Kendra was just here. She needed to try on some of my wrist braces because she’s going to have to have them to paint her current flip house.
Sometimes she can’t feel her hands. She has the sort of nerve problems that I have. I’m going to order wrist braces for both her right and left hand here in a bit.
She is having her first bad financial experience with the last flip. Seems she ended up with a bad appraiser.
She doesn’t get to pick who they are. He chose to compare her flip to two bedroom houses in that area for some reason.
Once she gets one appraisal, she has to wait 6 months to be eligible for another appraisal. Some sort of rule with the bank or something.
She tricked that house out with everything. It sold quite fast.
Just Plain Bad Luck:
But that appraisal is killing her. She will make literally no profit for 7 months of hard work. Well over $300,000 that she ended up having to put into that house because of problems she didn’t expect to happen.
With houses it’s just the luck of the draw sometimes. Plumbing issues, etc.
She’s fair and honest and makes sure that the house she sells is a good sound house with no problems. Thus she will fix everything that needs fixing before a For Sale sign ever goes up.
Things happen. COVID-19 came into our lives right after she purchased that house. A house she had to pay about $50,000 more for because there just wasn’t any inventory to buy then.
COVID-19 meant she couldn’t get inspectors out on time. The price of lumber went through the roof. It was hard to order appliances.
The Problems Brought About By The Pandemic:
The pandemic put a wrench in a lot of things. And that meant more time she had to wait while paying the mortgage on that house.
Her confidence is suffering a bit because she’s never had this happen with her flip houses. But who could have predicted a pandemic?
Kendra has been very fortunate to make decent profits with all her flips. She uses high-end appliances and unique touches. And she’s very creative.
So while she was here we were brainstorming about a possible side venture for her. Maybe a way to make some sort of passive income.
The pain in her hands and wrists have become problematic. She needs to find a way to make money in addition to selling houses and doing flips.
Dead People’s Stuff:
So Kendra was in the Oklahoma City area seeing her dad a few weeks ago with Kasi. And she came upon a store called “Dead People’s Stuff.”
Whoever owns it buys vintage stuff, hence Dead People’s Stuff. And then sells it from a warehouse. For a good profit.
This idea interests her. Before she started flipping houses she was redoing furniture and selling it.
With her flips she comes up with ideas like adding the molding to the dining room ceiling on her last flip. And it cost her very little money to add a feature that interested buyers. You can view it here.
So what are your ideas? What most interests you?
Is it someone showing you how to make a room look high end while spending little money via video? Is it furniture that someone made look unique?
She has done some Facebook videos showing her expertise with repairs on flip houses. As a realtor for 15 years and the last 5-6 years also doing flips, she knows what to look for when buying a house.
She knows how to read the bones of a house and see problems most of us wouldn’t know to look for.
Should she perhaps market her skills and knowledge online somehow? I could help her with that, no problem.
In my opinion she needs to rest up a bit before she tackles another flip house.
The Housing Market Will Turn Around:
She told me that the houses people haven’t been paying mortgages on due to COVID-19 will be foreclosed on after awhile. Therefore there will be more house inventory to choose from.
Unfortunately, people will begin selling their homes to avoid foreclosure if their finances have been hit hard due to the pandemic.
I’m sure she’ll have better luck with the next flip. She knows how to plan and budget and make a decent profit. There’s no way she could have foreseen a pandemic coming that would derail many of her plans.
Making a house and furniture look loved in her own unique way is what she loves to do. What are your ideas for her next entrepreneurial project using the skills she’s learned?