We get many beginners who join our program and I LOVE working with them! We do some important work together as we help them build their self-trust.
Beginners tend to go dark when they think about all the bad things that could possibly happen. Our imaginations can really go wild here! What if, what if, what if?
Here's a secret: things will absolutely go wrong. Problems will absolutely arise. Hurdles will absolutely appear. Know these things will come up.
And prepare yourself to solve the problems. Get your support team rallying around you. Don't have one? GET ONE. *Click here to join the Waitlist
Here's just a hint of the things that came up on Tammy's first flip:
And she STILL made a profit and is actively looking for her next flip. And by actively, I mean going out and doing the things most people won't do because their fear is bigger than their desire to do the darn thing.
This one isn't to be missed!
1. Get on the waitlist for the #1 House Flipping Coaching Program & Community for Women
2. Follow That Flip! Follow this 8-part video series as we flip a house!
3. 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?
"Leave people and places better than you find them." - Debbie DeBerry | The Flipstress®
Unknown Speaker 0:01
You're listening to the flip houses Lego girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky hair to breakfast, taco loving host house flipping coach, Debbie DeBerry?
Unknown Speaker 0:39
Hey, I am so excited to be back here with you. So I took a bit of a hiatus in November. And you know, sometimes you just have to listen to your body and your mind. And when they both are in alignment and telling you, hey, you need a break. Guess what, you got to listen to it. It's so hard for us to do that. It is also equally so important for us to listen to our bodies, check in with ourselves really see where our energy is and how we're feeling. Man, it's been a year, right? What a crazy year. And then with the elections in November, I needed a break. So I'm back. Here we are. We're doing this podcast episode. And you're gonna love it because I'm interviewing one of my students who recently sold her first flip. All right, we're going to talk to Tammy Hollis here in a minute. But first, I want to do a listener shout out. Hey, thank you for taking the time out to let me know that what I'm doing matters and having a positive impact in your life. Thanks for letting me know. And also reviews help other people, other like minded women find this little podcast of ours. So thank you for taking the time out to leave a review. This is by Dean, Texas. I'm a huge podcast listener. I think Debbie does a great job editing and providing rich information to us beginners flipping houses. Lots of love to you, Debbie, thank you so much for taking the time. I really do appreciate your feedback. And thank you. Alright, let's get into this episode. Because there were all kinds of issues that came up. This is a business of problem solving. All right. They had survey issues, appraisal issues, subcontractor issues, they had timeline issues and budget issues. And guess what? In the end, they still made a profit. All right, let's get into this conversation. So how about we just start with you giving a little intro like who you are, where you are that kind of thing.
Unknown Speaker 3:06
Okay, so I'm Tammy Hollis. And I'm in October of 2019. Just past a year, I got married to my husband, David Hollis, and old time country wedding. I have two children. And they're both in their 30s. And my husband owned a home to his own construction company for the last 25 years. So we both love doing this kind of stuff. So we decided at the end of the year last year that he would just start working for me and do our own business flipping houses. Because I had actually done another house. I bought a house in 2009 and didn't flip it but I'm renting it and I actually lived in it while I fixed it up. And so my family actually lives in it now. So we both know knew he loved this and knew he wanted to do it together because we love it so much. And we're so country and we'd like to put country stuff in it. And so if you seen the pictures of our house, you see all that cedar everywhere and everybody in the town loved it. So I think we've we've we've made we've converted some people to our the name of our business is rustic lantern properties. And that fits us perfectly.
Unknown Speaker 4:20
Yeah, that's amazing. That's amazing. And tell me where where you live because you live in Mississippi, but you flipped your first house in Memphis, right?
Unknown Speaker 4:32
know that. It actually was in Mississippi and we live in Holly Springs, Mississippi, and my first house was in New Albany, Mississippi, but that's just what's coincidental. We were looking in the Memphis, Mississippi Arkansas area, and just happened to see an ad and answered it and it was in New Albany and my husband had actually lived there for about a year I think at one point in his life and another time in his life, but and so he loved the town. So he thought, Oh, this will be great. So that's why we jumped on that one.
Unknown Speaker 5:03
Interesting. Okay, so you had found you guys had already purchased the property. Have you started renovating it when you joined the program? Or have you just purchased?
