June 8, 2023
Darci's Subject-To Deal on Flip #2 and Lessons Learned from Her First 3 Flips
Can you imagine buying three flips within your first year, all while being a nurse and a busy mom to four boys? Meet Darci, one of our FlipSisters from South Texas, who did just that! Join us as we walk through her incredible journey and learn how her determination and creativity have transformed not only her life, but entire neighborhoods as well.
Darci shares the exciting details of her first three flips, including a creative financing deal that saved a homeowner's credit and dignity in a challenging situation. We also discuss the lessons she learned from her third flip, an off-market property, and how trusting her instincts and maintaining discipline have been crucial to her success in the flipping business. Prepare to be inspired by Darci's story and gain actionable insights to apply to your own house flipping journey.
But it's not all about the houses - it's also about the people. Darci talks about the amazing support system she's found within our FlipSisters community, her husband's partnership and the connections she's made with others. Her story serves as a testament to the power of collaboration, determination, and the impact of helping others in need. Don't miss this episode full of inspiration and invaluable tips for your own house flipping adventures.
GOODIES
1. THE book on women flipping houses is here! Click here to grab the digital download of my new book for just $4.99! Just as everything else we do is different, so is FLIPPED: Lessons and Stories of Women Flipping Houses and Facing Their Fears.
2. Sick of sitting on the sideline watching other people do the thing you want to be doing? Are you FINALLY ready to do what it takes to flip your first house and want incredible step-by-step training and support to get you there faster? Click here to see if we may be a fit to work together.
3. Follow That Flip! Follow this 8-part video series as we flip a house!
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The Flipsisters
Leaving people and places better than we find them.
00:01 - Flipping Houses Like a Girl
16:04 - Creative Financing and Saving Homeowners
22:51 - House Flipping and Lessons Learned
37:48 - Flipping Houses and Overcoming Challenges
45:13 - House-Flipping Education and Community
WEBVTT
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You're listening to the Flip Houses Like a 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.
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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.
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Here's your spiky-haired breakfast taco-loving host.
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House flipping coach Debbie DePure.
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Hey, thanks for hanging out with us today.
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So in today's episode I am having a conversation with one of our flip sisters in South Texas.
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Her name is Darcy and she is taking us through her first three flips.
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That she did within a year of joining our program.
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And I think you'll find her second flip particularly interesting, because it's something we haven't talked about too much on the podcast, because her second flip they purchased it using creative financing.
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They did a subject to deal on it, so we'll get into that as well as her other flips and lessons learned and just her story.
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I think you will really connect with her.
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She was a nurse, she has a husband and kids And she's just, she's awesome.
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You'll love the story, you'll be inspired to go take action And that's what it's all about.
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All right, let's meet Darcy.
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So let's go, let's start talking about these, because this is good stuff, this is such good stuff.
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Okay, so let's do the usual Introduce yourself, let us know where you are, a little bit of your background.
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Okay, so I'm Darcy.
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I'm from South Texas, my trades are registered nurse, mom to four boys And, as of last year, i became a flipper where you located.
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I don't remember if you said that in South Texas.
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I'm an hour north of Corpus Christi.
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Okay small town, 13,000.
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Yeah, tiny town.
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Have you always been there Pretty much.
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I grew up here and then moved away closer to Corpus for a few years for college, okay, and ended up moving back to be close to family.
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Nice, yeah, we really do like it here.
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Okay, so you did three projects last year I did.
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So let's kind of go through each one and do kind of a highlights, low lights stats.
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I think that'd be super beneficial because you did some interesting stuff and you like your first property.
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You listed it for sale after the market shift right, and then you did this cool subject to deal And then you did another flip that you've learned some lessons on.
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Yeah, the one that I kind of call the flop.
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Yeah the flop.
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Okay, gosh, we all have one of those, If not more.
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Okay, so walk us through your first one.
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So you, you founded the property before joining the program.
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How did you find it?
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So my husband is a electrician by trade And for years you know he's pulled into these real estate properties and new builds and this and that And it really piqued his interest to get into building and maybe do new construction.
