July 12, 2023
Elizabeth's Journey: Her First Flip Into a Midterm Rental in California
Our FlipSister Elizabeth in California, once a graphic designer turned recreational therapist turned gym owner turned cleaning service owner, takes us on her first flip to rent journey!
Learn the difference between a short term rental and a mid term rental. Listen as she shares her intriguing transition from designing graphics to designing spaces, and unlocking fulfillment through her creative passion and desire to bring joy to people.
Elizabeth takes us through her flip and shares:
- How she found the deal
- How she financed it all
- Her challenges along the way
- What she learned about herself in the process
- How she navigated all the things
- That feeling of getting her first booking
- Her first guest experience
- The biggest takeaway she learned by accomplishing this goal she had (and it's a BIG one!)
Let Elizabeth's story inspire and guide you as you consider or continue your journey in the business of flipping houses to sell or to rent. No matter where you are in your journey, her tale is sure to equip you with fresh perspectives and strategies for your own venture.
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!
4. 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?
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The Flipsisters
Leaving people and places better than we find them.
00:01 - Midterm Rentals and Elizabeth's First Rental
15:13 - First Project
24:50 - Renovating and Renting Property Lessons
39:02 - Appreciation and Encouragement for Flipping Houses
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 DePiri.
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Hey, thanks for hanging out with me today.
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You're gonna love this interview.
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I know I say that every time, but it's true.
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So today's episode is all about Elizabeth in California and her first furnished rental, which she is doing as a midterm rental, which, if you don't know what a midterm rental is and how it differs from a short-term rental, let me do a little bit of teaching right now.
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So a short-term rental is typically anything less than 29 days.
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It's usually a weekend, it's usually a few days, maybe a couple weeks, but it's technically classified as fewer than 29 days.
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A midterm rental is 30 days or more, and typically it's 30 days, maybe three months, maybe up to six months, and then anything beyond that really is considered your traditional long-term rental.
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So midterm rentals are a beautiful sweet spot that I've been talking about for years that is still not as well known, especially as short-term rentals.
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So it's more of a sleeper category of furnished rentals.
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It's definitely grown recently and the reason why is because a midterm rental is basically your workaround to wanting a furnished rental in an area that maybe it's really highly regulated.
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So short-term rentals aren't actually allowed.
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The rules around short-term rentals are different in every city, so one city it might be that short-term rentals are only allowed if it's an owner-occupied property, or it might be that there are a thousand short-term rental permits only.
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Or it might be that you can't have another short-term rental property.
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There can't be another permit within 50 feet of your property.
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Like I said, the rules and regulations can look many different ways.
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The point is a lot of people because of the tight regulations, the workaround is having a furnished rental but requiring 30-night bookings or greater.
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So that is a workaround.
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Another reason why people like the midterm market better reason being I have found that I can compare.
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I can run a property as a short-term rental and as a midterm rental, and short-term rentals typically have way more expenses.
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So I've got more cleaning expenses, I've got more wear and tear.
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I've just got more expenses on a short-term rental.
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If that same property is used as a midterm rental instead, there's a lot less wear and tear, fewer groups coming in and out.
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So at the end of the day they could be even, or the midterm rental actually often outperforms.
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It really just depends on the market.
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Obviously, a beach market short-term rentals are fantastic.
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Or a really cool destination property Maybe it's secluded, maybe it's on the lake those are clear short-term rentals.
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But if you've got traveling nurses or traveling professionals, anything like that where people come in and hang out for a while for a month, two months, three months or people are relocating a lot nomads, people who are remote workers, who can work from wherever they want to be and they want to escape the heat of Austin, texas, like I am, and I'm in Santa Fe right now in my newly listed midterm rental so it's a different kind of market, it's a different category of furnished rentals and I love them.
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So now that we've differentiated between midterm rentals and short-term rentals, let's get into this conversation with Elizabeth.
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She's going to walk us through her first furnished rental flip.
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Let us know who you are and where you are, what you're up to and any other little background information you want to.
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Okay, so my name is Elizabeth, I am in Modesto, california, and what a little bit about me is.
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I am a mother and I like to think of myself as a giver, and I learned a long time ago, back when I graduated college and I took my first job, that I will never, ever do something to earn money, just to earn money.
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This is my first position.
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I went to school for fine art and graphic design and art history minor.
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Oh cool.
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Yeah, my dream was to make and illustrate children's books, but even then I was like I know, I'm not going to do this until after my kids whatever kids I have are grown and out of the house.
00:06:05.281 --> 00:06:06.245
I just didn't see that.
