Buy a run-down house, fix it up, and sell it. You know, just like they do on TV!
Sounds easy, right?
“It’s not as easy as it looks,” says Nancy LaRocca, who along with her husband John are full-time “flippers,” buying architecturally interesting homes in the City of Glens Falls, restoring them to their original charm, and selling them.
“There’s a lot of moving parts” in the process, John said.
And competition.
City Code Enforcement Officer Kris Vanderzee said there are at least 10 entities flipping houses in Glens Falls right now, with room for more.
“I have flippers coming to me all the time looking for properties,” Vanderzee said.
“It’s great,” Vanderzee continued. “These folks are taking dilapidated houses that once were the worst on the street and making them the best on the street.”
The LaRocca’s recently gave FoothillsBusinessDaily.com a tour of their latest “flip” at 168 Ridge Street.
The house, just north of the fire station, was built in 1925. It was in rough shape when they bought it in May for $101,000. Then the LaRoccas and their team went to work, cleaning, gutting, restoring.
Nancy lime-washed the original brick fireplace in the living room. Carpeting was pulled up, revealing original hard-wood floors. Cabinets were restored. The upstairs bathroom was retiled. The master bedroom was enlarged. And the double carriage house garage in the back was cleaned up. Windows were replaced, keeping the original trim.
“We love to keep everything as original as possible,” Nancy said. “This house was definitely neglected but we walked in the door and fell in love with it. We knew the potential was tremendous.”
After spending “north of $100,000” on renovations, John—who is a real estate agent with Davies-Davies—listed the three-bedroom, 1,800-square-foot home in mid-November for $298,900. A feisty bidding war ensued. Three days later, they were under contract for considerably more than the asking price.
When they listed the house, they posted something on Facebook. The post drew hundreds of comments.
“I was in tears reading what people were saying,” John said. “I’ve been in business since 1989 and I’ve never been so proud.”
Nancy said when they were working in front of the house, dozens of people stopped to talk to them, praising their work and giving them hints on other houses they could flip.
“We hope it’s a domino effect,” she said. “It brings us so much satisfaction.”
It’s the fifth flip for the LaRoccas, who also own five homes they have remodeled and kept as rental units.
“All in Glens Falls,” John said. “We love what is happening in the City of Glens Falls, and we love the architecture of the City. It’s just as nice as Saratoga. It’s just not Saratoga.”
Their current project is a bigger home on Glen Street that once housed an office. It’s a larger project, but one they are prepared for.
“I hope we’ve learned to be more patient,” Nancy said. “To do this right, it takes time. Without a plan, you’re in trouble.”
John said their eyes are always open for houses to buy, he said: “The issue is the lack of inventory.”