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He saw the potential that my husband had and asked him to remodel his house and he partnered with someone else and did that and they they did really well.
00:04:07.466 --> 00:04:15.782
So my husband decides he wanted to find a house in the neighborhood to flip and I wasn't really on board with it.
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Interesting.
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And until one day he said so we're in a contract for a house and like, do what, and I only paid 45,000 for it.
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To what?
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So we sat on that house for a little bit because he was actually finishing his friend's house, the remodel.
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Okay, so once his friend's house was concluding, i thought I've got to get someone on board to help us, because he wants me to help him with this And I have no idea what I'm doing here And we can't lose any more money than what we've already put into this.
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So I started going online and trying to find help and I came across, i think, one of your podcasts and you mentioned something about living in Texas and not having a basement.
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I'm like she must be somewhere near me.
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I saw you're from Austin and that you know you're here to motivate women.
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I'm like that's what I need.
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Yes, i love it.
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My husband used to go get her and me.
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I'm I'm more timid, i'm a researcher.
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That's a good balance.
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It is, it is, but I felt like you'd be a good mediator for us.
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Yeah, that house.
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I call Anderson, and once we got on the program with you, it took us six months to flip.
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Okay.
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And did you all do a lot of the work yourselves.
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Yes, so my husband was the GC.
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He had people do the roof but plumbing everything else And oh and sheetrock, everything else he did on his own or we did.
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Okay, did you enjoy that part?
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I did.
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I really did, and I loved seeing how much my husband loved it too.
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Uh-huh So, and I loved that it was right by our house, so we would walk there every day.
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our neighbors would see us, our kids would go with us.
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We saw how it was just a street behind us and everyone all started taking care of their houses.
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The house next door it got painted, they put a new roof on.
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they really became our neighbors.
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I would water the grass and forget to turn off the sprinkler, and our neighbor would go turn it off for us, and it was.
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I really liked that experience.
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I did.
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That's really cool.
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That's really cool.
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And this house had been abandoned since before Hurricane Harvey.
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It had it had.
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All the windows had been covered up since before Hurricane Harvey.
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Oh, my gosh, which was what year?
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2016?
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Yeah, I think so Good grief.
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So, yeah, i bet the neighbors were thrilled to see it coming back to life.
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Yeah, that makes a big difference in what you see when you leave your house and when you get back to your house.
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Uh-huh, yeah, this was just owned by an investor that he had inherited a lot of properties in our area and he had moved to Austin and didn't do anything with it.
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And my husband just saw it there and went and talked to a real estate agent and you know it was done pretty quick.
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But but yeah, all in all, we had it for a year.
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We bought it, we sat on it until we came to your program and got started.
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So Did you pay cash for that?
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We did Okay.
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Uh, hence the what are you doing?
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Exactly We did.
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And then when we sat down and really put the numbers together and saw how much it was going to cost, once he started tearing into it, we seeked PMLs.
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Oh, cool, nice, Okay.
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So what was what ended up being your renovation budget?
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What did you guys put into that one?
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We ended up spending 110,000, and that was about 20 grand over what I thought we were going to spend.
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Okay, but our ARV was also $35,000 more than what I thought we were going to sell it for when we first started the repairs in January.
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When you put it on the market, did you put?
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it on May.
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And in May was that when y'all started shifting.
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No, we didn't start shifting here until October.
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See interesting.
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So that's so.
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Remember this, because this is where things change for us.
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On our second flip that we sold in November.
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So so with this one, there was another flipping couple in town that had sold a house and got really good money for it and a not so great neighborhood.
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And I reached out to the wife and she kind of told me some things that she did And my husband and I decided you know what?
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we found somebody that's going to be a potential buyer and he was a doctor in town And we said you know what, let's make this house a little nicer than what we thought we were going to do.
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So together we decided to put in a few more bells and whistles, a little bit more curve appeal, and but even then we put the house on the market for 214, which was a gamble, because no one in this area flips a house the way we did, besides that other couple.
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They were the first ones to break the mold And they sold theirs for like 159 a square foot.