00:06:06.245 --> 00:06:08.285
So I was like, okay, how am I going to still from here to there?
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Oh gosh.
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It's a long time to fill.
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Yes, it is.
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But I was like you know what I really enjoy?
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Art.
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I feel fulfilled with it and I want to make other people happy.
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But how am I going to make money?
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Because I know it's going to take me a long time as a fine artist to figure that out.
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And I got my first job as a graphic designer.
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I was like, hey, I can put bread on the table for that.
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And I realized very quickly I hate it.
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I hate it.
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Oh, working at the computer, you know, meeting those deadlines.
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And then I was like I'm not impacting people and I felt that.
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And my roommate at the time was a recreational therapist and she'd come home with these filling, these stories of just how she touched her resident's heart every single day.
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I was like I want to do that.
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So I had moved from central Pennsylvania up to Long Island, was commuting into Manhattan that's where we lived and so within three and a half months of realizing you know, I was crying every day into work, crying on the train on the way home, and it was like it wasn't for me.
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But I had.
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I know I had to go through that to know that I didn't miss it.
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Yeah.
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So I can move back home, got an assistant physician as a rec therapist, loved it.
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I was like I'm soul searching.
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And I soul searched and said, okay, I don't want to do this as a career, but you know, what I really like over here is fitness.
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It's embodying me.
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I like to be fit and the retirement community I was working for was building this huge, whole new fitness center Olympic sized swimming pools, heating up all the things, and they're going to be hiring all the stuff.
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So I went to the director of that department and I said I want to be here.
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I said what do I need to do to be here?
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So she told me and we had to negotiate with my boss and the data for me to transfer.
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So, anyway, work my way up to be in charge of the fitness department thereafter a couple of years and manage people there and then was like, okay, I'm grown here, I want to learn a different aspect.
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So I went to the private gym sector after that and in the meantime I had my first son and I went back after having I left this wonderful nurturing environment, for residents were crocheting me blind.
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I mean it was.
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It was the most.
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I mean gosh, you walked away every day feeling you've touched somebody's life and they don't.
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I don't know if they realized how much I got from them as well.
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That's what I learned that age is a mind sense.
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I was like it's all in your mind to see these 80 year olds pretending to run on the pool deck and ball into the deep bed and I'm like, oh my God, life's burning on.
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Oh no, no, running on the pool deck.
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You know they're like, oh, I mean.
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And then people in wheelchairs.
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They couldn't do hardly anything to themselves, still coming out when I was in activities going and I'm like I remember asking this one lady is like, how do you do it?
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She goes what else am I going to do?
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Why be miserable on my last time on earth?
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I might as well enjoy what I have, and this is why I like coming out and doing things with you.
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I was like, oh, okay.
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And I was like, wow, her name was Sylvia and I still remember her all these years, 23, five years later, I'm like who was my, my aha being a mindset.
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So then, through that, I went through the private gym sector and managed that for a while, had baby one, baby two.
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I decided I'm stepping back because I like to give my all to what I'm doing and I didn't want to feel split between my children.
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And so we made that change and I became a state home mom for like the next 12 years and that was wonderful.
00:10:01.639 --> 00:10:04.179
I mean wonderful I could give to my kids.
00:10:04.179 --> 00:10:06.522
I was, you know, I'm still volunteering.
00:10:06.522 --> 00:10:11.450
I'm sorry, I'm doing everything I was before plus now raising my babies.
00:10:11.450 --> 00:10:21.096
You know we ended up having three being there for them in their schools, doing, you know, being involved in their activities, doing girl scout towards gouts, all the stuff, right, all the things.
00:10:21.995 --> 00:10:23.960
And then pandemic came.
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You know we're in the gym business and those got shut down, with California opening and then closing, and then we open and we close.
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That's not a lot of I don't know.
00:10:37.884 --> 00:10:43.126
A lot of people don't realize how much is involved with even shutting down a bit.
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You think, oh, you just shut the doors, oh no, from one that is 24 hours, seven days a week, to then figure out how am I going to close this?
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Right.
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Establishing procedures and reopening and financial commitment that is involved in that.
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So it became, you know, scary because it opens and floats.
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And then we're like, is it going to open again?
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Is the governor going to let this happen?
00:11:08.181 --> 00:11:14.837
So we're sitting here, I'm doing like this, things are going on longer and longer and I'm going oh my gosh, I was like you know what?
00:11:14.837 --> 00:11:18.488
I felt like I needed to do something.
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I was like I've had such a privilege and a gift for my husband.
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He was always so supportive and he's like always believe what I was doing at home was absolutely essential.
