All Forum Posts by: Cheryl Spangler
Cheryl Spangler has started 3 posts and replied 5 times.
Post: Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)
- Residential Real Estate Broker
- Alexandria, VA
- Posts 5
- Votes 7
Quote from @David Spurlock:
Hey @Cheryl Spangler,
What problem did you run into with the mini-splits? Also, what did you end up selling it for?
Nothing bad with a mini split in general, it is a 2TON is more than enough for the 400sf space and works great. It's the visual thing for some people mostly, with such small wall space having it right there in your face isn't ideal. when at all possible, every flip will just get duct work and standard air conditioning. We are under contract at $375k.
#1 reason - parking is side street. If it had a parking space in front or right beside the building (even though it 's only 120 walk away) would have been gone the first weekend for more money. Note to self - never buy a flip without parking.
Post: Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)
- Residential Real Estate Broker
- Alexandria, VA
- Posts 5
- Votes 7
Quote from @Daniel Amsalem:
Oh, I guess I misunderstood. I just saw this place listed on the MLS. So it's a flip not an investment and the Airbnb numbers are estimates?
Post: Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)
- Residential Real Estate Broker
- Alexandria, VA
- Posts 5
- Votes 7
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $285,000
Cash invested: $40,000
purchase Price $285k
Renovation Cost $40k (on budget)
Renovation Time: 41 days
ARV: $425k
Feature sheet: https://drive.google.com/file/d/1PMMTCmYptc1Jiy14MgAImJyiiEonebQl/view?usp=sharing
Current Rent Long Term in 22302: $1800-$2200/mo
Current Rent Short Term AirBNB in 22302: $2000 - $3000/mo
Current Comparable properties at this price range (are condos with 500-$1100/mo condo fees)
What made you interested in investing in this type of deal?
Unique home, tiny home, full renovation to bring luxury to the tiny home community, location (king st alexandria). First time JV fix and flip
How did you find this deal and how did you negotiate it?
day 1 MLS listing, offered less 1 week closing, they took it. Time and cash sealed the deal
How did you finance this deal?
Cash
How did you add value to the deal?
Project management throughout the process. 99% of the time, buyers press a button to buy, press a button to sell and everything in between is done for them (including taking care of all problems, and selling it in the end)
What was the outcome?
Success, currently active, will update what our final sales price ends up with, fielding calls on the property already.
Lessons learned? Challenges?
If at all possible, never install mini-split, install duct work.
Measure, Measure, Measure. Even then some things don't always fit and you have to come up with a work around.
Hire a separate landscaper to finish it all up for better curb appeal
**all in all was very happy with outcome & quality**
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
myself for real estate & project management, cash for lending, investor friendly title co
Post: Tiny Home Renovation (Old Town Alexandria) 78k profit (378sf)
- Residential Real Estate Broker
- Alexandria, VA
- Posts 5
- Votes 7
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $285,000
Cash invested: $40,000
purchase Price $285k
Renovation Cost $40k (on budget)
Renovation Time: 41 days
ARV: $425k
If you are looking for a long term or short term rental in old town alexandria or just a small / tiny home primary residece with NO HOA right on King Street, this is your home.
Contact with questions, interest, referrals of anyone you think might love it. more photos will be uploaded soon. Massive reconstruction, renovation of everything front, back, inside and out. new plumbing, electrical, ceiling, walls, porch, patio etc.
Feature sheet: https://drive.google.com/file/d/1PMMTCmYptc1Jiy14MgAImJyiiEonebQl/view?usp=sharing
Current Rent Long Term in 22302: $1800-$2200/mo
Current Rent Short Term AirBNB in 22302: $2000 - $3000/mo
Current Comparable properties at this price range (are condos with 500-$1100/mo condo fees)
just some snapshots I took, not the professional photos.
What made you interested in investing in this type of deal?
Unique home, tiny home, full renovation to bring luxury to the tiny home community, location (king st alexandria). First time JV fix and flip
How did you find this deal and how did you negotiate it?
day 1 MLS listing, offered less 1 week closing, they took it. Time and cash sealed the deal
How did you finance this deal?
Cash
How did you add value to the deal?
Project management throughout the process. 99% of the time, buyers press a button to buy, press a button to sell and everything in between is done for them (including taking care of all problems, and selling it in the end)
What was the outcome?
Success, currently active, will update what our final sales price ends up with, fielding calls on the property already.
Lessons learned? Challenges?
If at all possible, never install mini-split, install duct work.
Measure, Measure, Measure. Even then some things don't always fit and you have to come up with a work around.
Hire a separate landscaper to finish it all up for better curb appeal
**all in all was very happy with outcome & quality**
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
myself for real estate & project management, cash for lending, investor friendly title co
Post: 40k+ Investor profit from off market property obtained via regular mailings
- Residential Real Estate Broker
- Alexandria, VA
- Posts 5
- Votes 7
Investment Info:
Single-family residence wholesale investment.
Purchase price: $119,000
Cash invested: $23,000
Sale price: $185,000
purchased off market, distressed property obtained via mailings. Wholesaled to investor, assisted with all inspections, estimates obtained and managed the entire renovation until it was time to sell and then listed for the investor and sold the property. Lots of ups and downs but relationships were built and nove we are moving on to investment # 2 and #3.
What made you interested in investing in this type of deal?
Off market, saved a homeowner from auction, helped an investor profit - win win win
How did you find this deal and how did you negotiate it?
my own mailings
How did you finance this deal?
hard money
How did you add value to the deal?
managed the entire project from beginning to end, the investor never stepped foot in the house - happy investor
What was the outcome?
profit
Lessons learned? Challenges?
always background check your contractors even if you know them, always do a bring down report fully before moving forward (but after the contract is signed for purchase), get to know the neighbors they give you more insight into everything.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Licensed and Insured contractor:
Alex Teos, Owner, Alex Flooring & Carpentry, LLC, Phone: (703)-928-8331, Email:[email protected], Website: alexflooringandcarpentry.com
Hard Money Lender:
Brian M. Castel, Founder & Owner, Restoration Capital, www.RestorationCapital.com, Main - 800.877.0883, Direct - 703.298.5044, Fax - 202.204.4866
Title Company:
Universal Title & Escrow, Pam Godrey (stafford office)
Pamela Godfrey, Manager, Stafford Office, Direct: 703-468-1201, O: 540-228-1409
