
.
And so a lot of people aretrained to be employees.
We're not trained to bebusiness owners.
So we think, oh, we have to dothe thing, go do the thing.
Never, I know like that's notat all.
(37:03):
I don't want to have to.
I want to actually enjoy beinga business owner and not having
to be there 24 seven.
So I think it's an interesting.
It's interesting that that youwere having that and that people
were kind of saying things likethat.
It's interesting.
It's about them, it's not aboutyou.
Yeah, but I get it, yes.
Speaker 3 (37:26):
And it's funny because in the flip side, my
husband, when I was like, well,let's get back into the
investing, he goes here's thedeal.
He said I want us to do houses.
I never want to lift a finger.
Speaker 2 (37:36):
Yeah, exactly, exactly.
And let's employ people and letthem do what they love to do
and they can get paid for it,and everybody's happy yeah and I
have to say that has been alsoa learning is that I would
rather delegate.
Speaker 3 (37:57):
So I'm higher a stager, I will gladly pay the GC
fee instead of having to managesubcontractors Just for me and
where I'm at right now, thoseare the decisions that make the
most sense for our family, anddoes it not?
(38:17):
Every, not all savings andprofit is like dollars, oh for
sure, and so it's like saving onmy sanity and time and energy,
and absolutely 100%.
Speaker 2 (38:35):
Such a good reminder there.
It is not just money.
Yeah, such good stuff.
This has been so good, yeah.
Was there anything we didn'ttouch on that you wanted to make
sure to get in?
Speaker 3 (38:51):
No, I think that that was pretty much it and I just
yeah, it's saying that I knowfrom listening to your podcast
and from being on the Facebookgroup.
Like we touched on this at thebeginning, but like so many of
us are afraid to chat with ourclosest people about this.
And yeah, just another voice inthe crowd saying I was afraid
(39:14):
of those same things, like I wassuper nervous to tell my
parents, my in-laws and mysiblings and it's like you'd be
shocked, like they're yourbiggest I mean not only biggest
investors, but biggestsupporters and and it's been fun
, like it's been something.
That's kind of like my dad it'sawesome he comes out with me to
(39:37):
see houses and I love it.
It's fun.
Yeah, so, yeah, so it is good.
Speaker 2 (39:44):
Usually it doesn't go the way we think it's going to
go.
When we expect bad, you know,expect bad feedback or expect
pushback on something.
Sometimes it does, but itusually doesn't.
We usually build it up in ourheads to be something that it
just doesn't end up being.
Speaker 3 (40:03):
So true, so true.
I really do.
I appreciate your group, I theI will reiterate like the
mindset piece of it is, and I'lltell you what got me first is
that the mindset piece in one ofthe lessons was on like what
your thoughts on money?
Yes, how do you think aboutmoney?
And and that was probably likethe first, like ding, ding, ding
(40:27):
in my head and I was like, oh,this is going to be good.
Speaker 2 (40:29):
Yes, it's important we hear things growing up.
He doesn't grow in trees.
What are we doing?
Air conditioning the entireneighborhood, you know, like
things about scarcity and lackand and not like that's what we
hear.
And so it soaks in.
Everything is mindset,everything comes back to mindset
(40:51):
.
Everything, everything,everything.
Speaker 3 (40:52):
And I I will be the first to admit I may continue
like I shared in the group, butlike I'm like it doesn't come
natural to me, Like, yeah,reading, you know, positivity
books, you know those don't comenatural to me but also knowing
that it is a muscle and you canwork on it and it has been huge
(41:15):
so yeah.
So thank you, Thank you forcreating that space, Thank you
for being an answer to like whatI was looking for and, yeah,
it's been really positive.
Speaker 2 (41:27):
Thank you.
Thank you for those kind words,thanks for being a part of it
and thank you for engaging.
It really is such a great spacebecause we all co-create it and
the things that you add to thegroup is somebody benefits from.
You get comments and likes andall of that, but you also have
people's eyes on it and youdon't even know you're impacting
(41:49):
them, because they don't likeor comment or anything.
They're lurking.
So you're making an impact andwe appreciate your engagement in
the group.
You're awesome.
Well, thank you.
Thank you so much.
Yeah, you're killing it, girl.
You're making smart choices andyou've got a good guy in your
corner there.
Speaker 3 (42:09):
So that's awesome Data and spreadsheets.
Data and spreadsheets Exactly.
Speaker 2 (42:13):
So fun, so fun and make offers, and make offers,
and make offers.
Period and a story, awesome,all right.
Thanks for hanging out with metoday, kimberly.
I loved connecting with justyou one-on-one and getting to
know you better.
Speaker 3 (42:28):
Me too.
Thank you so much, Debbie.
You have a wonderful day and Iwill be in touch.
See you in the group All right,bye.
Speaker 2 (42:36):
I loved it so good.
I mean really.
Just so many great littlemorsels of truth, and your
honesty and your transparencyare just super inspiring.
Thank you so much for sharingpart of your story with us,
Kimberly.
All right.