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What we were asking for ours was 160 a square foot.
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We put it on the market and within 24 hours we had seven offers, which was unheard of in our little county.
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Our real estate agent was just like oh my gosh what do I do?
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And we wanted to keep it on the market for a week because we wanted to showcase everything we did.
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She's like we can't do that.
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Like we have so many, we don't need any more offers.
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And all but one of them were at asking or over, and the one that wasn't at asking I was kind of glad because we knew these people knew it would be a pain to deal with, so luckily they weeded themselves out.
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But it was a good but still a problem to have having that many people Yep.
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And then have the issue of knowing that most people are going or all of them had to have financing.
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You're going to have to deal with this appraisal, yes, crazy was not going to meet our asking price or the contracted price.
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So the doctor who wanted to buy the house he was not our highest, but he did give us asking And what our agent decided to do was to send a letter out to everyone.
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Of course she told us about it too, but she said I think we should send a letter out to everyone telling them to give us their best and biggest offer.
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And I said okay.
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I said I just don't want to hurt anyone's feelings, and it did.
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They ruffled.
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The doctor was the first one to pull out.
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He was very offended by it And whenever I went to visit the flip sisters in Austin to go see your latest flip, i was just like, oh my gosh, I don't know what to do.
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I couldn't even enjoy because I was just.
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I felt so bad.
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I offended this doctor.
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I kind of felt like I had put this house together with him in mind.
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As soon as I got back to Beagle I went to knock on his door and be like listen, just give him my heart and say here's where I'm at.
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And I even wrote letters out to everyone and sent it to my real estate agent and just said listen, first I want to thank you for the offer that you gave us, because they were all great offers.
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There's just seven of them to choose from.
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I don't like multiple offers.
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Like I know it sounds great, but they're stressful because everybody except for one person is going to be mad.
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Yeah And you start looking and I'm like I'm not going to make this personal.
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Next thing.
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I know I'm like I was not in a small town because I knew most of these people or their relatives if they were moving here from out of town.
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So here's what I did.
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I looked at all the different offers and I looked at how much money each person was putting down on the house.
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One in particular was putting down 50 grand, but it was a VA loan.
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My real estate agent said mark that one out, it's a VA.
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My husband said mark that one out, it's a VA.
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I'm like.
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Why I'm like?
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because it's going to be a bigger issue with the appraisal.
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If it doesn't meet appraisal, it's going to fall through Me.
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Being a researcher, i am.
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I look and no, it says that if it doesn't meet appraisal, the buyer is more than welcome to come up with the money to make up the difference.
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I remember that I really stuck to my guns on that.
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My husband was pissed.
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My real estate agent thought I was crazy, but I didn't see anyone else that could potentially come up with the funds.
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I'm like if they have 50 grand to put down, i feel like they will be able to come closer where some of these others.
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We had two that were FHA Oh gosh.
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Yeah, they put down the bare minimum.
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I'm willing to think that they're not going to be able to come up with an extra eight to 10 grand if needed.
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So that's who we went with, and it did take a little bit longer because this gentleman he had left the service many years ago, so it was hard to come up with a documentation for his VA loan to go through, oh gosh.
00:14:14.241 --> 00:14:22.294
But his agent and my agent worked together to find him a conventional loan and it finally went through.
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So it took like 35 days to close, got it?
00:14:25.980 --> 00:14:26.732
That's not bad.
00:14:27.490 --> 00:14:30.966
No, and we sold the house for 220 instead of 214.
00:14:30.966 --> 00:14:49.703
So we thought we were only going to make like 22 to 23K on this house and that was with the accounting for holding on to it for 12 months But we ended up making 36, 640, which is that's good for our little town of 13,000.
00:14:50.551 --> 00:14:51.653
No, that's incredible.
00:14:51.653 --> 00:14:53.279
It's not just good, that's incredible.
00:14:53.279 --> 00:14:56.139
That's like 15 plus percent or something.
00:14:56.139 --> 00:14:57.094
That's amazing.
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And after holding it for 12 months, like Yeah, yeah, so that's awesome, thank you.