Unknown Speaker 5:16
I think I joined in February. And I bought the house in January. Okay. Okay. Yeah. Okay. Yeah,
Unknown Speaker 5:22
I'm okay. Awesome. So New Albany I take it is like just a neighboring area not far away. It is,
Unknown Speaker 5:31
it's 45 minutes from our house right now. And so it worked out good. And Memphis is further from our house, it's a good, it takes me an hour to get to work every day when I was going into work. And you know, it's kind of been I've been staying home. So that really has helped us. And we're still looking in New Albany for the next house, because we love that town so much. It came with its own nuances, of course. And, and but it's it's such a nice town. And we really wanted to and we just got a call today on a house that we put a bid in for 50 50k. I think in the bank, it's bank owned, and they said they'll take 90. So we're gonna go back over there and look at it and see if that's going to help us are safely now that I've taken your class. And I have that spreadsheet to put every thing into now. That's definitely the way to go. Not just who let's just guess how much this is going to cost,
Unknown Speaker 6:24
right? I know. I know. But that's what we do. We're like, yeah, we'll be fine. But when you start putting in all the little numbers, those little numbers add up. So they really do. Yeah, I know. When I first got started. I wasn't using a spreadsheet, and I was like, oh, wow, that was uh Oh, I forgot. I forgot about that. forgot to include hearing loss. Exactly. Okay, good. That's exciting. Keep me posted on that. Cuz I'm ready. I'm ready for your second one. Oh, yeah. So let's get into the details on the first one, like purchase price renovation budget. The timeline, that sort of.
Unknown Speaker 7:05
Yeah. Okay. So the first one likes that we found on Craigslist in Memphis, a guy. He's a wholesaler that we purchased it from course at that time. I didn't know anything about wholesalers or anything like that. So I just thought he owned the house. Well, he didn't. Of course, the house was. This is a funny story, I have to tell you. And the house was actually 15 18,500. Somebody paid for it. We did this flip that you just did. Oh, yeah. Yeah. And it had a sister house with it. It's right next door on one side of it's the New Albany elementary or middle school. And on the other side, it was another sister house that was in just as bad or poly worse condition. And he was selling it as if we were going to get the first one for 18. But the second one we were going to get for like 13 because it was in worse condition. And we were so stoked about that. That didn't turn out. And we learned a lesson to not jump in and purchase something if you're really thinking that it you know, those two houses together being renovated would have been so much better than just the one. And so we got kind of messed up on that. So we know better, we'll move better next time for that one, right?
Unknown Speaker 8:21
Well, hold on a sec. So he ended up not selling it, or he or he changed the price, or what happened on that the
Unknown Speaker 8:29
man that owned it is a family and they've owned it for like, I don't know, 80 years or something. And his his mom, and you know, all this was in, I guess, the one guy owned it, but his sister had a interest in it. And so in her son, so that actually is his nephew really wanted it. Okay, and so about the time we purchased his original house, then she kept him hauling around, I don't know if we're gonna sell it. And we made them every kind of offer, we could we did all different kinds of things, all different avenues to from us redoing it all, and then just paying us to us giving them you know, $20,000 and then a piece of profit. I mean, we tried everything, and it just didn't work. And so since then what they've done really is what we found out was they really saw what we were doing with this house, and they knew their house would be worth more money when they redid it. Even if they didn't do to the standard. We did ours, they would have been worth more money. So that's what they're choosing to do. So the lesson on that one, buddy, but what's funny is the first time this is a very first house, right? Yeah. So we go into negotiations, and we're talking to the guy. And he says, and David says, Well, how much do you think it's gonna be worth? And the guy said, Well, what do you want to offer me? And I'm looking at David, and he's looking at me and he said, I think about 15,000. And I said, Really? And he just knew for sure I was gonna come in lower and I said, I think it's about 18 He's like, Okay, wait, that's not how we do. If your husband says something, you don't go above that amount, you got to be loving. So that was our first experience with buying an actual house. And it was it was too funny. Yeah. And my offer, of course, your
Unknown Speaker 10:18
Unknown Speaker 10:20
Just listening and trying to learn. I felt like it was worth that. Yeah. And so I didn't want to miss out. So I'll give him a fair price. Absolutely.
Unknown Speaker 10:29
Absolutely. Yeah, totally. Totally. It's not worth it for a couple grand. And if a couple grand is gonna kill the deal, it's not a good deal. Amen to that. Yeah, exactly. Yeah. Yeah. Okay, so 18. Five was the purchase? And then yeah, what was the rental budget in the end? Okay, in the end, we, yeah,
Unknown Speaker 10:47
we kind of went off board on there, too. But totally, we spent it for, you know, cost of everything, not including what we paid David, you know, in a salary counting, we paid. We had expensive $108,000. Okay. And then that was part of the way the reason I was gonna ask you about meal. A lot of people, they do their own work, right, and they don't pay themselves or they get the profit at the end. And so that's kind of, that's why I split that out. So 109,000 was the rent out part of it, including fees and everything. We had a really good deal with our bank. But um, and then David's we gave at some point, David was about 20% of that for his labor being over there. Got it. Okay. And so really, it was a total of about 130 130,000. altogether.