So if you're a stay-at-home mom,if you're a busy working mom,
(43:01):
if you're a whatever you are andyou want to be chasing this
dream, but you don't think youcan, that's all in your head.
Those are stories you'retelling yourself.
Of course you can.
We always have time for thingsthat are really important to us.
Check that, okay, all right.
So if you want our help, thisis exactly what we do.
(43:23):
We help women go from I have noclue what I'm doing to oh my
gosh, I can't believe I justflipped my first house.
If you want to see if we'd be agood fit to work together, go
to herfirstflipcom, fill out anapplication and then schedule a
call with our team.
Okay, until next time.
Go out there, flip houses likea girl, leave people in places
(43:46):
better than you find them andmake it a great day.
Bye, y'all, bye.
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, DebbieDeVere.
Speaker 2 (00:40):
Hey, how's it going?
Today?
We are going to introduce youto one of our flip sisters in
the Atlanta area and her name'sKimberly.
She has been a stay-at-home momfor the last eight years.
She has three young childrenand she recently made $55,000
(01:02):
profit on her first flip inabout four months.
So she's going to walk usthrough that.
She's going to talk to us aboutsome of her fears and the areas
where she did some learning andgrowing throughout her first
flip.
By the way, she's purchasedthree flips within the first six
(01:24):
months of joining our program.
So she is a doer.
Listen to what she has to say,because she's out there doing it
.
She's chasing time freedom.
Ultimately, that's what shewants.
She wants to be able to spendmore time with her family.
This is such a greatconversation.
She walks us through how shefound the deal, how she financed
(01:46):
it, any issues that came up andwhat she thought about the
mindset side of things.
Yeah, we're going there, andher two biggest lessons, her two
biggest takeaways that shewants listeners to get, are so
dead on.
All right, let's get into thisconversation with Kimberly.
(02:10):
Okay, cool, you want to startwith introducing yourself and
letting us know a little bitabout you, who you are, where
you are, if you're workingcurrently, what you do in the
world, that sort of thing.
Speaker 3 (02:25):
Sure, so my name is Kimberly.
I live in a suburb of Atlanta,georgia, a Northwest town called
Acworth.
Born and raised here, I've donea couple of stints elsewhere in
Florida and New York, but forthe most part, south is home.
(02:45):
I have a great family, beenmarried just celebrated 12 years
Wow, congrats.
And then we got three littleones Aw, my oldest is seven.
I have a six-year-old daughterand then a three-year-old
daughter.
I yeah, they are my middleactually has special needs and
(03:09):
feels like two kids in one.
Just a blessing, huge blessing.
But, yeah, so prior to thiscurrent life, I'm living of
being a mom and a wife.
I worked for Marriott Hotels forabout 10 years doing sales and
special events.
I loved it, but just once westarted having kids, decided to
(03:33):
step back from that role and Ihad been staying at home
completely for six years.
And then, in 2019, decided toget my real estate license for
the purpose of investing.
Like, my husband and I weregoing to focus on investment
properties and, after justbuying and selling one home,
(03:57):
realized how much we could saveby having a license in the
household, and so, to be honest,I jumped into the real estate
world with the I thought I wasgoing to do investing, but then
I went to my first couple ofreal estate meetings at my
broker and I was like man I knewfrom my past with Marriott.
(04:19):
I enjoyed sales, I was good atit, and so within like a month,
I was like I'm just going tofocus on finding buyers and
sellers and really doing realestate from that side.
And they promise you that it'sreally flexible.
Speaker 2 (04:36):
It's like living the dream.
You're in full control ofeverything.
Speaker 3 (04:40):
Yeah, it's really great for a stay at home, mom
and it's really not.
Speaker 2 (04:45):
Oh, it's so time intensive Because if you don't
drop everything to go show thatperson that property, right then
they will find somebody whowill.
Speaker 3 (04:54):
Yes, that is true, that is very true.
So, anyways, after doing thatfor a couple of years, we were
like, oh, not working, let'sshift back to the investment.
You know what we wereoriginally thinking, and I had
just started asking questionsaround my offices and other
realtors and connected with ahandful of people that were
(05:16):
doing investment.
What I was looking for wassomeone to mentor me.
I was like I want to follow inyour footsteps, I want to do
what you're doing.
I just couldn't find.
What I was looking for was alsoall men that I was talking to
Super nice, you know, but busy,like really busy.
So, yeah, one night, probably ayear and a half ago, I was
(05:40):
Google searching at likemidnight for women who flip
houses and came across yourgroup and started listening to
the podcast.
I think I got through almostall of them in like a weekend.
Speaker 2 (05:53):
I love it.
I love it.
You binged it, yeah, awesome.
Speaker 3 (05:57):
But also I'll say this so my past with Mariat I
worked for some of the moreluxury brand properties and just
had a strong passion for thecustomer service that they
brought to the table.
I really appreciated andrespected the level of detail
that they had, and so when I wassearching for a mentor program
(06:18):
that's what I was looking for Iwas like I don't, it's not just
about the money, Like I want tobe bringing like a level of
service and quality product tothe table that I feel really
good about.
