Royce Realty Homes are Real Estate Disruptors, this is their story
We're back with another article in our ongoing "Stories" series. Read this week about Royce Realty Homes, a mother-daughter team out to disrupt the world of real estate. We hope you reading enjoy this article as much as we enjoyed writing it!
First and Foremost, please introduce yourself:
We are Laura and Elaine from Royce Realty LLC. We are a mother-daughter duo taking on the world of real estate investing and home design! Our main line of work is in house flipping, but we also take on design consultations and projects for kitchen and bath renovations.
We started flipping houses just over a year ago in 2016 so we are still pretty new to the industry, but after the success of our first home, we can officially say we are hooked and hope to continue working in the home renovation sector. Our first flip was in Fall 2016 and sold that home in Winter 2017.
We are now working on our second home!
Tell us a little about your background and how you got into real estate investing.
I, "Laura", come from a background in Finance. After graduating from college, I worked at an investment bank and other similar fields. Finally, I decided to take the plunge and quit my desk job to start focusing on something I was truly interested in, real estate. To me, searching for the next great deal or potential home is not work but something I actually enjoy doing.
My mother, "Elaine", has a great eye for design and has worked on many personal home renovation projects. She is also a certified stager, so she is familiar with that side of the business which has helped us tremendously. She "got into real estate" basically because I dragged her into it... But only because I knew she would be great at it and I couldn't do it without her!
Tell us about your 1st deal!
Our first flip was one of the most nerve wracking things we've done in our life. We really had no idea what we were getting ourselves into and learned an incredible amount from hands on experience.
It was stressful, exciting, overwhelming and thankfully, successful!
We loved what we were able to create and more importantly, the new owners have told us they love it as well.
We want to hear 👂🏻 your story. Tell us more:
What is your current investment strategy and what are you currently working on?
Growing up in the county where all our investments are located has really helped us to understand the ins and outs of the different towns in the area.
When I first started I was under the impression that as long as your house is within a certain zip code or school district, all the other similar size homes in that area would be a good comparable. I mean, it's in the same town, same elementary school, same square footage, same amount of bedrooms and baths, so they must sell for the same amount of money, right?
Wrong! It is really unbelievable how much of a difference one block can make.
So to stay focused on one particular area is key and to really understand that market will help you recognize a good deal when it comes up.
For example, we know the current house we are working on will sell well because of the exact block it's located on. A few blocks difference and we may not have been interested in the home.
Tell us more about the deal you are working on now:
The flip we are working on now is actually the smallest home we've worked on but the one that needs the most work. Along with all the regular cosmetic upgrades (kitchens, baths, etc.), we are also putting an addition on the home to add another bedroom. This will be our first serious addition, but we are confident the amount of money we put in to increase the size and bedroom count of the home, will add value so that we can recoup it when we go to sell it.
What is the most creative investment strategy you have used when investing in real estate?
While the term "flipping" is the technical way to describe what we do, we tend to shy away from it when describing our work.
We've been to more "flips" than I can count where the work just is not up to par and you can tell that they've cut corners and sacrificed quality to save money.
Believe it or not, quality work and materials will pay off and it can help differentiate you from your competitors. We take a lot of time to think about every design decision so that each home is unique and beautiful.
We want people to enjoy our homes for a long time to come and not feel as though they've been ripped off.
What are your goals for the future?
For the future, we hope to continue to be successful in flipping houses while also exploring additional ways to invest in real estate. We also will continue to take on clients for design consultations and project management.
What were the biggest challenges you've overcome as a real estate investor?
Finding the right people who you can trust and who are going to work hard is extremely important. Time really is of the essence in the business so when someone tells you a job is going to take a certain amount of time, you want to know they can deliver.
Has anything been particularly helpful or advantageous in your investing experience?
Having a partner that you can brainstorm and bounce ideas around with is priceless. Two heads are better than one!
We want to hear some of Your Advice...
What is your number ☝🏼 piece of advice you would give to a first-time real estate investor?
If Real Estate is an industry that you enjoy, don't be afraid to jump in head first! Be prepared for a lot of work but nothing comes easy and hard work can pay off!
Also, if you are thinking about flipping houses, be patient, it took us close to 3 months to find our first home!
Tell us where we can learn more about you.
Where can we find you and your awesome RE stuff?
That’s all for this week! Did you find this blog interesting or informative?
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Until next time, stay disruptive!
This blog post is strictly an interview with Royce Realty Properties, and we have no professional affiliate with them. While we encourage our readers to learn from fellow members in our community, please know that Startup Property is not responsible for any personal or professional purchases or business transactions that happen between yourself and the interviewee of this blog post.
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