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  • Writer's pictureSpring Valley, The Investor's Bank

A Family Affair: Pro Tips on Finding Freedom in Merging Your Flipping Business & Values

Pro Tips from the Property Flippers March 2024 Edition

Featured Pro Flippers: Armor Properties, LLC

Chris & Kristie Toney started Armor Properties, LLC in 2015. They were done with the corporate scene and wanted to put more time into their family. Realizing they enjoyed remodeling homes together- and made a fantastic team to boot- they went all in on home renovating. The freedom of owning their own business provided the added family time they were seeking. You will often find their sons joining them on the projects.

Just as Chris & Kristie have remained loyal to their goal for more family time, they have remained loyal to their real estate agents- another husband/wife team- Ron & Jewel Buckley with Oyler Hines Coldwell Banker. They've used the Coldwell Banker team almost ten years citing their attention to detail and knowledge of the market as providing them with a winning track record. In other blogs we've talked at length about the importance of finding a trustworthy network of people to carry you all the way through the journey.

Over Chris' journey he has amassed some solid advice to share with fellow flippers:

Quotation Mark
We evaluate each potential flip using a consistent approach.  Always get the Comparative Market Analysis first.  Even before looking at a listing, know what your finished product could sell for with the current bedroom, bathroom, basement configuration. 
Second, conduct your "inspections" during the viewing appointment.  Establish a repair list, timeline, and budget before making an offer. 
Third, don't get too excited about a project and over offer.  Don't ignore your numbers.  Be smart and stick to the plan.
Fourth, budget.  If there were no surprises, it wouldn't be flipping.  Prepare for surprises in your timeline and budget.  Make a spreadsheet and keep track of expenses.  
For divine instruction Chris turns to The Gospel of Luke 14:28-30, "Is there anyone here who, planning to build a new house, doesn’t first sit down and figure the cost so you’ll know if you can complete it? If you only get the foundation laid and then run out of money, you’re going to look pretty foolish. Everyone passing by will poke fun at you: He started something he couldn’t finish."

Armor Properties partnered with Spring Valley to complete this renovation in 5 months.

Purchased for $115,000, this professional renovation resulted in a January 2024 resale of $290,000.

The Financer

The Toneys saw the vision in this project. They did a fabulous job of merging the rural feeling of the location into a lifestyle by mixing materials to produce the much desirable farmhouse like ambiance on the exterior and interior of the home. You'll notice the cedar throughout, butcher block countertops, beams, dark accents like black vinyl windows and dark trim, hardware and fixtures against soft color pallets.

A focus of the budget on this project was refinishing and waterproofing the basement. Capitalizing on this opportunity almost doubled the usable square footage for this home in addition to adding a possible 4th bedroom. Giving options to the end user makes smaller spaces more desirable.

For me, the most inspiring part of The Toney's business is their courage. They identified their priorities in life and took a leap of faith to pursue them. Many in the fulltime self-employment business have faced a similar juncture. On the recommendation of my 16-year-old sponsor child from Guatemala, I recently read the book "Once Upon a Cow" by Dr. Camilo (you can read the synopsis here). The book helps readers identify their "cows" or excuses in life that are holding them back from being GREAT (each has their own definition of the word). I would venture to say the most common cow we carry in the United States is safety. We find ourselves settling for the corporate job that makes us miserable at the expense of providing but we could be missing out on having abundant provisions by taking a risk to say start our own business where we can align our values with our work and be fulfilled financially and holistically while simultaneously having a deeper impact on the next generation. I wrote down a quote from the book that spoke to me, "The only thing keeping you from great is good."

Spring Valley is your local community bank offering our investors SOLUTIONS:

  • Quick decisions with in-house underwriting

  • Certainty to close

  • Availability of real estate & banking experts to listen & stay connected

  • Flexible financing options for flips, refis & income producing properties

  • Dependability of an established banking institution

If you know an investor that may benefit from the flipping advise of seasoned professionals, please share this blog with them.


Special thanks to:

A monthly series showcasing tips from professional property flippers partnering with Spring Valley.

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