Virginia, officially the Commonwealth of Virginia, is located in the Southwestern/Mid-Atlantic regions of the United States. It is the 35th largest state, the 12th-most populous state, and the 14th-most densely populated state in the country. The capital of Virginia is Richmond. Virginia Beach is the most populous city, and Washington-Arlington-Alexandria is the largest metropolitan area in the state. Fairfax County is the most populous political suburb of Washington, DC.
Quick Stats
Population: 8.54 million people
Median Household Income: $71,500
Population Density: 202 people/square mile
Median Home Sales Price: $288,250
Median Price to Rent: $1,650
On average, home values have gone up 3.6% over the past year.
Case Study #1: Norfolk Duplex Fix-to-Rent Project
Before
After
Client: Terreon C. & Larry P. – RFG Expert
Property Location: Norfolk, VA
Property Description: Duplex
Purchase Price of the Property: $75,000
Cost to Rehab Property: $51,600
Amount of the Loan: $123,500
Original Appraisal Value of Property: $90,000
Appraisal Value of Property After Rehab: $190,000
Monthly Rents Charged After Rehab: $2,000
Terreon and Larry have completed multiple real estate projects together, and their goal is to amass a real estate portfolio featuring multiple rental properties to build generational wealth they can pass on to their children. By pooling their funds and their talent, they are able to invest in properties and projects much larger than each could afford on their own. Their Norfolk duplex property rehab went well, and they are able to charge rent of $2k per month. Terreon and Larry are looking to duplicate their results with a comparable property just a short distance from this successful one. Congrats guys!
Case Study #2: Norfolk Duplex Fix-to-Rent Project
Client: Terreon C.– RFG Expert
Property Location: Norfolk, VA
Property Description: Duplex
Purchase Price of the Property: $75,000
Cost to Rehab Property: $51,600
Amount of the Loan: $123,500
Original Appraisal Value of Property: $90,000
Appraisal Value of Property After Rehab: $260,000
Monthly Rents Charged After Rehab: $2,000
Terreon thought long and hard about purchasing this duplex. While the house certainly had character, this was not going to be your run-of-the-mill rehab project. The house itself was over 100 years old, so Terreon knew it was going to require a full gut just to be able to update the internal systems — electric, plumbing, heating. He also added central air. The configuration of the duplex was originally two 2 bed/1 bath units, but Terreon reconfigured the second floor to be a 3 bed/1 bath unit. He put in two new kitchens with new stainless steel appliances, new cabinets, and new granite countertops. He also put in two new bathrooms, and added in a hook-up for a washer/dryer on each floor. With the vast improvements made to this gem, he was able to quickly rent out both units. Now that’s a great rehab success story, Terreon!
“When I first found RFG, I was fairly new to flipping. They took a chance on me, and I will be forever grateful!”
— Terreon C.
Case Study #3: Norfolk 4-Unit Fix-to-Rent Project
Client: Terreon C.– RFG Expert
Property Location: Norfolk, VA
Property Description: 4-Units
Purchase Price of the Property: $40,000
Cost to Rehab Property: $154,770
Amount of the Loan: $194,770
Original Appraisal Value of Property: $40,000
Appraisal Value of Property After Rehab: $262,500
Monthly Rents Charged After Rehab: $4,000
Terreon knew this rehab project was going to be a challenge, because he had to correct structural issues within the building before he could even think about tackling anything cosmetic. He jumped in, took the building down to the studs, and replaced joists, girders, and beams throughout. He brought all electrical, plumbing, heating, and central air systems up to par before he closed up the walls and got to work on the interiors. The configuration of this quadplex was two 3 bed/1 bath units and two 2 bed/1 bath units. He installed four new kitchens, with new flooring and new appliances. He also installed four new bathrooms, and added in a washer/dryer hook-up in each unit. Terreon also re-sided the entire exterior of the building, making it the gem of the block. All four units were quickly scooped up by new tenants, and Terreon is exceedingly proud of the beautiful property that is now a central part of his real estate investment portfolio.
“RFG is super easy to work with. I work with Brian, and he is really helpful. He knows how to move through the application process so quickly and efficiently.”
— Terreon C.