Unknown Speaker 11:42
Okay. And then, so that would terrify people, right. They would think, Oh, my gosh, if I'm paying 18,500 for a house, how on earth can I make it work by putting $130,000 into it? Right? Okay, so what was your sales price?
Unknown Speaker 11:57
Well, in this is the ultimate sale price was 155. And, and we got messed up there again, because now I mentioned it in the group about the the below grade and above grade. Yeah. So that really, that really hurt us. It made a difference of about $20,000 in the value of the house. Yeah, let's talk about that.
Unknown Speaker 12:17
Let's talk about that. Because a lot of people don't know that. And so I think that would be Yeah, that's a great thing to let people know. Okay, so you you were under contract to sell, I mean, quickly, right, and went under contract. And then there, they got a bit they were getting a bank loan. And so their appraisal, their appraiser came out. And you guys had y'all had finished the basement, right? Like when you bought it, it wasn't finished, and then you guys finished it. But it's a walkout basement.
Unknown Speaker 12:49
So what Wait, because Okay, so Originally, the house was only five rooms, it had a kitchen, to bed, a bed, one bedroom, one living room had one bathroom, and it had like a little porch area that was fallen off that had a washer and dryer area, but you couldn't put one in there when we bought it. So what we did was we moved the kitchen, the kitchen, we made it a master bedroom, and we built a new kitchen of where that porch was that that was up in the air, like it was above ground back there in the back of the house. Right? So we kept the living room in the front of the house. And then we said okay, we're gonna blow out the back of the house and build the kitchen. And so then we were talking to realtors about Wouldn't it be better to compare this house to a three bedroom, two bath, or should we leave it, we'll make it a three bedroom, one bath house. And so we ultimately agreed with them, we talked to two different realtors about what we were going to do. So what we decided to do was put in a spiral staircase down to the lower floor. So when we built the kitchen, we just said, You know what, another foot of dig out and we could put a bedroom down here. And so we did. So we created that new bedroom. So now it was a three bedroom, two bath, big Great Room home. And both the upper and the lower decks have wood decks off of them. So but the problem was, is neither one of those realtors had ever heard of this. But when the appraiser came in, he gave he gave me it was $95 a square foot for all the area above the ground. And even though only about 25% of that lower floor was had a part of the ground attached to it right because it went downhill to slope, right? They consider that below grade. And so he priced it out as a finished basement, even though it had a huge closet in it, you know, a big back door that went out into a big deck and all this stuff. And so we wound up getting $95 per square foot for the above grade and $45 a square foot for below, though that really crushed our numbers. And so we originally sold the house for 165 within 12 hours, the The first girl that that solid said, I want it, I'll give you 165 for it. And we were only asking 159 Okay, so 159 five, I think it was and, and so when this came back, it came back at 155. So we, we said, okay, you know, we'll sell it to you for the 150 factors, really? I mean, we could have gotten another round said, anybody wants to give me more than what it's worth? That's fine, too, right? It's a ribbit. We just said, we'll sell it for 155. We can pay no closing cost. And so she said, I'll take it anyway.
Unknown Speaker 15:31
That's awesome. Thank goodness. Right. I mean, yeah, here's the thing. This is what a lot. Well, this is what I see happen. A lot of times, I don't know, maybe it's just more like, maybe being stubborn. So I always my, my thing with offers is, the first one is typically the best, right? Like, try, always try to make that first offer work. So you saying All right, we'll do it at 155 versus you know, what? Forget that we can find somebody who will pay cash 165 cash, we don't even have to worry about an appraisal. Right. But the trade off is more time? Likely. Right? more stress, versus this is a done deal. Like I will take the Done deal and take 10k less all day. Yes, I agree. Yeah. Maybe in the past, I would have been like now I forget it. I'll gamble more and I can't do it anymore. I can't just like No, I just want in and out. Let's just keep it keep that forward momentum going. That's such a great point. I mean, that that below grade, gosh, right. That'll get you that'll get you.
Unknown Speaker 16:37
And they said it's, you know, it's that that New Albany area? Isn't there not very many homes like that. And so no one said no one had ever even thought about that, or seen that. In other areas where you do have a lot of basement areas, then they don't do that. They, you know, like, like, consider them just a regular basement if it has a cause and all that good stuff. You know, gotcha, gotcha. Definitely hard learn hard. Lesson learned.