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It let him do what he needed to do.
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He goes raising good children and we're a team, you know, whatever.
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So I was like I need to do something, because when we go back, things are gonna open, but I'm not sure what it's gonna look like and I don't wanna say no to my kids.
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You can't do this because we don't pay for it.
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So that was my ultimate motivation.
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My friend owned a cleaning business.
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Oh, okay, I reached out to her and said hey, you know, you've said a few times that you know, you don't know who you wanna hire.
00:12:02.649 --> 00:12:09.291
You know, bring other people into other people's homes and trust them because she really took that vulnerability.
00:12:09.291 --> 00:12:11.527
People was opening their homes and letting you in.
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She took that very seriously and she like wanna hire.
00:12:14.605 --> 00:12:17.667
So I reached out and said hey, you need some help, I'm here.
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And quickly after that, you know, a few months later, she said hey, we're moving to Oklahoma.
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And I was like what?
00:12:25.561 --> 00:12:26.745
Oh, good grief.
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Yeah.
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But she said, through soul searching and prayer, she said would you like to take over this?
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She's like I'm struggling, I don't wanna just hand it over to some bigger company.
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They're just gonna raise their rates and they're not gonna really care about these individuals.
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So we worked it out and I took over the cleaning business when she left and so I said, okay, this will allow me to say yes to my kids, no matter what.
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I was like you know, whatever happens, and so things reopen.
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You know things going back on.
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And I was like you know what Also through all this, you know, like a year later, half a year later.
00:13:06.591 --> 00:13:08.687
So I realized I was like you know what?
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What do I really wanna do If I was gonna go back?
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I was like I could expand this business and make it multiple.
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I was like within a year, I could have hired help.
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You know, I mean, everybody kept their cleaner during the pandemic.
00:13:24.224 --> 00:13:27.188
I didn't know anybody that canceled their cleaner, right?
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Yep, yeah, I'm wearing masks and gloves going to people's homes.
00:13:30.788 --> 00:13:32.024
And we still worked it out.
00:13:32.024 --> 00:13:43.424
So I then said, huh, the whole typical thing HGGB you're looking at, I always for years buying my own house years ago.
00:13:43.424 --> 00:13:54.263
Whatever, I would still check in, probably weekly Red Van Zillow, oh, what's going on here Because we're crazy and we are obsessed with houses, yes, yes.
00:13:55.220 --> 00:14:04.528
So I then was like producing podcasts and I saw your little logo and I was like, huh, what kind of girl, what's this?
00:14:04.528 --> 00:14:20.769
And I was like I mean, I was sold after the first one, but I listened to a few more episodes and I remember coming home and being like to my husband do you know, have you ever heard about hard money?
00:14:21.202 --> 00:14:23.706
And he's like what I was, like we could do this.
00:14:24.580 --> 00:14:29.948
I was like that when I heard that episode about and you talked about hard money, my mind was blown.
00:14:29.948 --> 00:14:31.686
I stopped and rewound it.
00:14:31.686 --> 00:14:32.940
I was like wait, wait, wait, wait, wait.
00:14:32.940 --> 00:14:34.024
Did I hear this again?
00:14:34.179 --> 00:14:36.488
What is this wacky business she's talking about?
00:14:37.340 --> 00:14:37.842
Yes.
00:14:37.842 --> 00:14:50.068
So I then was like, okay, did the interest call and, yeah, talked it out a little bit and yeah, there I am, I joined.
00:14:51.480 --> 00:14:53.984
I love it and oh wait.
00:14:53.984 --> 00:14:59.644
So I wanted to ask, I'm just curious, you were in the Northeast, what took you to California?
00:14:59.644 --> 00:15:00.346
The gym business?
00:15:01.120 --> 00:15:01.763
The gym business.
00:15:01.763 --> 00:15:03.744
Yeah, it moved.
00:15:03.744 --> 00:15:07.383
The people we work with moved from.
00:15:07.383 --> 00:15:11.609
They moved their business location from the East Coast to the West.
00:15:13.059 --> 00:15:17.590
Okay, so let's talk about your first project.
00:15:17.590 --> 00:15:30.345
Okay, so you just recently, within the last few weeks, listed your first midterm rental right, your first furnished rental.
00:15:31.461 --> 00:15:35.010
Yes, yes, this is my very, very, very, very first thing.
00:15:35.010 --> 00:15:49.768
So my longterm goal was to flip a few houses but also attain some properties for holding for longterm purposes and thinking online retirement and helping out with that.
00:15:49.768 --> 00:15:54.890
So I've been walking let's see.