So and it and props to myhusband because I kept searching
and searching and he was likeit's out there.
I know it's out there, Keeplooking.
So yeah, so that brings me toflipping houses.
Speaker 2 (06:45):
That's how you're here, that's why we're talking
today.
That is, yeah, I love it, Ilove it, I love it, I love it, I
love it.
It's so great because, you know, there's often times that's not
(07:09):
what we hear.
We hear that that spouse isreally like fighting tooth and
nail, like, no, this is a badidea.
No, you shouldn't do this.
You know it's like, yes, life'shard enough man.
Speaker 3 (07:21):
Like be in my corner?
Yeah, absolutely.
Well, yeah, and I, my husband,is a wealth advisor and so he
knows the value of real estateinvesting and he's like I'm
encouraging my clients to dothis Like we need to be on our
own.
So that's awesome that's.
Speaker 2 (07:41):
that's really good to hear that wealth advisors
advise for it.
Speaker 3 (07:45):
Yeah, yeah, huge piece of the portfolio, yep.
Speaker 2 (07:50):
That's really good to hear.
Yeah, that's really good tohear.
Okay.
So you recently sold your firstflip.
Speaker 3 (07:59):
I did.
I sold my first flip in March,march 29th.
Sold my first.
Bought my second on March 30th.
Speaker 2 (08:08):
So that's right, okay , so let's go.
Let's so walk us through thefirst flip.
How did you?
Well, first of all, when didyou buy that?
Speaker 3 (08:19):
one, so I closed on that November 28th.
Speaker 2 (08:23):
Okay, oh, wow.
So almost four months to theday, pretty much, yeah, okay, so
November 28th, and how did youfind it?
Speaker 3 (08:31):
I found it off of the MLS.
So all of the properties Istarted making offers on once
I'd gotten through some of mytraining were on MLS properties
and I it was originally on themarket for 450.
I put an offer in for 350.
(08:52):
And just they, you know, didn'taccept it.
But they did reach out and theagent was really great and just
touched base and then, likeevery two weeks, they continued
to lower their price on the MLSand I just would reach back out
to them and say, hey, I'm stillinterested, and so we didn't
come to an agreement till thebeginning of November.
(09:13):
So it was a, you know, slowprocess in the midst of you know
I'm still making other offers,okay, but yeah, so close.
Speaker 2 (09:22):
Yeah, what did you end up buying it for?
I got it for $350.
That's awesome.
See that just right there.
There's two huge lessonsalready.
One you got to make offers.
You're out there making offers.
It doesn't work without makingoffers.
Then two you're making youroffer.
(09:44):
It doesn't matter what theasking price is.
That's just a number.
So just because you're 100Kunder their asking price doesn't
mean you're wrong.
Speaker 3 (09:57):
Yeah, no, it's so true.
I think the kicker for me wasthat I had walked another
property previously and I didn'tmake an offer on it because I
thought my offer was going to betoo low.
I kept watching it on MLS andthen I saw it close below what
my offer was going to be at yeah.
(10:17):
So then I just started.
Well, I'm going to make offers,yeah forget it.
Speaker 2 (10:23):
I'm just making offers.
It's not lowballing, right?
I hate that term lowballing.
It's based on data.
It's based on data.
We're not just randomlythrowing a 100 grand less than
asking price offer just to do it.
That's just where it landed onthat one.
Speaker 3 (10:42):
Yes, I was representing myself as an agent.
I did with each offer that Iput in I just said, hey, I'm a
new investor.
Like this is where my number iscoming from.
Like because I knew as an agenthow it can be a little bit
offensive at times to get like afeels like a slap in the face
offer.
But I felt like by beingfriendly and having some data to
back it up, it was like okay,exactly, people can really argue
(11:04):
with it.
Speaker 2 (11:05):
You can't.
You can't argue with the facts.
So yeah, presenting the data ishuge and they can do with it
what they want and it doesn'tjust if they say, no, oh well,
you're not being rejected,there's nothing personal, it
just doesn't match what theyneed.
Until they do and they comeback and they say, hey about
(11:25):
that offer.
Yes, how long?
Okay, so when did you make thatfirst offer on that property?
Speaker 3 (11:35):
I put in the first offer in July.
Yeah, so I just kept followingup.
For what is that?
Almost three months, yeah.
Four months, four months, yeah,yeah, because I didn't close
until the end of November.
So, yeah, july, august,september, october, yeah.
Speaker 2 (11:51):
That's amazing.
That's amazing.
Yes, make your offer, stick toit and follow up.
Yes, love it so much.
Goodness there.
Okay.
So how did you finance thepurchase and the renovations?
Speaker 3 (12:05):
Yep.
So I ended up going with allprivate money Nice, and I had
interviewed several hard moneylenders, like I knew those
numbers and things.
And again this is where mysweet husband jumps in is that
he sees me crunching the numbersone day and I'm like trying to
(12:28):
decide what hard money lendersand he was like, before you go
with a hard money lender, that'sa total stranger.
He's like we have to presentthese options to our families,
you know.