Unknown Speaker 17:00
Unknown Speaker 17:01
Right here. It was 10,000 off our profit. Right. You know, I
Unknown Speaker 17:03
know. That's. Yeah, that's harder. And so let's see you closed with last week. Yeah, yeah. Last night, last Tuesday. You close last Tuesday. Okay, so who? Yeah, it's sunny out trying to get out? Yeah, I'm with you. I'm with you. Okay. Um, so your What did your net profit end up being? And it was only 6900. I think, you know what, that's so great. That Like, seriously, after everything you went through on this house? All of the delays? That stuff with the appraisal, the survey stuff, which we haven't even talked about yet. I know. I know. Like, and almost a year, you still made 60 nights. Exactly. Right. I mean, crazy. That really it? Yeah. Yeah. You know, what do you want to talk about the appraisal stuff. I mean, the
Unknown Speaker 18:04
survey Sophia, and it turned out to be nothing. And your your whole team. Everybody always says this, we always stressed to the max on all this stuff. And then it turned out to be nothing. We, again, she used a rural housing development, loan government loan as what she used. And so they required a home inspection, even though you didn't have to get everything fixed. That wasn't what they were doing. They required an appraisal, which was they had to bid the price up, bid it out, which cause more of a delay, right? Because I put it out and they make a bed and all that sense. So that caused them just like and then you had to get the survey done, right. So when I had originally when I first bought the house, I went to the to the county office and got a copy of the survey. So I knew immediately, there was a problem. I mean, in January, and I called the title company, the the lawyer and said, Wait a minute, this shows my property, my house and the plats. For the county, though, it's between two Platt lines. So a lot three and four ramps, right through my house, or the other side of my house was owned by the school part of lot. Three was owned by the school part was owned by me. But then my house on four were owned, I own half my house and all of my neighbor's house. So we're in so it's because it was so old, that area that subdivision when they redid it, they didn't redo the plat lines to go along with the property lines. So luckily, the property lines that you know that they were billing you for. were right. So you know, that's how you get tax assistance, right? They do the property line, not the flat line. And so what was weird about it was I went to you know, an attorney, he showed me the pictures exactly what happened. On our website, you know for, for the footpath like a girl thing. And he said the same thing. He's like, Oh Lord, this is gonna take you a long time to fix this is a problem. I was like, I'm out. So then I went to two survey companies and they both said, Oh, this is gonna be a problem. Well, it turned out that we got the first two prayer, the first survey guy called us and said, Okay, we're gonna, this is so messed up. I'm gonna have to do four different property survey to get your one property right. Oh, not and who's gonna pay for it? either. Yeah, there's, there's no reason. And he said, Oh, you can go the other property owners. I said, there's no reason for them to pay it. They have no interest in me selling this house. They're fun with this land. So anyway, so we also did our scurried around to find another, another place another survey, and I went to a local person, and she, you know, the buyer picks the survey person, right? And so, yeah, survey person. So I picked this guy, I was like, I'm just gonna go to this one. He's, he's nearby, blah, blah, blah. So he looked at and he said, yeah, this is a problem. So then as they got turned, it turned out, when he went over there, got pulled all this paperwork from the county and all that stuff. And he was looking at the property lines, he called me, he said to me, there's no problem with this, your property lines are right. So all he did was laid out the property lines for the survey. And then the lawyer took that and just put it in, in the paperwork at the at the county courthouse, got it. And so I had told, because he charges, the survey person that she picked was only gonna charge $500 Well, not when he had to do for him, right. So then I went to this guy, he said, it'd be about 800 1200, because it'd be a little bit more difficult. That was his thought process. Well, turns out if so simple, he only charged me $500. And I told the buyer, well, if it's anything more than what you really agreed with another guy, I'll pay for it. No problem. This is not your problem. This is our problem. We I knew about it from the very beginning of purchase. And I should have fixed it Oh, long before now. So he turned out he only charged 500. So then I said to the lawyer, anything over and above that you have to do to fix this mess. I don't want to charge her because remember, she's paying all the closing costs, right? Because we went down to 155. So turns out, it was nothing to it. So they didn't charge us anymore. So it was the whole thing went perfectly well. It was so awesome. It worked out great. I love it. All that hard. I Oh, I hate stressing I called everybody in their mother that wanted to hear this story. And those that didn't want to hear it. I was still telling it. I was just like, oh my goodness, this is such a mess. I thought I was gonna have to file a claim against the title insurance. And I didn't have to none of that happens.
Unknown Speaker 22:42
So they weren't looking at the property lines. They were looking at the plat lines. That's
Unknown Speaker 22:47
what the plat lines, right. That's what that's that picture that I put on our website is the plat lines, you would think those would have to be right.
