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French St - Richmond, VA

French St - Richmond, VA

Welcome!  We are glad you have joined us for our series on the Road to Financial Security.  We are going to follow a road map that will lead to cash.  Anyone need extra cash in this economy?  Ulitimately the real road to financial security is the buy and hold strategy.  I recognize that our economy will prevent those with job loss and insecurities from following this roadmap which is why this series will focus on flipping a house for fun and profit.

The house we have chosen to chronicle is located on French St in Richmond, VA.  French St is an awesome neighborhood where every single house is very well kept and the home owners shown tremendous pride in keeping their lawns and such in a meticulous fashion.  It is also just 3 short blocks to the Maymont Park Pond and the Byrd Park area.  These are the reasons we have chosen to buy, fix up and flip this house.

The chosen house is the only house in the block that needs work.  The neighbors are very happy, let me repeat VERY happy to know it will soon be fixed up.  The neighbors are great and have lived in their houses for a long time (aka stable, nice neighborhood).

This house has grass that is higher than my knee’s along with heavily overgrown shrubs and trees.  Other than the outrageous lawn, the exterior is not in bad shape.  It already has nice vinyl siding and vinyl replacement windows.  Inside is another story…

The story from the neighbors is that when the former owners died the house went to the kids who then moved their dogs into the house.  Needless to say this is the smelliest house we have tackled.  The dogs were kept in a bedroom and they literally chewed a hold in the door and chewed off the door moldings.  Did Michael Vick live here at one point?  ha-ha, just kidding on that one.

This house does have a lot of great features including 4 or 5 bedrooms, hardwood floors and some nice character features.  It also has a nice fireplace and screened in side porch.  This home has approximately 1700 square feet and will appraise for around $220k once  our renovation is complete.

We are buying this house for $106k so their is penty of equity in this house.  I have financed it using a private lender so I did not need a bank mortgage.  I have worked with this private lender on several other houses and he continues to receive an outstanding return on this investments with me.  If you would like to partner with me and have available capital for one of our investments, please contact me direct at 804-677-9025.

The next blog will include the interior photos along with our construction plans and budgets, you wont want to miss it…  Happy House Hunting!

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Jim Ingersoll

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