He's like it's too good of areturn to not get people we love
involved, which, ironically,like I was really nervous about
it, I felt more comfortable andless vulnerable going to
strangers.
(12:49):
I love it.
This is so good.
Yeah, so yes.
So we ended up going with oneprivate money lender for the
purchase and then one for therenovation.
We did a straight return of 10%and then for the purchase we
(13:11):
did a profit share.
Speaker 2 (13:13):
Got it.
So what's really cool there iswhat we say so often, we try to
remind people so often, is inyour husband nailed it Right.
How can we not offer thisopportunity to people we know
and love?
When it's that great of areturn versus, oh my God, it
(13:37):
feels really scary to offer itto them and I'm asking for help
and I don't want it to be weirdand it's like no, you're giving
them a 10% return on their money, If not greater.
You can't do that.
You can't find that within afew months.
You cannot find that anywhere?
Speaker 3 (13:51):
Yeah, no, that was.
He was like I do that for aliving.
He was telling you if he's likea better return than you know,
especially looking at thetimeline, yeah, and there's an
asset, yes, and I mean, just tobe honest, it's also like I
found.
Now I'm like man, it's also Igot to skip all the paperwork of
(14:13):
like the hard money, so I'meven like willing to pay a
little bit more for that.
Speaker 2 (14:19):
Now I'm like, oh, there's a, there's a benefit to
me too, and it's so speed, right, yeah, you can be quicker, more
nimble, having that moneyupfront versus doing a draw
request and waiting for it.
Yeah, totally, I love privatemoney for the rehab, for sure,
at the minimum.
Okay, awesome, all right, sogoing into it.
Okay, so you paid $350.
(14:40):
What were you anticipating therenovations to come in at?
Speaker 3 (14:46):
So I was wanting to keep my renovation at $85,000.
And so I walked fourcontractors whenever I was under
contract and two of themironically didn't get back to me
, which is like it just blows mymind.
But then both of them and Itold him everything I wanted.
(15:09):
I was like this is my first.
I was really honest, upfrontwith both of them.
Like this is my first house.
They were doing this is every.
I have no idea how much stuffcosts, I'm just going to tell
you.
And yeah, so got the bids backfrom them.
One of them was at 100,000 andone of them was at 115.
And so went back and asked bothof them if they could revise
(15:38):
their quote.
Like I just said, if I takethis out, this out, this out,
like how do we get to 85?
That's what I need to be at?
And then I said I really Idon't do anything less than
100,000.
He was like it's just not whichyou know.
That's fine.
I was appreciated his honesty,yeah.
(15:58):
And so then the other one, who Iwas more familiar with because
I had had my brother had usedhim on his house and so I knew
the work he had done he said hewas like, yeah, we can take out
a couple of things, get you to85.
And so I will say, on thatfront, though so he starts run.
(16:19):
He's literally demoing like theday I'm signing the papers and
then, like a week or two later,I go in and one of the things
that I had taken out of myoriginal request was to take a
wall out and like open up thespace, because he, you know,
told me he's going to have tohave a support beam and just the
(16:40):
cost and right Anyways.
So I go in and the wall is goneand he was there and I was like
my gosh.
I said I told you I don't havethe money for this.
Oh, no.
And he was like Miss Kimberly.
He said I've seen your numbersand I had sent him my
spreadsheet and, like my youknow proposed ARB and things,
(17:02):
and he was like you're just.
He's like you're way, way, waytoo low.
And he said I'm jumping in withyou.
And he said I'm doing all youasked for to begin with and if
you sell over a certain price,then you can pay me the extra
15,000.
Interesting, yeah, so that'swhat we did.
And you know, did he get theextra 15,000?
(17:25):
He did, yeah.
So we picked at a price that wewould get over and we went well
over that and so, yeah, so itwas good.
Speaker 2 (17:34):
Were there any issues along the way?
I was trying to remember, likeyou, posting any issues or
anything with contractors orsurprises, and I don't remember
anything.
Speaker 3 (17:46):
We didn't and I have to say that, like that's one of
my mindset pieces that I workedon throughout the project is
that it went so well and Ialmost kind of felt guilty for
that.
That's weird to say, but likeyou see all these shows and you
even being in the group andtalking to other women that are
having, you know, some crisisduring their flips, and it just
(18:11):
went really really well andthat's okay.
Speaker 2 (18:14):
Yeah, I get the guilty thing.
It's okay for it to go, okay,it's okay for it to not be
difficult, it's okay.
And even sometimes, when thingsdo come up, you know especially
more exposure to it it's like,oh, that's no thing, whereas you
know at the start it might belike, oh my God, this is such a
(18:35):
big deal.
But then when you get into itit's like it's actually not a
big deal, like it's gonna befine, so.
But yeah, I get that whole.
Speaker 3 (18:43):
That was a little bit too easy, like right, like, oh
God, waiting for the other shoeto drop, that whole foreboding
joy that Brene Brown talks about, yeah, yes, but yeah, so
everything I mean the only I'dsay that we didn't have to have
to replace all the electrical,but he was still able to be in
budget to do that because we hadopened up the walls so much
(19:08):
that he was like it's notdifficult for me to get in there
and do it.