Unknown Speaker 22:54
I assumed Those were the property lines. Like that's what I assumed when I looked at it. Oh my gosh, Tammy, that's think good. Yes. Yeah, well, I honestly I was like, Oh, she's closely. Well, like I was, I mean, honestly, I was like, how did that happen? Like, what how did that get so fast? So I'm super, like, I love hearing how that turned out. That's just that was such an interesting, crazy. For sure. Oh, my gosh, okay, so your husband acted as the GC, you guys subbed out some work that there were some issues getting people to come and do some things is that right?
Unknown Speaker 23:39
Right. And so um, in New Albany, you have to be a licensed every thing to do the work, right. And since my husband had been, you know, in his construction, and he was able to get the, the framing license and all that stuff that you know, anything with wood he can do, he was fine to do that, all that. So I took the chance to get all that. But like the electrician, plumber, all that stuff all had to be, you know, licensed people. But it's such a small town, it was so great to work with all those guys that the building inspectors and all that stuff were so excellent. So that was a big deal. It's just and how we got some of the that's how we got the people to work for us was through the building inspector. All those people told us people that they've seen done other work. And then those people gave us you know, like the painter and all that stuff. They just gave us people that they worked for one painter, you know, stole some of our stuff. And you know, he would take home pain. And I think we kind of learned that you can't just leave these guys to do honestly what they're supposed to do. So David, were just like, Hey, here's somebody and he would come home because he'd be done for the day and then those guys would walk away and stuff and when we finally got smart to it, we were like oh, okay, well we got rid of them and went on to something else but then she brought guys you know all you know the same story. It's just a different house, right? And so We learned that you really have to watch these guys. And, and that's sad, but you just have to it's the truth of the matter.
Unknown Speaker 25:05
So what I love is that these things like it mean, it went longer than you thought it was more expensive than he thought, weird survey stuff came up, appraisal stuff came up. And here you are waiting for word on your next offer. Like, I think that's the whole point is let's just do it in a way that makes us want to do the second one. And then so on and so on. And it's never, it is. Rarely Will you have one that is just all rainbows and unicorns, rarely. And when you do you're like waiting for the other shoe to drop, right? You're like, Okay, what something massive is about to happen. Right, exactly. It's gonna happen. And it's, I mean, really, it's just solving problems. That's all we do is solve problems. And if you enjoy solving problems, you'll be fine. But if a problem totally rattles you and paralyzes you into inaction, that's when it's like, maybe flipping houses isn't a great avenue for you, maybe something else in real estate investing. Okay, so let's see. In terms of surprises, I think we've touched on all of them. Do you have any other surprises that we haven't talked about?
Unknown Speaker 26:19
No, those were the those are the key things that happened that were a total shock for me and really everybody else that was around, you know, the other professionals? Yeah, conditioning together, consult other people. So yeah, those are the the main pieces of it. Okay. And then
Unknown Speaker 26:34
I did want to go back to you briefly touched on it. You found the house on Craigslist. Yeah. Okay. Let's talk about that.
Unknown Speaker 26:43
Yeah. I just happened to be looking because David and I had talked about it. Our wedding was over. We were like, oh, let's start looking for houses today. Because during the wintertime, you know, David's his construction company is geared toward and specializes in outdoor kitchen. Oh, got it. kinds of things. So it was more of outdoors. He was he kind of staffing steel. And so it slows down during the wintertime months anyway. So we were like, oh, ready to start going and looking at houses to start the new year off. Good. And so we just call on this one. It was actually an old ad and I called the guy and he said, Well, I take I decided I wasn't going to sell it. I was gonna keep it. And he said, but now think I am going to sell it because then he turns out his wife was gonna have a baby. So we call that just the right time. We went over there and got it that same day.
Unknown Speaker 27:27
So Isn't that amazing? Because here's the thing people assume if it's been on there, if it's an old ad. Nope, it's not a good one. Exactly. I'm gonna skip right over it. And you're Miss. Yeah, you're totally missing it. You would have totally missed that. That your first flip right there. Yeah. Okay, so you called them you call the guy? Yeah. And went over there and visited with him.
Unknown Speaker 27:51
Yep. Didn't if he had already cleaned out a good bit of the junk that was in there. But yeah, of course, it was a total for for big oil cans of stuff came out of there still, but it so it was really halfway decent when I saw it anyway. And so we were super stoked about it, you know, because it was exactly what we were looking for at the time. Now we're not looking in that direction. Now we're looking for more of this stuff. It's not a total region. Yeah. Because it's we need something easier at this point, you know, not not too easy. We're still talking about tearing down walls and things like that. But not not where weather could impact the the progress. It's so much this time maybe later but not right now. Got it? Does is weather a factor there? Well, there was for three months, we couldn't even work on the house. But that's because, you know, we were adding that kitchen. So we had to wait till it stopped raining long enough to pour the concrete to even get started on it. And it was January, February, March. All those are bad, bad time month. Or February, March, April. Really? Yeah. So we got started a little bit at the end of March. So that's when it kind of got started. But yeah, that was that was the huge delay there. But then if you think about if we really started a blessing April 1, so then we sold it August 13. That's really, very short period of time, right?
