So Many Hats

I know...I know...I'm a blog slacker :) But, we are still flipping and renovating! To briefly bring you up to speed, we currently have Flip #15 under contract, are very close to finishing up Flip #16, wholesaled Flip #17 (to our former Mentor which is a fun little twist!), have purchased Flip #18, and are currently putting in offers for Flip #19. Did you catch all of that? (Check us out on Facebook and Instagram for pics of what we've been up to!)

We are beginning to see the light after the tumultuous year we've had that included our first lawsuit against a contractor (and hopefully our last!) among other things. Despite the ugly things going on around us, we were able to create a new business model for Phoenix Avenue; one that makes sense for our business and family. Not many people understand this model and may even argue that it is too unconventional to work. Some have argued that it's genius. More on this later...But if you are an entrepreneur, you know you always have to be ever-ready to welcome change. I personally have a tendency to resist life's changes but I'm learning. David is a bit more open to them, which helps the process along. :)

Here's a few things I've come to accept along the way:

1.  Don't expect people to do their jobs thoroughly or to completion. As an business owner, you are always responsible for seeing things through to completion. This can lead to a lot of additional time spent on things that you've hired others to handle. Over time you learn the folks you can trust - and those you can't.

2. You must be able to jump back and forth between tasks - which means you wear A LOT of hats. At Phoenix Avenue we handle the smallest task to the largest: market research, deal analysis, product purchasing, marketing, home design, renovating, staging, bookkeeping ...and the list goes on. In one day, you could be responsible for all of these things. Those are the REALLY tiring (and rewarding!) days.

3. You must try your hardest to NOT make decisions based on your emotions. This can be really challenging considering what I mentioned in item no. 1. :)

4. You must know your market and what buyers want. We know investors that will do as little as possible on their deals. Obviously, watching your budget is very important! But, we like to take time coming up with ways to maximize the value. If that means tearing down wall to create a custom layout or using a product that's unconventional, we aren't scared. We have been very blessed in the area of quick sales and know putting in a bit more thought goes a long way.

5. Every deal is different. Don't expect each deal to be just like it's successor. Each one of our 18 flips had/has their unique challenges. Each one teaches you something new. Some go smoothly...while others will frustrate you beyond comprehension.

6. Enjoy the journey! I get to spend every day with my best friend. Despite what crazy, frustrating things happen in our world, this is the most enjoyable thing to me. Having someone who shares your goals and dreams working by your side really helps on the hard days...and makes the good days that much more rewarding!

Thanks for stopping by our blog. I will try to put on my blogging "hat" more often (see item no. 2)... :)

Until next time...Cheers!

Here's me back during Flip 15's renovation. Was about to put on my contractor "hat" here and get to work!

It's a Wrap!

Hello everyone! We are so proud & thrilled we have made it thru our 2^nd year as full-time investors! David & I sat down & discussed 2013 – the ups, the downs, the lessons, the experience, the journey – but most importantly, what do we need to change for 2014 to improve our business. What worked? What didn’t work? What would work better??

2013 had its challenges & frustrations as our business grew. We dealt with the ever present contractor issues (excuses for work not performed, theft, early draw requests, guys quitting unexpectedly), money issues (try growing a business in this market & maintain some standard of living at the same time), government shutdowns (don’t get me started!!), closing delays (& by delays, I mean MONTHS), insane buyer requests (I really think most of them live in a dream land where home ownership comes with no responsibility), and agents who create problems instead of resolve them (“Someone stole the front yard sod!” – ummm, no they sure didn’t.)!

Here’s a brief glimpse to explain a bit of what I mean:

Flip #12 closed out with a breeze…wish all closings were this wonderful! This is the silver lining ;) Keep reading.

Flip #13…Wow, where do I begin? This house took 4 months from contract to closing. Yes, you read that right…4 MONTHS. We got it under contract in September, sold it in January. The details of “why” are too much to go into here – just know it was intense & we had no other choice but to hold out…We are just happy to see it go!!

Flip #14 had its own set of issues. The Buyer back out due to a family member creating an issue from a non-issue…So we relisted. A second Buyer came along…they backed out for similar reasons (Can someone please tell me why folks are listening to Grandpa more than an Inspector & any other qualified person?). We had to relist again. Keep in mind, by the time each Buyer backed out, weeks of time was wasted while it was under contract. We have now held this house for 8 months and just got it under contract for a 3^rd time. Fingers crossed we can get to the closing table without an outside party ruining the deal for all involved.

Flip #15 was the biggest blow. Our contractor walked away from the contract & his responsibilities, leaving us in an extremely messed up situation (I will leave it up to your imagination as to how bad it was…Due to legal concerns & potential litigation against him, I’m not getting specific). We are just now getting back on our feet with this house after having to hire another crew to come in & finish the job.

Ending 2013 under these circumstances was a blow to our goal for the year. But, we have learned a ton through each of these experiences that will continue to help shape us into successful real estate investors. It’s definitely a challenge to maintain a positive outlook when you have sequential months of extremely negative impacts on your business – all of which were out of our control. And, at time it feels like you’re doing nothing but putting out fires. But despite all the difficulties, we have grown, learned valuable lessons, & improved along the way – which makes us look forward to all 2014 has to offer.

And, to end on a high note... 

Let me introduce you to Flips #16 & #17!

Flip #16...

 

And, Flip #17! :)

 

 

Hopefully these deals & 2014 will be good to us J Either way, we are ready! Let the new investing adventures begin!