Case Study #4: Norfolk Duplex Fix-to-Rent Project
Client: Terreon C.– RFG Expert
Property Location: Norfolk, VA
Property Description: Duplex
Purchase Price of the Property: $107,500
Cost to Rehab Property: $38,000
Amount of the Loan: $130,000
Original Appraisal Value of Property: $110,000
Appraisal Value of Property After Rehab: $200,000
Monthly Rents Charged After Rehab: $2,500
Terreon had a tight rehab budget to get this duplex updated, and ready for new tenants. The configuration of the house was a 3 bed/2 bath unit downstairs, and a 2 bed/1 bath unit upstairs. Terreon cleaned up the electric and plumbing, put in all new flooring and paint throughout, and invested his time and talents in putting in new kitchens and baths on both floors. He also added air conditioning as the final key upgrade. He quickly rented out both floors to great tenants who are very happy in their new home. Great job, Terreon!
“RFG is never flustered when there are hiccups with a property. They always step up and say, ‘How can we make this work for you?’. I really appreciate that kind of support.”
— Terreon C.
Case Study #5: Norfolk 2-Units Fix-to-Rent Project
Client: Terreon C.– RFG Expert
Property Location: Norfolk, VA
Property Description: 2-Units
Purchase Price of the Property: $77,000
Cost to Rehab Property: $72,000
Amount of the Loan: $139,750
Original Appraisal Value of Property: $77,000
Appraisal Value of Property After Rehab: $215,000
Monthly Rents Charged After Rehab: $2,650
Terreon recognized this beautiful property as a diamond in the rough, and scooped it up right away. The configuration of the building featured a 3 bed/1 bath unit and a 4 bed/2 bath unit. The second unit was big enough to house a family and the property was located in a good school district, so Terreon knew he’d have long-term tenants if he put in the sweat equity to upgrade the property. He cleaned up the electrical, plumbing, and heating systems, and installed vinyl plank flooring. He put new kitchens into each unit, as well as all new bathrooms. He turned this property around, and quickly rented out both units. Way to go, Terreon!
“RFG is so professional. They are the ones who help me find solutions when there are road blocks with the township. I feel like they’ve seen it all, and they always have helpful ideas for me.”
— Terreon C.
Case Study #6: Portsmouth Fix-to-Flip Project
Client: Terreon C.– RFG Expert
Property Location: Portsmouth, VA
Property Description: Single Family Home
Purchase Price of the Property: $92,300
Cost to Rehab Property: $54,750
Amount of the Loan: $92,000
Original Appraisal Value of Property: $48,700
Appraisal Value of Property After Rehab: $142,000
Sale Price: $199,000
Net Profit: $75,000
Terreon usually focuses on building his real estate portfolio with multi-family properties, but this single family home was too good a deal to pass up. With this 4 bed/2 bath home, Terreon knew to keep his rehab budget modest, and focused on the big picture. He gutted the interior to upgrade the electric, plumbing, heating, and air conditioning. He installed a new kitchen and two new bathrooms. And he vastly improved the curb appeal of the home by re-siding the entire house. The finished product was a beauty, and Terreon quickly sold it for a tidy profit that he was quick to invest in acquiring another multi-family property. Nice work, Terreon!
“When I first started flipping houses, I literally Googled ‘hard money lenders,’ and RFG came up in the search. I called them up, and I could immediately tell they knew what they were doing. I knew I could leave the financing issues to them, and focus on finding the best real estate deals available. We’re a good match.”
— Terreon C.
Case Study #7: Alexandria Home Fix-to-Flip Project
Before
After
Client: Jason W.– RFG Pro
Property Location: Alexandria, VA
Property Description: Single Family Home
Purchase Price of the Property: $360,000
Cost to Rehab Property: $39,575
Amount of the Loan: $336,700
Original Appraisal Value of Property: $365,000
Appraisal Value of Property After Rehab: $518,000
Sale Price: $483,000
Net Profit: $40,000
Jason is a successful house flipper with 8 property flips under his belt. Northern Virginia is a very competitive real estate market, so there is a low inventory of foreclosures and short sales. Jason’s strategy is to search for under-built homes in highly desired locations, and vastly improve them without out-pricing the neighborhood. Jason picked up this outdated property, knowing that comps in the neighborhood had recently sold for almost $200k more than Jason’s purchase price. He invested time and money in creating an open floor plan for the first floor, and adding dormers to the front and back of the house to open up the smaller feel of the second floor. Lastly, he installed a fence in the backyard, adding pet-friendly appeal to this home. Great idea!