Unknown Speaker 29:13
My gosh, because you That's right. Okay, cuz you were under contract for now along with the stuff.
Unknown Speaker 29:18
Yeah. And so before we got finished within four months, and we had redone a kitchen, a whole kitchen and a whole bedroom underneath there and all the other rework that had to be done. So really, we did it fairly quickly, right? It's just August 13. We sold it and we didn't sell it. We didn't get a contract on it August 13. But it took us this long to get it all everything resolved that we needed to get resolved My gosh, four months. Oh, yeah. Almost as long as it took to build this like you always say something always comes out of something that if you just keep going ahead, and one of the lawyers that I had called a real estate agent in Memphis and was talking to her about the issue with the player. lines and all that stuff. And she said, Let me get you with my lawyer that handles all of my dealings in Memphis. And her sales she's in. So I did a call him. Well, the good thing about it was is somebody, he, he worked for a man whose father just died. And he was a hoarder. So he got a lot of stuff to clean up in there. But his son was wanting to sell the house, and then ask that lawyer, who is a good real estate agent to call to help him sell the house. And he called my real estate agent, and she called me and so she was like, Oh, my gosh, Jamie, this is a great flip house in a great neighborhood in Memphis. So we've, he has since kind of lucked out a little bit on that. So um, she's she just gave me his name. And she said, You call him you see if you can do something with it. So I went over there and just sat in front of his house trying to get up the courage to walk up there. And just about that time, my daughter calls me and she says, Mom, what you're doing, I said, Well, I'm stalking me. I'm scared to go. Get your rear end of that car and go out there and talk to him. What can you say now? I got my happy little butt up. And I went out there knocked on the door. I was like, You don't know me. But I'm looking at buying houses in your neighborhood. And he talked to me, and we're supposed to go see his house sometime next week. And we'll see how it goes. We'll do that. See.
Unknown Speaker 31:25
But that's if you're not willing, willing to do that, that like uncomfortable things like that. That's the whole point. You have to be willing to do the uncomfortable things. Like, we're really want to go do this. Right? Exactly. Right. You do it a couple times. And you're like, Okay, it's not that big of a deal. But definitely the first time going up to some randos house, you're like, I don't know, like this can go this can go several different ways. I hope it goes in a way that's not scary. Exactly, exactly. Those to you for being do that. And that doesn't surprise me. Because when you first joined, I remember you messaging me and you're you had reached out to somebody about property. marbles on up is crazy. Not just crazy. But I mean, I know.
Unknown Speaker 32:15
So you know, that plays a part in my mind. Every time I approach somebody, it absolutely has to but hopefully with the more that turned out like this guy did, which was super nice. It'll get me get that more further back in the back of my mind, and I won't have to deal with that anymore. But yeah, that's always a scary thought.
Unknown Speaker 32:34
Yeah, yeah. Cuz you mean you really never know. You never know what that person's going through. You never know when you're catching them. Kudos to you. Like that's just that's awesome. Is Um, okay, so the house that you're hearing back on, or they came back at 90k? Yes, that is separate house from these two.
Unknown Speaker 32:54
Yeah, that's the one that's in New Albany, this one I'm talking about is in Memphis. And it's really a better deal. We think we can get it for 100. And, but the neighborhood is selling for three and 400. houses. Okay, houses over there. And so that's why she's the real estate said, this is gonna be a fantastic flip, if you can get it. And so I really was wanting I'm really wanting that house. So now I'm like, dead gamut, you know. And so we'll see that. This 90k isn't a hard neighborhood. Because it's a huge house. Okay. I mean, he just got like, I don't know, eight bedrooms. It's crazy. And it's just poorly laid out. And so we'd have to do a lot of work. But to pay 100, you'd have to get, you know, you'd have to get good money for it. And in that neighborhood. They're beautiful homes over there. It's on a different side of the track. And then our other house, so we don't really like that. But the beautiful homes, but then not too many sale. It's those kinds that people live in forever. Yeah. And they're beautiful, but you can't get any comps for it. You don't know what's gonna sell focus. Number three, many houses still love it. Yeah, that's scary. The ones that the ones that are selling over there are smaller, much smaller. And like you said, you can't get that same don't don't expect you're gonna get the square footage price. Because you're not
Unknown Speaker 34:07
so glad that my all my word actually listed. That's an important one, honestly, because people get so hung up on this price per square foot thing that they don't understand that it's only if you're comparing a 1200 square foot house and a 1200 square foot house. If you're hearing a 1200 and a 2800. They are not going to get the same price per square foot exact people. They get stuck on that, but they don't understand the mechanics behind it. It's like no, no, no, it's dangerous. It's dangerous. I don't ever, I don't ever even think about price per square foot. Yeah. Because it can be dangerous. Okay, let's see. Is there anything that I haven't touched on?