Speaker 2 (19:12):
So yeah, so it went really good Okay so the rehab
budget was 85, it ended up being100 because he did some extra
stuff, but you wouldn't have hadto have paid it if he didn't
hit a certain number, yeah, orif the sales price didn't hit a
certain number.
Okay, cool, how long was howlong between you buying the
(19:36):
property and you putting it onthe MLS for sale?
It was 11 weeks.
I think, wow, that's fantasticfor that budget, like that's
great.
Speaker 3 (19:48):
Yeah, yeah, he was really fast, that's great.
Speaker 2 (19:52):
And then, okay.
So when you bought the property, what were you projecting based
on data at the time, the ARB tobe Okay that's a great question
and my answer is entertaining.
Speaker 3 (20:08):
So when I was running my numbers, like when I was
doing the analyzing on not justthis property but a lot of
properties, I was not trustingthe ARBs and I was putting my
ARBs in really really low andtherefore then my offers were
really really really low.
I had put my ARB for thisparticular property as 490,
(20:32):
despite the fact that, like allthe, I've had probably five
comps that would support 550.
It will probably continue toalways be a learning for me of
like trust the ARB, like trustthe data, trust the comps, and
but that's the piece that feelsso personal and emotional.
It's easy to you know thepurchase price and the
(20:57):
renovations and all of that likeI don't get as emotional about.
But Mm-hmm.
I get that.
Speaker 2 (21:03):
I get that Okay.
So you went into it with 490being your ARB.
What did you list it for whenyou went to sell it?
Speaker 3 (21:16):
We listed it at 550.
Okay, you know what all theoriginal ARBs supported.
We sold at 540.
Speaker 2 (21:28):
That's awesome.
You went under contract Quickly.
Speaker 3 (21:32):
Yeah, yes, and so we went under contract in three
days, I think, and a lessonlearned for me on that not that
I feel like I would have doneanything different this first
time, but maybe moving forwardis that I went on the market
(21:52):
over a school holiday here and avery, very rainy weekend and I
accepted the first offer that Igot and then I had like two
backup offers at full priceafter people kept seeing it for
that first week that they werein due diligence.
So, yeah, so learning lesson inthat stuff like burden hand
(22:15):
Amen, amen.
Speaker 2 (22:17):
It's invaluable, amen .
So I have friends who can leaveproperties on the market for
months because they're gonna getthat price and they know
they're gonna get it and they'rejust gonna wait.
That makes me want to hurl.
Yeah, it stresses me out sobadly that I'm just like I
that's, yeah, I'm not gonna wait.
(22:37):
I'm like all right, let's work,let's work on this.
And it's like dang it.
Speaker 3 (22:43):
But I get that.
But also, like every day you'reon the like every day cost much
, so that I'm like, even if Imake, and this person that I had
the offer from also was payingall closing costs.
So I'm like I might get a fulloffer but then have to play
closing cost and then I'm aboutat the same Right.
Speaker 2 (23:02):
Exactly, exactly.
Yeah, I get that, I totally getthat.
Yeah, that is awesome.
Okay, so bought it for 350, put100K into it, yes, and put it
on the market for 550, it soldfor 540.
What ended up being the profit?
Speaker 3 (23:21):
About 50,000.
So 50,000, I think 55 total.
Speaker 2 (23:27):
Uh-huh, got it.
That's awesome, that's huge,that's your 10%.
Speaker 3 (23:31):
Yes, yes, it was all the numbers that you promised
would work.
Speaker 2 (23:37):
Look at that.
Speaker 3 (23:40):
I have to figure out for myself $55,000 profit in
about four months time.
Yes, and I will add that, likejust for any other listeners,
that I ultimately am a stay athome mom, like I.
My kids are in school, myyoungest is in preschool, so I
(24:01):
have maybe like 15 hours a weekto like the vote to this, not
that even all 15 of those hoursgo to this.
I'm volunteering at school andI'm you know.
So, yeah, it can be done.
Speaker 2 (24:15):
It can be done Absolutely.
We all have things going onLike don't put it off.
Stop putting things off that wewant to do.
Stop doing that.
Yes, that is awesome.
Okay, what did you learn aboutyourself throughout this process
?
Speaker 3 (24:30):
So, man, so much, like so much.
But I think the biggest thing Ilearned and it was a hard thing
for me to learn was that, likeI got into this because of the
flexibility that I provided withmy family, but, and after being
a stay at home mom for, youknow, six years, like, I
(24:54):
realized, well, what I just saidis true.
This can be done in almost notime, in a week, if you just do
what you need to do, like I wantto work and, and so I think
that was probably like as myhusband and I wrestled over the
last, you know, couple months oflike I want to have more time
to devote to this, and itdoesn't mean that I'm a bad mom,
(25:18):
it doesn't mean that, you know,I'm greedy, like it, just it's
it's good for my soul and andthat's good and that's, you know
, healthy and and so I thinkthat's been like the biggest
thing of like it's okay, like towant to work like and and I'm
(25:41):
better for it.
