Posts Tagged ‘rehab’

Recap of Home Renovation- #1 Choosing your architect

Taking on this project was a huge leap of faith for me. Doing a renovation of this scale (the amount of $, the level of renovation, the time and details required) was a first for me, but I knew that in the end it would be worth it. As I’ve shared, we were on the hunt for a house for a LONG time and we were OK with waiting. To recap, the first time I made contact with the owner was in the fall of 2016. Giselle’s friend lived nearby and my eyes were immediately drawn to how awful it looked. “Could this finally be the ugliest house on the block that I’ve been praying for?” I have no doubt that Jesus took the wheel (I love that term because it’s so true… I generally believe we have control over certain things but at the end of the day, I’m just working God’s plan for me)

At the end of the day, I’m grateful for the growth that I experienced throughout this journey. My process wasn’t perfect and I made some mistakes (expensive ones too!)- which I’ll share- but my goal at every “bump in the road” was to move forward.

One of my intentions for this project was to document and share the progress because a) I wanted to have this process together for future projects and b) I envisioned the transformation to be seamless! When B didn’t happen the way I envisioned, I was hesitant to share because I was mad at myself for making stupid mistakes. The reality is, sharing my mistakes may help others avoid them (and my goal this year is to impact the lives of 100 people) so I need to get over myself and just do it.

So I can’t do this all in 1 post, but I will highlight different stages- share what worked for me, what didn’t, how I moved forward and what I learned.

First thing I’ll share is my experience working with an architect. This needs to be shared since I learned a lot from this process because apparently I was not aware of this important distinction. Architect does not = designer. This isn’t the case for everyone, but the sole job of an architect is to build a house based on codes that need to be adhered to. Every architect needs to create plans for houses that adhere to a code, but design is not an element of every architect that should be assumed. So in essence you need to be really specific with your vision or provide a similar model/plan to work off of, in order to achieve the design that you have in mind.

After we hired our architect and as we were going through the process to get the plans finalized- and even while we were in the trenches of the renovation after plans were approved- there were a lot of things that I assumed would have been considered based on the incorrect assumption that architects provide design- the pitch of a roof, the placement of lighting, the flow of a room, the ideal space for rooms, bathrooms, etc. exact placement of windows and doors (the height from which the windows should be from the floor, for example) turning radius to get furniture in/out of the house. My assumption was that these things were considered in creating the floorplans and design of the house. It was only after we were in the thick of working with the architect did we how much double and triple checking we needed to do. There are firms that provide this component, but when selecting your architect, be clear with your expectations on what should be provided and have it in writing. I didn’t know what to compare and honestly (as stupid as this sounds) I didn’t interview a lot of people because it was someone I knew. In the end, I am at peace with the choices I made. We spent a long time finalizing plans for various reasons, but I think the main one was that I expected much less back and forth because I expected more knowledge of design from the architect. Next time, I know that I will need to be really specific with expectations or expect to pay more money and factor that expense in at the purchase.

And to make clear, this isn’t a post to bash the architect I worked with because there is a possibility I would still work with them and there’s responsibility in my actions as well. My intention is to share what my expectations/assumptions were, how they were incorrect- and what I learned from that process so that I can avoid the same mistakes when I’m selecting an architect in the future.

Building intentional partnerships

I was hesitant on putting my past projects up here because I felt like what I’ve done in the past doesn’t align with what I’m looking to do with Legacy Collective going forward- but this is how my Legacy started so now I feel inclined to share it because it’s part of my journey. The point of me sharing this is so you can gain an understanding of my track record. Most properties that were purchased required building trust with a potential partner or investor. Going forward requires me to do much of the same- but I look to be more intentional on who I partner with.

Here’s a few highlights of deals I’ve closed over the years:
Track record

Pay attention to the numbers, which are circled in red. I share this because getting into real estate doesn’t mean you need to have deep pockets. Most developers aren’t using their own money to fund their projects, and even if they are, you need to know that it isn’t the only way. There are many things I love about real estate- the potential to impact lives with what is created, the ability to give me time to be with my family and being able to use it as a vehicle to build generational wealth- which for a lot of people, feels so far removed and not even a possible. But along with this, comes the possibility of creating financial freedom to spend time with those who matter most and do the things that make our lives more meaningful- AND you don’t need to be a landlord or rehabber to achieve any of this. People keep their careers and do all this without crunching numbers, managing contractors, etc.

– Have you thought of investing in real estate as an additional stream of income but don’t know how to get started? If you haven’t, have you thought of building an additional revenue stream but can’t because your time is committed to your job and you can’t possibly take on another thing to do?

– Would you call yourself a socially conscious consumer? Are you mindful about the brands you buy because their goals and mission align with yours? If so, have you thought that you could also be a socially conscious investor? That money that you invest (whether it’s in real estate, an investment fund or some other vehicle) can support socially conscious businesses, while you receive a return on your money?

I’d love to hear from you even if none of this relates to you or is on your radar. Don’t hesitate to reach out if you have questions or just want to connect!

Home Sweet Home!

So.. big news for my fam. After renting for 7 years, we finally bought a house! We live in an area that has very little inventory for the price range we wanted to be in and have been looking for over a year. It was seriously difficult for me to come to terms that we may actually have to be like everyone else, buy a house and pay retail!

Well.. thankfully, that didn’t happen. After getting outbid several times, shedding tears and thinking of creative ways to finance our purchase so that our offer would get accepted, we bought a house that was not listed and no bidding war. We even put in an offer on a house down the street from where we live, that was accepted. And literally less than 24 hours later, I had to back out because it didn’t feel right. It’s quite a story, but one I hope my girls will appreciate when they’re older.

To get an idea of the scope of what I was working with, the house had been vacant for over 10 years, probably closer to 15. Investors and realtors were constantly sending him letters and calling him to sell the house to him. So I had PLENTY of competition in the sense that there were a lot of people willing to make him offers. But I had ZERO competition at the end of the day because he got to know me, know what I was about, and learn that I was going to treat him with compassion and be understanding. I wanted to work with him as his agent or as a buyer, because I felt that there would be agents and investors out there taking advantage of his situation. This deal almost fell apart, weeks after we had already been talking.

I’ll post a video on the story behind it and document my journey into making this house our home.