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All Forum Posts by: Alexandra L.

Alexandra L. has started 5 posts and replied 13 times.

Post: Renovated 1950's Bungalow

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $60,000
Sale price: $226,000

1950's bungalow with contemporary renovation. Opened up the floor plan and painted the entire interior white to make the home feel more spacious. Removing awnings also helped by allowing so much more natural light into the space. Completely renovated the kitchen & bathroom. Replaced a lot of paneling with drywall because at some point, it becomes too much texture, but we painted the rest white. New roof, new plumbing, all new fixtures throughout.

What made you interested in investing in this type of deal?

My background is interior design, and now I'm a real estate agent. Flipping seems like a natural fit for me!

How did you find this deal and how did you negotiate it?

We were referred to the seller by a family friend. He had another offer from a very large, well-known investor in the area. However, we tried to go the extra mile by helping remove some of the personal belongings and showing them that we wanted to treat this home with care. We weren't going to just slap some paint and flooring in it and call it a day. They ultimately decided to go with us, even though their other offer was probably better.

How did you finance this deal?

Commercial loan

How did you add value to the deal?

I completely handled the design, fixtures and finishes selections, and did some hands-on work as well.

What was the outcome?

We ended up investing a bit more into the home than we expected, and honestly, we thought we were going to lose money on this one. Luckily, we came out on top, but the profit was likely not worth the time and stress involved in the process. At the end of the day, we're proud of the product we sold and that we can provide a beautiful, quality home for a new homeowner, when there's such a lack of housing right now.

Lessons learned? Challenges?

1) Don't try to compete with big investors and end up overpaying for the house. 2) Double check your budget spreadsheets!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself - real estate agent / designer
Tyler Yeatman - mortgage loan officer, C&F Mortgage

Post: Renovated 1950's Bungalow

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $60,000
Sale price: $226,000

1950's bungalow with an attention-to-detail contemporary renovation. Opened up the floor plan some between the kitchen and living room, and painted the entire interior white to make the home feel more spacious. Removing the awnings also helped by allowing so much more natural light into the space. Completely renovated the kitchen and bathroom, also with lighter finishes. Replaced a lot of paneling with drywall because at some point, it becomes too much texture. However, we left the paneling and painted it in the living room and hallway. New roof, new plumbing, all new fixtures throughout.

What made you interested in investing in this type of deal?

My background is interior design, and now I'm a real estate agent. Flipping seems like a natural fit for me!

How did you find this deal and how did you negotiate it?

We were referred to the seller by a family friend. He had another offer from a very large, well-known investor in the area. However, we tried to go the extra mile by helping remove some of the personal belongings and showing them that we wanted to treat this home with care. We weren't going to just slap some paint and flooring in it and call it a day. They ultimately decided to go with us, even though their other offer was probably better.

How did you finance this deal?

Commercial loan

How did you add value to the deal?

I completely handled the design, fixtures and finishes selections, and did some hands-on work as well.

What was the outcome?

We ended up investing a bit more into the home than we expected, and honestly, we thought we were going to lose money on this one. Luckily, we came out on top, but the profit was likely not worth the time and stress involved in the process. At the end of the day, we're proud of the product we sold and that we can provide a beautiful, quality home for a new homeowner, when there's such a lack of housing right now.

Lessons learned? Challenges?

1) Don't try to compete with big investors and end up overpaying for the house. 2) Double check your budget spreadsheets!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself - real estate agent / designer
Tyler Yeatman - mortgage loan officer, C&F Mortgage

Post: Buying A Lot of Appliances - Richmond, Virginia

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Any tips for saving money on two kitchens and three laundry rooms worth of appliances?  

Post: Newbie looking to start investing in Richmond

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Hi Nicole!  Realtor, investor, and lifetime Richmond-er here if I can be of any help! 

Post: How To Find Foreclosure Homes

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

@Kevin C. Absolutely!  I've sent you a message!

Post: How To Find Foreclosure Homes

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Hi @Ryan Woods - I'd be happy to set you up on an MLS search for foreclosures in Richmond, as well as send you a list of other resources to find them. Just let me know if that would be helpful!

Post: Renting to a Tenant on Disability in Virginia

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Thank you, Patty!  This is exactly the type of information I was looking for.  

Post: Renting to a Tenant on Disability in Virginia

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Thank you, Simon.  I WANT to rent to him, but I just want to know (good and bad) what I should be prepared for as a landlord to someone in his situation. 

Post: Renting to a Tenant on Disability in Virginia

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Hi everyone!  My husband and I are looking at purchasing a rental property, and we already have a specific tenant in mind for it.  He has a minor mental disability and receives disability checks, which he would use to pay his rent.  PRO'S and CON'S to renting to someone on disability? 

Does anyone have any thoughts / advice about renting to a tenant that can live independently and mostly take care of himself, but maybe not the property due to his disability?  

My first thought is that the rent should likely always be paid on time.  I am also wondering if there are any tax breaks for something like this though. 

DISCLAIMER:  I am not discriminating against him / his source of funds.  I'm just trying to determine if a) we want to purchase this property at all - and - b) if we want to approach this specific tenant directly versus listing it for rent publicly.

Post: Hello from Richmond VA

Alexandra L.Posted
  • Realtor
  • Richmond, VA
  • Posts 16
  • Votes 5

Hi Adam!  Investor & REALTOR here.  Born & raised in Richmond. I’d love to connect!