Pro Tips from the Property Flippers January 2024 Edition
Featured Pro Flippers: Rob & Megan Holtz
Rob and Megan Holtz are a dynamic husband and wife team who started their home renovation business in the Greater Cincinnati Area 7 years ago. Megan's prior experience in the real estate industry as a stager has been invaluable to their success. In addition to running their renovation business, Megan continues to manage her staging company, Restored Treasures. She puts her heart and soul into every project, ensuring that each home is staged with its unique character in mind.
One stunning example of Megan's work can be seen at 195 E. Fountain Ave in Cincinnati, OH 45246. The Holtz's flipped this beautiful 1855 home and transformed it into a modern masterpiece while still preserving its original elegance. The light airy colors perfectly contrast the natural woodwork, creating a stunning visual effect.
This historic house is truly one-of-a-kind. The original structure was erected in 1855 but has since been expanded with additional rear sections added in various stages over its near 140 years. This created some challenges such as leveling floors, reinforcing infrastructure, and seamlessly merging different building materials.
During the project, preserving the original charm of the house was top priority. Fortunately, most of the hardwood floors and millwork were preserved. For areas that needed new flooring, selections that complemented the style of the house were chosen. You'll also notice the use of white paint to accentuate the woodwork and thoughtfully placed paneling in specific areas to elevate the home's overall appearance. Rob & Megan managed to carefully update the home to meet the needs of modern families while preserving its original charm.
The Holtz's partnered with Spring Valley to complete the restoration of this historic Glendale home in less than 6 months. Their attention to detail and commitment to quality craftsmanship make them one of the most sought-after renovation teams in the area.
Purchased for $325,000, this professional renovation resulted in a January 2024 resale of $500,000. While turning a profit, The Holtz Family also played a crucial role in preserving a piece of history and further enhancing the community of Glendale.
Megan's Pro Tips for the Investor Community:
Stick to the budget. Almost always there is an unexpected expense that occurs, we try to have a contingency in every budget.
I try to keep in mind the potential buyer for my homes and keep the updates with them in mind. For example, in this home my potential buyers would be a family with young children, so we knew we needed to have a nice bathtub for the kids, and we wanted to try to get the laundry upstairs next to the bedrooms.
Remember in the design that you are trying to appeal to a broad audience. I try to keep my selections neutral, but also unique to appeal to buyers.
My biggest goal with this renovation was to try to preserve the history of the home, but also get a new family into our great community of Glendale.
When it comes to due diligence, it's important to have a realistic budget that takes into account unexpected expenses. We highly recommend including contingency and miscellaneous line items in your budget to optimize financing for your project. By being prepared, you can ensure that you have the necessary funds to handle any surprises that may come up during the process.
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
Look for a segment from our friends at Design to Market on their Investor Project Consultation Services. Not sure which wall to take down, questioning the flow of the existing floor plan, worried about furniture layout, or simply want expert advice on your next flip, DtM has services for the investors throughout the renovation process.
If you know an investor that may benefit from the flipping advise of seasoned professionals, please share this blog with them.
Special thanks to:
Photographer, Cincy Visuals
A monthly series showcasing tips from professional property flippers partnering with Spring Valley.