All Forum Posts by: Danielle Bulla Isenhour

@Daniel Ferster

Hi Daniel,

Try Lorinda James, with Tidewater Mortgage! I’ll PM you her info.

Best of luck to you!

@James Wise you’re so right! Thank you for posting the stats.

It would make my job a lot easier if I had decent agents on the other side of the transaction. Unfortunately, it’s rare that the other agent is good.

@Taylor Hudgins thank you! Oh no, sorry for the confusion. They just owned the house and never occupied it. My buyers purchased as a flip, but their business grew and became so successful they could barely keep up. It sat vacant with minimal repairs for 2 years. It was about 85% gutted no one could of occupied it. They asked me to list it, but I offered to buy it. Part of the negotiation was the title stay in their names while I rehab it. Time ran out, so I had to purchase the property before the end of the year.

@Nick Macklin,

I’ll send you a DM with my contact information, and we can discuss further. Virginia Beach Towncenter is definitely a hot spot.

@Mike D. - thank you! I’d be lying if I said I wasn’t stressed the entire time we were in escrow worried that everything being shut down would delay closing. In the Hampton Roads market, we’re seeing more buyers than sellers and multiple offer situations are a regular occurrence. Over leveraged landlords are taking most of the impact.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $160,000
Sale price: $218,763

Purchased from previous clients & the negotiation included them owning the house as renovations went on. Our contract ran out, and we had to purchase the property in cash (no hard money lenders) before the end of 2019. There were 3 additions, a few level changes, and trying to pick up where someone else left off proved to be extremely difficult. Design kept changing, but we were able to restore the 1950's wood doors & stained glass window to keep as much of the original charm as possible.

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

Potential for making 60% ROI.

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

Previous clients of mine. The negotiation included them owning the house as renovations went on.

How did you finance this deal?

Cash.

How did you add value to the deal?

Took a burden off loyal clients, and restored this house close to new construction.

What was the outcome?

Taking our time rehabbing rather than flipping made the first buyer that walked in the door appreciate the quality. They offered over list price.

Lessons learned? Challenges?

Learned:
- do not take on more than you can handle.
- brushed Nickel & oil rubbed Bronze hardware work fine together. Everything does NOT need to match.

Risks:
- created my own contract allowing the Sellers to keep the title in their names as we paid for all holding costs and renovations. Next time I'll go to Bigger Pockets for a contract, and to the Forums for specific advice on such a unique deal.
Challenges:
- deciding on the final design.

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

Danielle Bulla Isenhour ;)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $160,000
Sale price: $218,763

Purchased from previous clients & the negotiation included them owning the house as renovations went on. Our contract ran out, and we had to purchase the property in cash (no hard money lenders) before the end of 2019. There were 3 additions, a few level changes, and trying to pick up where someone else left off proved to be extremely difficult. Design kept changing, but we were able to restore the 1950's wood doors & stained glass window to keep as much of the original charm as possible.

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

Potential for making 60% ROI.

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

Previous clients of mine. The negotiation included them owning the house as renovations went on.

How did you finance this deal?

Cash.

How did you add value to the deal?

Took a burden off loyal clients, and restored this house close to new construction.

What was the outcome?

Taking our time rehabbing rather than flipping made the first buyer that walked in the door appreciate the quality. They offered over list price.

Lessons learned? Challenges?

Learned:
- do not leave a new drill on site.
- have someone hold your 10-foot ladder.
- do not take on more than you can handle.
- brushed Nickel & oil rubbed Bronze hardware work fine together. Everything does NOT need to match.

Risks:
- created my own contract allowing the Sellers to keep the title in their names as we paid for all holding costs and re
- go to Bigger Pockets for a contract, and to the Forums for specific advice to your unique deal.
Challenges:
- deciding on the final design.

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

Danielle Bulla Isenhour ;)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $160,000
Sale price: $218,763

Received $3,763 more than list price in less than 1 week on the market during a global pandemic!

This property was purchased from previous clients that held it for 2 years and were unable to renovate due to success and growth with another business. It was purchased with appliances, several building materials, and already demoed. The negotiation included them owning the house as renovations went on. Ideally, our ROI would have been over 60%, but we put this rehab on the back burner to focus on 2 other flips. Our contract ran out, and we had to purchase the property in cash (no hard money lenders) before the end of 2019. Knowing these were the terms of the contract we ponied up the dollars and closed before the end of the year. At this point, most of rough in work had been completed. The biggest challenge with this property was the design. There were 3 additions, a few level changes, and trying to pick up where someone else left off proved to be extremely difficult. Ultimately, I made the decision to design with Feng Shui, and allow each space to flow into the next. Preserving the 1950's solid wood doors, original back door, stained glass window and keeping as much of the original charm as possible, blending the fixtures and appliances that my previous clients had intended to use, and finally adding a little of my own flare with calming paint tones, modern flooring, and mismatched metal hardware.

Risks:
- created my own contract allowing the Sellers to keep the title in their names as we paid for all holding costs and renovations.
- took this project on knowing it would be on the back burner.
- painted the front door white, because I wanted to leave something for the new Buyer to make their own.
- assumed the appliances were stainless steel and did NOT know they were slate gray until the after the dishwasher was installed!!! Happy with that mistake.
- did not build a garage or shed.

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

Potential for making 60% ROI.

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

Previous clients of mine. The negotiation included them owning the house as renovations went on.

How did you finance this deal?

Cash.

How did you add value to the deal?

Took a burden off loyal clients, and restored this house close to new construction.

What was the outcome?

Taking our time rehabbing rather than flipping made the first buyer that walked in the door appreciate the quality. They offered over list price.

Lessons learned? Challenges?

Learned:
- do not leave a new drill on site.
- have someone hold your 10-foot ladder.
- do not take on more than you can handle.
- brushed Nickel & oil rubbed Bronze hardware work fine together. Everything does NOT need to match.
- go to Bigger Pockets for a contract, and to the Forums for specific advice to your unique deal.
Challenges:
- deciding on the final design.

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

Danielle Bulla Isenhour ;)

@Michael Yoder,

Your agent is correct.

The Verbiage in HUD contract under "OFFER EXCEEDING APPRAISED VALUE":

I/We understand that if our offer exceeds the appraised value and the property is being purchased with FHA/Conventional financing, I/We will be responsible for the difference in cash.

I hope that this helps.

@Jennifer Pauyo, hey there! We’re all hiding in plain site. We ARE making moves and caring for our families!