Unknown Speaker 34:53
Well, my husband, I was going over the questions with him and he said, I was reading all the questions that you'd sent an email kind of giving us something to think about. trying to do. And he, you're one of your questions was, what was your favorite part of the entire flip? And he quickly said, doing it with you. So I was like, Oh, I'm gonna have to tell you said that. And it was, we did super good to be a newly married couple. And just those, it comes with its challenges because you, you live with that person and you want it, you can't bring always bring your frustrations and things like that home. And he was doing a lot of the work. I mean, he was spending day in and day out over there. And I would go over there once a week, because you know, I'm working full time. And so I'd go over there and I'd say, Oh, this isn't gonna work. You didn't have to redo this. And he would just say, Alright, I'll do it. And he did it. And we never had one single discrepancy. Now, I did find out that a couple of things. I said, Oh, I don't really like that that much. He just did it anyway, because he thought, you know what? We have to give and take, and that's like, Okay, then I win this other argument. Other discussion? It never was an argument. But it really, it really worked out good. It was fun to do with him. And I'm looking forward to the next one to do with him. That's awesome. I mean, yeah, it was really good experience.
Unknown Speaker 36:21
So great. Okay, so does he is he doing his outdoor kitchens still are he that
Unknown Speaker 36:26
he's got a couple of things. He only does the ones that are, you know, has a lot of money in them, I think at this point, because he needs to be ready for us. He doesn't need to get on a three month project and find a house. Right. So we have to, we have to balance that with Ken. Because we're just thinking we found that house fast, you know, how quickly Are we really going to secure the next one and get it ready to start? Yeah. And so luckily, if we do it in New Albany, again, we'll have the guys that are ready to do it. Because they've worked with us, they know we pay good, we pay on time that we know what they do and what they don't do. Since the lady next door was redoing her house, we found some really good guys that are good on her work for her. We've seen their progress that they don't. So we now have people for demo work and paint and sheet rock and all that. And we've been able to see their work. So it's gonna it's gonna work out so much better, and they're looking forward to working with us. And so I think it's gonna I'm hoping we get it fast. But if we don't, Hmm, that's a little bit. That's a tougher situation. But we're gonna do what we can do, because I've heard how long it takes them to find another house. You mean?
Unknown Speaker 37:30
Are they doing what you're doing? Well, honestly, are they are they calling leads on Craigslist? Are they going in sitting in front of this man's house and walking up and knocking on the door? Because most people aren't going to do that. Their fear gets in the way. And it has your desire to do the thing has to be bigger than the fear. The fear is always going to be there. There's this whole thing about being fearless. I think it's just it's such a farce, because I'm not fearless. It's there. There's always some sort of fear there. But you just got to do the thing anyway, right? Yeah. Yeah. So that's a big difference. You're doing things that a lot of people wouldn't do. So I don't think it's going to take you guys long at all. Yeah, just keep doing what you're doing. You're you're you're doing all the things. You're gonna be fine. I mean, you've got you've kind of have like, free potential ish.