Speaker 2 (25:42):
So yeah, that's huge.
I think that is shared, that inthat way.
I think that's really huge.
Yeah, again, it's, it's okay,it's okay.
It's okay that your first flipwasn't a struggle.
It's okay that you want that,you enjoy and want to work.
(26:03):
It's okay that you wantsomething that isn't, you know,
24 or seven around the kids.
It's okay, yeah, but but I getwhy you're, why you say that?
Because society, right, it'slike oh yeah, you, you are so
lucky that you get to be aroundyour kids 24, seven, sure, but
(26:24):
dang man, it's also nice to havean identity separate.
Speaker 3 (26:28):
Yes, Absolutely Like 100%.
That is, yeah.
It's so interesting because Idid listen to so many of your
podcasts and so many people inthe group who are working like
such rigorous jobs and and thisis an outlet for them to step
away from that and I was I wason it from a little bit
(26:48):
different mindset of like Istill want to be flexible but I
also want to have work to do,and I posted a little bit ago on
the group and that the thingI'm still working on in the
learning lesson is that, becauseit is so flexible, can be easy
(27:10):
to constantly put it on the backburner.
Yes, yes, and I'm like, okay, II was volunteering at the kids
school three days a week and Iwas, you know, going to coffee
with friends and and all ofthose things are great, but,
like, if you also want to growyour business, you have to be
sitting down and putting timeinto your business.
Speaker 2 (27:31):
Yes, how are you going to do that?
Are you going to time block, orwhat are you going to do?
Speaker 3 (27:36):
Yes, time block and then moving next school year.
We got some extra childcarehelp and so yeah, so I the way I
kind of set it up was that Ijust actually this morning I
just closed on my third propertyand so I kind of wanted to have
(27:56):
those in motion for the summer,because the finding the
properties takes the longest forme.
Speaker 2 (28:03):
You've literally found free in a few months.
I love that.
I love that we are so funny.
Speaker 3 (28:11):
We're like oh gosh, it's like Contract writing and
you know, but I gotcha.
But so I wanted to kind of Iknew that I can, I can balance
my kids more when I'm on the youknow Renault side of things
thing come with me theproperties, they can be there
while the GC is there and things.
So I wanted to have that set upgoing into the summer.
(28:31):
Okay.
Speaker 2 (28:33):
So that's a fantastic first flip.
Those are awesome lessons thatyou've shared Like.
This is such a great podcast.
Oh, I want to touch briefly onthe other two.
So you bought your second onethe day after you sold your
first one.
Did you also find that on theMLS?
I did.
Speaker 3 (28:53):
I found out.
Speaker 2 (28:55):
I love that.
You just make offers, like ifthere's any message that anybody
takes away.
I want you to take two thingsaway from this call, from this
podcast.
I want you to take away it'sokay.
However it unfolds, it's okay.
Whatever you want, it's okay.
And then B make offers, just gomake offers.
Speaker 3 (29:13):
Yes, okay, make offers, make offers, make offers
.
And yeah, so that I startedmaking offers when I listed my
first one.
So I knew that I'd have about30, 45 days.
So I started making offers whenI listed my first one and went
under contract that next dayLesson learned again to anyone.
(29:36):
So I hadn't failed to set up abank account for my LLC even
though you said to do it Detail,we don't always listen and I
had failed to set up an LLC.
It was a bank account for myLLC, so when I got my check for
closing on the first house, Icould not deposit it.
Speaker 1 (29:59):
Oh my gosh.
Speaker 3 (30:01):
Yeah.
So go set up your bank accounts.
Set up your bank accountBecause it ended up being a huge
hassle, because, like, I'mneeding to pay my investors back
, I'm needing to pay mycontractors extra money, I'm
needing money to close on mybank account, right, like so, oh
, that's hilarious, right.
(30:21):
So I had to set up a bankaccount, set it up, but yeah,
but I found that one on the MLSand it had been another investor
had it and had it had been onthe MLS for about a year, got
that one and I just made anoffer.
Made an offer, yeah, and thistime I was actually pretty close
to the list price.
He had continued to lower it,like over the past year.
(30:42):
So I ended up being prettyclose to list price and but also
I think people were shying awayfrom it, like because it was a
total good job, like it was itjust it needed a lot of work,
and so I think that you know,people, even other investors,
(31:02):
were just shying away from that.
Speaker 2 (31:03):
Yeah, I like those.
Yeah, I like those that peopleshy away from.
It's like, ok, awesome, cool,yes.
Speaker 3 (31:09):
Yes, well, and I learned from my contractor.
He was like, honestly, kimberly, he was like I can do more for
less because when everything'sopen, yes, it's easier.
Yes, and that was a huge, hugeeye opener.
That's what.
Speaker 2 (31:24):
I'm telling you guys yes, it's easier, I promise,
yeah, I promise it's easier.
I know it feels bigger andscarier, but it's, it's so much
easier.
Those cosmetic ones are sosneaky for me sometimes.