00:15:05.225 --> 00:15:08.255
Yeah, and in the middle of all of this.
00:15:08.255 --> 00:15:21.235
So when my husband was working on his friend's property, i would drive over there because I ended up this man as a bachelor and I had to act as his wife and making decisions on different things, which was really cool.
00:15:21.235 --> 00:15:23.457
I loved it because I got to stage his house.
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I helped him pick out so many different things Really cool.
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But on my way over there I would pass by this house that looked abandoned and he had told us about it too And he said, hey, you guys need to go see what's going on with it.
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And when I was in your program, i learned about something called sub-tues.
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So this house.
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I ended up tracking down the owner And there was a carpenter that we sub-contracted to do some work.
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And I said, hey, do you know this guy?
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Because we all grew up here And I thought maybe they know one another.
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And he said, yeah, i grew up with him.
00:16:02.075 --> 00:16:04.455
He found me, his number.
00:16:04.455 --> 00:16:11.318
I contacted the guy, learned that he liked to text, so we texted for a little bit and then he fell off the radar.
00:16:11.318 --> 00:16:24.783
And then I had paid for a foreclosure app And that house showed up on the app in January of last year.
00:16:24.783 --> 00:16:43.942
So I messaged him And I said hey, man, i'm bothering you again just because I want you to know that your house is officially going to go to auction in February And if you want to sell it, i am seriously interested.
00:16:43.942 --> 00:16:45.274
You want to meet up tomorrow?
00:16:45.274 --> 00:16:46.794
And he said yeah, let's meet.
00:16:47.289 --> 00:16:50.077
Did he know that it was going into auction?
00:16:52.211 --> 00:16:52.772
So this house?
00:16:52.772 --> 00:17:01.518
he stopped paying on it for Callee almost a year, but with COVID they weren't foreclosing anymore.
00:17:01.518 --> 00:17:18.359
So they finally opened it up And he didn't realize OK, he didn't realize, but he was just so far behind, he didn't have the funds And he had moved out And it just wasn't conducive for him to try to save it.
00:17:18.359 --> 00:17:28.215
Yeah, but without going into his personal story, it was just he and his wife were no longer together, but it was community property.
00:17:28.215 --> 00:17:32.740
So not only did I have to convince him but I also had to convince her.
00:17:32.740 --> 00:17:38.355
And they weren't exactly on, they were sort of on speaking terms, but sometimes he was in and out of the picture.
00:17:38.355 --> 00:17:53.276
But for me it was personal in that 14 years ago my husband and I almost lost a house And we thought it was our dream house And it was during 2008.
00:17:53.276 --> 00:18:06.227
And, bubble bursting, i had lost my job, we decided to move back to our small town And well it was an investor that contacted us.
00:18:06.848 --> 00:18:06.929
Wow.
00:18:07.530 --> 00:18:11.861
And we ended up doing a short sale on the house.
00:18:11.861 --> 00:18:25.337
But we got to come back home with decent credit, right, and with some dignity, right, and that's all I could think about for this couple.
00:18:25.337 --> 00:18:26.472
And I know for me.
00:18:26.472 --> 00:18:34.221
I've had sales jobs before, but then I ended up going back into nursing because I love health care and I love helping people, yeah.
00:18:34.221 --> 00:18:53.938
So it was a big motivator for me on this house And we ended up purchasing it with about an hour left for me to get a money order to the lender to keep it from going to auction that following Tuesday, oh gosh, yeah.
00:18:53.938 --> 00:18:59.622
So, in the gut, a couple grand in his pocket too.
00:18:59.950 --> 00:19:11.740
So I think this is a really great conversation because so many people are like why would a seller ever agree to a subject to deal?
00:19:11.740 --> 00:19:19.839
They don't get it Right, and we can say, well, these are the reasons why Nope Doesn't make any sense to me, that I would never agree to any of that.
00:19:19.839 --> 00:19:23.114
Why would I agree to somebody taking over my loan, like, why would I do that?
00:19:23.114 --> 00:19:27.279
So how would you answer that question?