Unknown Speaker 38:23
Deal. Yeah. Right. Oh, yeah, for sure. Yeah, you got some things cooking. Now, would we would we have done things differently? Probably. This first girl got a good, she got a good deal. Because we, I think we understand for sure. From talking listening to the lady Toma, sisty, and Christina, and all those elbows, nice women on the show, or on the podcast or the Facebook page. And we paid a lot of money for a lot of stuff, and that we didn't need to. So we've learned a lot. And can you use more of your, your spreadsheet, even though it's not for my area, probably the pricing and things. We've made some adjustments to it so that it is for our area, that's perfect. And that way we can, you know, make a quick assessment of what it's going to cost us to do. And where we should be. We shouldn't pay $5,000 for standard cabinets, you know, because they have a little soft closed doors. Well, I found that you can buy those soft clothes it closed at Lowe's like $1.50 Yeah. Okay, close. Yeah. And so we've learned a ton about that, you know, and the pricing and things. So I think that's really gonna help us but she, we thought the house was only 500 or 15 120 square feet. And when the when they survey did the appraisal, it turned out 16 120 square feet. So it was another 100 square feet. Yeah, so it was a big, I mean, she got she got a really good deal. A lot of expensive stuff went into this house, we still made money on it. And it was our goal. And our biggest thing that he kept saying, we're flipping live in it still. But for me, I wanted it to be nice. And I wanted it to be something somebody could be proud of, you know, we know now that we could do just as nice and not spend as much money, you know. And so we definitely learned there. Yeah,
Unknown Speaker 40:17
yeah, I quickly became an online shopper for like all stuff like materials and finished out stuff. And, and I just have spreadsheets that I just like every now and then I'll go back through and I'll search for things to see who you know, who's got the best deals on what right now? And because every little Penny and dollar, they just add up? They they really do. I really do. saving them in multiple spots. It's like, feels good. Well, the house is, I mean, it's just you guys knocked it out of the park. It's gorgeous, that that lady did get a very nice property for that price. On a wow, I'm super excited to see your second one. I know y'all are going to be in it in no time. Because your things that most people won't do to go find a house. I'm excited. So I don't want to keep you too much longer. I think we touched on everything, is there anything that we didn't touch on that you want to make sure gets said,
Unknown Speaker 41:19
um, no, I just, I just want to encourage people to do what their what their passion is. And that thank goodness, I met a man whose passion was the same as mine. And you can do this, you can do it. And yeah, we only made 6000. But we made, you know, I can say we made this money. And we learned a lot in the process. And I'm no doubt we will we will do better with the profit lines next time. But still be just as proud of the product. And I'm looking forward to it I'm actually thinking about it may you know, because the trouble, a little bit of the struggle that we have with the Rural Housing Development is forced, you know, lower income families that have a really good credit score, but they don't have the money to get in and all those kind of nuances. And I'm really interested in helping people do that. It's for the same reason that like a lot of kids don't go to college, because they really don't know the avenue to take to get there. Because you can do it without owing money, you can make it through that. And I think it'd be interesting to get into that neighborhood, or that that niche that will we can benefit and show somebody how to get into their own home because that's the dream of everybody is owning your own home, and being proud of what you have and taking care of it. And so I really am curious to see if we can investigate that a little more and go down that path a little because if you know the Memphis you know Memphis area, it is a lot of lower income people. And and and they still deserve to live in a great house. Right? A state clean house. Yeah, exactly.
Unknown Speaker 42:53
Absolutely. Amen. I love that. I love your heart. I'm so glad that we crossed paths. And I'm so glad that you're here in the space and we get to be part of your journey.
Unknown Speaker 43:03
Thank you for all that you've done. your your your program is amazing. I really have learned a ton. Even though I did a little bit backwards, I still learned a ton that I'm definitely going to move forward with it. And all the things that you teach us after thank you so much like
Unknown Speaker 43:19
that's, that's the whole point is that you want to do a second one and keep keep going. I I'm so happy for you. I'm so happy for this call. Because like just knowing all the stuff that happened along the way. I mean, I just know that at some point, you would get on calls and be like, I'm over it. I'm over it. This guy didn't show up. We'll see if he shows up please like all this stuff. And it's like, oh my god. We're gonna be like, hang in there. I promise it gets better. Yeah, exactly. All right. Well, thank you again. I thank you. I appreciate your time. Thank you for sharing your story. I know that it's going to inspire other people. And like people in smaller markets who think Oh, I can't do that in this market. Yes. You can't do it in any market. Absolutely. So yeah. Thanks, thinkery. Thank you so much. All right. I'll see you in the group. After all of those trials and tribulations, she wants to do the dang thing again. That's the point. That is the point. And here's the thing, if you're wanting this to be smooth sailing, easy peasy. No issues, no problems to solve. It's not the right business for you. If you're okay with problems, and you can jump into action and just solve them, you're gonna fit right in. All right, you'll love it. Okay. You can do this in any Me market. If you want to do this, you absolutely can. All right. Okay. You need to get on the waitlist because I'm telling you, the women inside the program are rocking. We've got so many flips happening right now. And the energy is amazing. The community is amazing. We are getting things done. All right, come join our party. It is so much more than just flipping houses. Get on the waitlist. At first flip, done, right? calm. All right. It doesn't matter if you've done 80 flips or you've done zero flips. Get on the waitlist. And Come on. Come hang out with us. You'll love it, I promise. Alright, until next time, go out there flip houses like a girl. Leave people in places better than you find them and make it a great day. Bye. y'all.