Yeah, ok, and then so thatone's been going a couple, maybe
(31:46):
a month and a half now.
Yeah, how's that moving?
Is that moving along?
Speaker 3 (31:51):
It is yes, so it is.
Kitchen is in, bathrooms aredone.
The windows were gettinginstalled today, so we concrete
is getting port like we'reredoing the driveway Not getting
done next week.
So I'm probably four weeks awayfrom listing that.
I think Nice.
Speaker 2 (32:07):
OK, and then you?
What did you just say?
You just bought number three.
Speaker 3 (32:12):
I closed on the third one this morning.
Again, I just want to give ashout out to my husband because
I was analyzing these numbers onthis third one last week and I
was like my ARV, I was justgoing way, way, way too low.
And he was like let me see yourcops.
(32:33):
And so yeah, so pulled thetrigger and that one I got from
a wholesaler Nice, oh good whichI was really nervous about.
I will be honest, I was nervousabout working with the
wholesaler.
I don't know why that.
Actually they're not scary andit was a great experience.
Speaker 2 (32:52):
What were you worried about?
Speaker 3 (32:56):
I think I was worried .
Well, I was.
I was maybe not worried, but Iwas not familiar with the
process of like assignmentversus like double closing and I
was worried about additionalexpenses that I, you know, I'm
really familiar with, like anMLS closing or conventional.
So I was worried about beingcaught off guard by things I
(33:19):
couldn't plan for.
Got it yeah, and it was OK.
It was yeah.
So we ended up doing assignment.
I was from is it New Western?
Yeah, yeah.
Speaker 2 (33:30):
Oh, and they did an assignment, not a double closing
.
Speaker 3 (33:32):
They did, which I again.
I did not know that that was abig deal, but after doing it I'm
like, oh, that did save me.
Speaker 2 (33:39):
Yeah, that's interesting.
I wonder why they chose thatroute.
That's really interesting.
They usually do double closing.
Speaker 3 (33:46):
So I asked again Just goes back to never hurts to ask
, because they were pretty deadset on the double closing and I
kept trying to negotiate down onmy price.
Really, my negotiating was onlycoming down to like five or six
thousand dollars and she waslike let me just see if we can
do an assignment.
(34:06):
I know this guy, he might workwith us.
Just get it off his hands andso yeah, nice.
Speaker 2 (34:15):
Just asked.
Just asked I love it, man,you're doing it.
You're just doing it.
Are you having?
Speaker 3 (34:22):
fun I am, I'm really enjoying it and I have to say
that as well.
Like another learning for me isthat you know, gosh it.
Just your program is really,really good in terms of the
mindset.
You say it all the time.
And like I realized, like thenegative self talk, like we just
(34:44):
have a lot of negative selftalk, and one of the things that
I was doing was, like a lot ofpeople, naturally.
So I think we're asking me likewell, couldn't you save more
money if you did the workyourself?
And like have you ever thoughtabout putting in the elbow
grease in?
And like just getting in there.
And so I kind of started talkingor making myself feel like well
(35:08):
, I'm not really flipping housesbecause I'm not the one or
doing the work, like I'm notlifting a hammer and knocking
out walls, and and it was Ibrought that, I think, to your
group, to the Facebook group,and I think it was this that was
like and your lane, like you'rereally good at sourcing it,
you're really organized andyou've got your spreadsheets,
(35:30):
you know.
And so just realizing like thevalue I was bringing to the
table, like I don't have to bedoing the, I am doing work.
It is really important.
Nobody these contractors wouldhave a job if I wasn't doing it.
You know, like absolutely so,yeah, so I'd say that that was
just a huge mindset shift oflike talking to myself more
(35:52):
positively, of like I am doingthis.
It might look different thanwhat some people think about
when you say you're flippinghouses, but I'm doing it.
Speaker 2 (36:01):
Interesting.
So also, what I would add is ifyou're there physically doing
the work, you've given yourselfa job and it doesn't meet what
you said you want.
You want the time freedom, youwant to be able to do this and
not be tied to it.
You can't do that and also haveto do the work in order for the
(36:22):
thing to get done.
Yes, absolutely 100%, 100%, Ithink, honestly.
So whenever anybody sayssomething like anything to us,
it's coming from their own stuff, right?
Whatever it is they're saying,whether it's positive or
negative or in between, it'sbased on their own experiences
(36:43):
and their own stuff and theirown like what's going on in here
.
And so a lot of people aretrained to be employees.
We're not trained to bebusiness owners.
So we think, oh, we have to dothe thing, go do the thing.
Never, I know like that's notat all.
(37:03):
I don't want to have to.
I want to actually enjoy beinga business owner and not having
to be there 24 seven.
So I think it's an interesting.
It's interesting that that youwere having that and that people
were kind of saying things likethat.
It's interesting.
It's about them, it's not aboutyou.
Yeah, but I get it, yes.
Speaker 3 (37:26):
And it's funny because in the flip side, my
husband, when I was like, well,let's get back into the
investing, he goes here's thedeal.
He said I want us to do houses.
I never want to lift a finger.