00:19:27.279 --> 00:19:31.279
As it relates to this specific transaction, Sure.
00:19:31.750 --> 00:19:38.421
So for this person, they ran into issues where he was laid off at his job.
00:19:38.421 --> 00:20:08.532
He had made some bad choices that cost him his family and his health, and he was trying to get himself back on track And he had just given up the idea of being able to take care of this property and acre of land that had been let go for a year and a house that had sat vacant And he just didn't see any way to get out of it other than just let it go.
00:20:08.532 --> 00:20:19.123
And, um, you know, for the wife, she moved back home with her family and she wasn't working.
00:20:19.123 --> 00:20:20.826
She didn't have a way to save it either.
00:20:22.617 --> 00:20:31.125
So and I know for me personally we tried to put our house on the market for sell by owner, because we didn't have it for very long and we didn't have equity in it.
00:20:31.125 --> 00:20:38.568
And I just thought, man, if we go and sell it, we're not going to have the money to be able to get out of our rears, you know.
00:20:38.568 --> 00:20:41.682
So I had agents call me.
00:20:41.682 --> 00:20:45.380
I even had my old agent that had sold it to me going what are you doing, girl?
00:20:45.380 --> 00:20:47.380
Like I see this for sell by owner?
00:20:47.380 --> 00:20:48.402
sign in your yard.
00:20:48.402 --> 00:20:54.585
Why didn't you call me And I'm like because I can't get for it what I bought it for.
00:20:56.737 --> 00:21:02.641
And yeah, it was investor out of Dallas that called me, and I'm just still so appreciative for that.
00:21:03.934 --> 00:21:09.886
See, exactly, i think this is such an important conversation.
00:21:09.886 --> 00:21:16.145
It doesn't the person on the other end, the person who owns the property.
00:21:16.145 --> 00:21:21.405
It doesn't have to be that they feel like they got the raw end of the deal.
00:21:21.405 --> 00:21:43.747
They can feel like they got saved, like, oh my God, they totally saved me because credit gets saved, dignity gets saved, like all kinds of things get saved, when we can do a creative financing deal like that, oh my gosh wow, you know, and you just have to be super upfront and let them know the pros and the cons of it.
00:21:43.875 --> 00:21:49.006
And we really did try to figure out what we could do without doing the sub two.
00:21:49.006 --> 00:21:58.818
But at the time it was just we had to act so quickly that there wouldn't be time for like a full sale.
00:21:59.181 --> 00:22:00.497
Right, yeah, and you can't get.
00:22:00.497 --> 00:22:03.718
You can't go get a loan that fast, like you had to.
00:22:03.718 --> 00:22:08.808
Subject to, was the way to stop it being that close to auction, Oh my gosh.
00:22:08.808 --> 00:22:10.820
Ok, so you took over their payments.
00:22:12.234 --> 00:22:22.219
We took over their payments and gave them a couple grand, and even the subcontractor that helped me get in touch with him.
00:22:22.219 --> 00:22:23.542
They went and knocked on his door.
00:22:23.542 --> 00:22:25.862
I gave him a couple hundred dollars.
00:22:25.862 --> 00:22:31.986
Nice, i got in touch with the attorney that you told us about, allison Tipton.
00:22:31.986 --> 00:22:34.462
She's the one that helped us with the transaction.
00:22:34.462 --> 00:22:36.277
She was great, awesome.
00:22:36.277 --> 00:22:40.443
I had a friend that worked at a bank here that was a notary.
00:22:40.443 --> 00:22:46.228
She was able to help this couple you know, do the notary help them with the money order.
00:22:46.228 --> 00:22:46.958
She helped me.
00:22:46.958 --> 00:22:50.858
She became part of the team too, and it's awesome.
00:22:50.858 --> 00:22:59.528
So now this house, we have ended up paying off that note because we have decided to keep it and move into it.
00:22:59.528 --> 00:23:03.934
Nice, we tore into it and saw that there was some extensive termite damage.
00:23:03.934 --> 00:23:06.186
My husband's very good at tearing into things.
00:23:06.268 --> 00:23:07.535
I'm learning this.
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