All Forum Posts by: Alexandra L.

Hi Nick! Richmond, VA real estate agent here - with a bit of new construction experience, but not much in land development. Maybe I just haven't spent enough time in the zoning code, but I don't see anything about R3C zoning. R-3 zoning is single-family residential and you can view the code specifics on the City of Richmond Planning & Development website. I can send you a list of things you should do during your due diligence period of the purchase, if that's helpful. I'm also happy to connect you with a couple of builders / developers. If there's anything else I can do to help, just let me know!

Hi Juan! I'm an agent in the central VA area, and based on what I know about Hopewell, I think long-term rental makes more sense for that market. You could potentially try to tap into the military folks passing through Fort Lee.

Investment Info:

Single-family residence fix & flip investment in North Chesterfield.

Purchase price: $165,000
Cash invested: $40,000
Sale price: $273,000

Purchased off-market property and completed a renovation to include the following: minor structural repairs, minor changes to floor plan, complete interior painting and floor refinishing, gut and redo kitchen, various landscaping improvements, deck repairs, all new hardware and light fixtures. All interior design and staging by yours truly!

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

My background in interior design combined with my knowledge and experience in the real estate industry makes flipping homes a natural fit.

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

A neighbor approached me about selling her rental property. In order to be fair, I provided a comparative market analysis in order to give her an idea of what it would sell for in a public sale. I also brought one other investor to make an off-market offer first. When she denied their offer, my team and I offered a slightly higher price that was acceptable to her. She chose to sell to us versus listing publicly and paying a real estate commission.

How did you finance this deal?

Investment Mortgage Loan

How did you add value to the deal?

I found the property, negotiated / managed the purchase, made all interior design-related decisions about the renovation, acted as a general contractor, staged the property, and then marketed the property for sale and negotiated / managed the sale.

What was the outcome?

My team and I walked away with some very valuable knowledge and experience, as well as doubled our initial monetary investment.

Lessons learned? Challenges?

Coordinating the contractors and managing the team's decision-making process was the hardest part. In the future, we will set up a much clearer plan from the get-go.

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

Yes! Our lender, Mike Gasiorowski with C&F Mortgage was great.