Speaker 2 (37:36):
Yeah, exactly, exactly.
And let's employ people and letthem do what they love to do
and they can get paid for it,and everybody's happy yeah and I
have to say that has been alsoa learning is that I would
rather delegate.
Speaker 3 (37:57):
So I'm higher a stager, I will gladly pay the GC
fee instead of having to managesubcontractors Just for me and
where I'm at right now, thoseare the decisions that make the
most sense for our family, anddoes it not?
(38:17):
Every, not all savings andprofit is like dollars, oh for
sure, and so it's like saving onmy sanity and time and energy,
and absolutely 100%.
Speaker 2 (38:35):
Such a good reminder there.
It is not just money.
Yeah, such good stuff.
This has been so good, yeah.
Was there anything we didn'ttouch on that you wanted to make
sure to get in?
Speaker 3 (38:51):
No, I think that that was pretty much it and I just
yeah, it's saying that I knowfrom listening to your podcast
and from being on the Facebookgroup.
Like we touched on this at thebeginning, but like so many of
us are afraid to chat with ourclosest people about this.
And yeah, just another voice inthe crowd saying I was afraid
(39:14):
of those same things, like I wassuper nervous to tell my
parents, my in-laws and mysiblings and it's like you'd be
shocked, like they're yourbiggest I mean not only biggest
investors, but biggestsupporters and and it's been fun
, like it's been something.
That's kind of like my dad it'sawesome he comes out with me to
(39:37):
see houses and I love it.
It's fun.
Yeah, so, yeah, so it is good.
Speaker 2 (39:44):
Usually it doesn't go the way we think it's going to
go.
When we expect bad, you know,expect bad feedback or expect
pushback on something.
Sometimes it does, but itusually doesn't.
We usually build it up in ourheads to be something that it
just doesn't end up being.
Speaker 3 (40:03):
So true, so true.
I really do.
I appreciate your group, I theI will reiterate like the
mindset piece of it is, and I'lltell you what got me first is
that the mindset piece in one ofthe lessons was on like what
your thoughts on money?
Yes, how do you think aboutmoney?
And and that was probably likethe first, like ding, ding, ding
(40:27):
in my head and I was like, oh,this is going to be good.
Speaker 2 (40:29):
Yes, it's important we hear things growing up.
He doesn't grow in trees.
What are we doing?
Air conditioning the entireneighborhood, you know, like
things about scarcity and lackand and not like that's what we
hear.
And so it soaks in.
Everything is mindset,everything comes back to mindset
(40:51):
.
Everything, everything,everything.
Speaker 3 (40:52):
And I I will be the first to admit I may continue
like I shared in the group, butlike I'm like it doesn't come
natural to me, Like, yeah,reading, you know, positivity
books, you know those don't comenatural to me but also knowing
that it is a muscle and you canwork on it and it has been huge
(41:15):
so yeah.
So thank you, Thank you forcreating that space, Thank you
for being an answer to like whatI was looking for and, yeah,
it's been really positive.
Speaker 2 (41:27):
Thank you.
Thank you for those kind words,thanks for being a part of it
and thank you for engaging.
It really is such a great spacebecause we all co-create it and
the things that you add to thegroup is somebody benefits from.
You get comments and likes andall of that, but you also have
people's eyes on it and youdon't even know you're impacting
(41:49):
them, because they don't likeor comment or anything.
They're lurking.
So you're making an impact andwe appreciate your engagement in
the group.
You're awesome.
Well, thank you.
Thank you so much.
Yeah, you're killing it, girl.
You're making smart choices andyou've got a good guy in your
corner there.
Speaker 3 (42:09):
So that's awesome Data and spreadsheets.
Data and spreadsheets Exactly.
Speaker 2 (42:13):
So fun, so fun and make offers, and make offers,
and make offers.
Period and a story, awesome,all right.
Thanks for hanging out with metoday, kimberly.
I loved connecting with justyou one-on-one and getting to
know you better.
Speaker 3 (42:28):
Me too.
Thank you so much, Debbie.
You have a wonderful day and Iwill be in touch.
See you in the group All right,bye.
Speaker 2 (42:36):
I loved it so good.
I mean really.
Just so many great littlemorsels of truth, and your
honesty and your transparencyare just super inspiring.
Thank you so much for sharingpart of your story with us,
Kimberly.
All right.
So if you're a stay-at-home mom,if you're a busy working mom,
(43:01):
if you're a whatever you are andyou want to be chasing this
dream, but you don't think youcan, that's all in your head.
Those are stories you'retelling yourself.
Of course you can.
We always have time for thingsthat are really important to us.
Check that, okay, all right.
So if you want our help, thisis exactly what we do.
(43:23):
We help women go from I have noclue what I'm doing to oh my
gosh, I can't believe I justflipped my first house.
If you want to see if we'd be agood fit to work together, go
to herfirstflipcom, fill out anapplication and then schedule a
call with our team.
Okay, until next time.
Go out there, flip houses likea girl, leave people in places
(43:46):
better than you find them andmake it a great day.
Bye, y'all, bye.
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