00:15:54.890 --> 00:16:15.259
Well, you start with the team and then I started walking properties with my realtor and construction gentlemen who would help give me ideas and hone in if I'm offer on with estimations, and we all three of us, so my construction and my realtor and I.
00:16:15.259 --> 00:16:18.163
I found this on the MLS.
00:16:18.163 --> 00:16:22.813
Okay, I said, hey, let's go check this out.
00:16:22.855 --> 00:16:24.157
And I just had this like feeling.
00:16:24.157 --> 00:16:34.456
I'm like you're the little condo with the two bedroom, one bath condo, and I remember walking into the courtyard of where it is.
00:16:34.456 --> 00:16:44.832
It's one of like three condo complexes and they're they're each kind of separate properties a little bit, and mine, of course, is in the cutest condo menu.
00:16:44.832 --> 00:16:52.961
It's got like, of course, brick, you know, exposed brick in the black right on the fire and senses, and it's a.
00:16:52.961 --> 00:17:00.698
It's a half a mile barely from a hospital that's one of the big hospitals in in my city, nice.
00:17:00.698 --> 00:17:04.313
I walked in the courtyard and I just had this.
00:17:04.313 --> 00:17:23.281
It just came over me like feeling it just like, started from my head and just dressed itself all the way down my toes and I stopped and I looked at the court year and I went, oh, this is so cute and peaceful and quiet.
00:17:23.281 --> 00:17:27.332
And then I thought I would live here and this is my thought.
00:17:27.332 --> 00:17:38.694
And I thought, whoa, I heard that and I went, yeah, if I was a single, my goal to go towards medical professionals I was a single nurse or female doctor Like this is pretty good.
00:17:41.373 --> 00:17:44.000
And I walked inside and we toured it.
00:17:44.000 --> 00:17:47.435
My contract was like you don't need to do anything this place.
00:17:47.435 --> 00:17:53.915
I'm like, oh, no, it really was as we talked about it, was it?
00:17:53.915 --> 00:18:08.737
Definitely I could have just taken it and just paint everything and just had someone move into it, right, and I would have rented it for market value and it would have paid for itself Broken, even honestly, it's that kind of condition.
00:18:08.737 --> 00:18:23.464
But I was like, no, I want to do this through the traveling professional and the price point for that is going to demand a little bit nicer, because if I was coming in here and and paying for this, you know I'd want it to be a nice way.
00:18:23.464 --> 00:18:37.089
Yeah, so we're standing there talking about it in my real estate agent and we're talking numbers and, like you, know, worst case scenario if it's doesn't read as a furnished place what I could do with it.
00:18:37.971 --> 00:18:39.414
And she's like this would work.
00:18:39.414 --> 00:18:47.455
And I was like you really think so and you know I already kind of run some numbers.
00:18:47.455 --> 00:18:51.962
But I'll be honest, the rental side, I'm a little more.
00:18:51.962 --> 00:18:59.779
I wasn't so sure at that point really and I didn't quite understand everything and I'm still learning, yeah.
00:18:59.779 --> 00:19:06.554
But I in my gut I was like, oh heck, no, I think this is going to work and I just knew it.
00:19:06.554 --> 00:19:11.163
I think, even if the worst case with the HOA fees, it's going to work, yeah.
00:19:11.163 --> 00:19:14.136
And so I said, okay, let's do it.
00:19:15.250 --> 00:19:18.753
So were you open to when you were out looking?
00:19:18.753 --> 00:19:26.501
Were you open to either one that came up like were you open to a flip or a rental, or were you just looking for a rental at this point or what?
00:19:26.501 --> 00:19:28.964
What was your process, kind of whatever.
00:19:31.089 --> 00:19:31.790
I wanted to flip.
00:19:31.790 --> 00:19:38.584
Honestly and in the ideal world I was, I wanted to do a flip so then I could use the funds from that to fund purchasing a rental.
00:19:38.584 --> 00:19:53.058
But in the back of my mind I also knew I have funds to do one rental purchase and then after that what it either that or do now fund a rehab up to a certain degree for flip.
00:19:53.058 --> 00:20:03.511
So I had reserved, and so at that point I said, okay, the money's presenting itself, I haven't found a flip that's appropriate yet, but this rental will work.
00:20:03.511 --> 00:20:07.499
And so we did.
00:20:07.499 --> 00:20:12.353
I went home and I said, honey, he's like, go for it.
00:20:12.353 --> 00:20:20.494
You know he was all very supportive and so I put an offer in that what the house already had an offer or the condo already had an offer.
00:20:21.036 --> 00:20:47.223
But it ended up being that my real estate agent, the person who had the office in her office, her, it was a friend real estate agent in there, so they work in the same brokerage and so they talked and she said I know him and she goes, if you just come in even just a tiny bit higher, he's going to probably choose you.
00:20:47.223 --> 00:20:50.672
And plus, I was doing a hard money loan.
00:20:50.672 --> 00:20:53.998
That's what I figured I was going to do right and then refinance or something.
00:20:53.998 --> 00:21:08.875
And I'm talking to my hard money lender through all this and he's assuring me right, and so we put in the offer, and so we're up to the point of proving funds, I guess.
00:21:08.875 --> 00:21:20.828
And we get more nitpicky with the hard money guy and he was telling me I was like, cool, I can do this a little higher than normal.
00:21:20.828 --> 00:21:23.315
But you know, it's cool, be easy, I can still do this.
00:21:23.315 --> 00:21:31.074
And then he sent it to his underwriter, like God.
00:21:31.074 --> 00:21:37.044
He sent me a screen check because this is what the underwriter said I'm like and I went what.
00:21:37.790 --> 00:21:38.672
Like I got mad.
00:21:38.672 --> 00:21:42.959
I was like no, I was like this is no.
00:21:42.959 --> 00:21:45.041
The interest rate went way up.
00:21:45.041 --> 00:21:51.174
I guess I was still learning about arms and all these things.
00:21:51.174 --> 00:21:57.763
I was like I can't, even if I find a better deal the interest rate I can't do prepaint, I can't do prepayments, I'll have penalties.
00:21:57.763 --> 00:22:03.960
And I was like my, I was just mad and I was like no, I can do better.
00:22:04.059 --> 00:22:07.952
Yeah, so I made a call to a friend.
00:22:07.952 --> 00:22:10.837
This was a what day?
00:22:10.837 --> 00:22:13.281
This was like a Friday.
00:22:13.281 --> 00:22:20.420
I was like I don't have time to talk to her about this.
00:22:20.420 --> 00:22:22.663
She's busy doing her thing, I'm busy doing my thing.
00:22:22.663 --> 00:22:26.089
So come like Monday and then Tuesday passes.
00:22:26.089 --> 00:22:27.955
And I was just like, okay, whatever.
00:22:29.089 --> 00:22:44.326
So we ended up connecting Tuesday and I said this is a situation I'm paying skyrocket interest and being locked into something that I just don't feel comfortable and if I drop out of someone, lose my earnest money and which, okay, fine, I'm going to lose it.
00:22:44.326 --> 00:22:47.089
But anyway, she said, yeah, we can make this happen.
00:22:47.089 --> 00:22:49.277
I said, really, and this is going conventional.
00:22:49.277 --> 00:22:51.372
And I said, are you sure?
00:22:51.372 --> 00:22:59.544
Because this is my timeframe, I'm signed up, I'm under contract and I got a show proof of funds and this is going to be done in 21 days.
00:22:59.544 --> 00:23:02.836
And she's like, yep, she goes, I've closed sooner than that.
00:23:02.836 --> 00:23:05.721
I was like, as a conventional, she goes yes, as long as everything's good.
00:23:06.530 --> 00:23:21.027
And so we went through that process, but the whole time because showing proof of income and because my husband's an independent contractor, you know, every time I had communication it was more stuff I had to show from self and my stomach is just turning.
00:23:21.027 --> 00:23:23.034
And then huge knots.
00:23:23.034 --> 00:23:30.888
I had some freak out moments where I'd be panicking Seriously, like a panic attack like this isn't going to work.
00:23:30.888 --> 00:23:46.154
Oh my gosh, like I know we can afford it, but oh my gosh, I had to at one point remember stopping and I was sitting on my fireplace hearse, I said breathe, I'm going through my papers and I was like breathe.
00:23:46.154 --> 00:23:50.854
I was like and I said I was like channel Debbie.
00:23:50.854 --> 00:23:56.094
I said what would Debbie do?
00:23:56.094 --> 00:24:00.655
I said she'd say this is the problem.
00:24:00.655 --> 00:24:02.490
You're going to come up with a solution.
00:24:02.490 --> 00:24:05.412
That's do you need to get to that solution?
00:24:05.412 --> 00:24:05.814
I love it.
00:24:05.814 --> 00:24:10.480
She said don't make a decision when you're so freaking out.
00:24:10.500 --> 00:24:12.951
Basically, yes, you listen.
00:24:14.969 --> 00:24:15.730
What is it?
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