A Rapid City woman tackles affordable housing issue by flipping homes
A Rapid City woman is taking houses banks can't mortgage and flipping them into cozy homes. She is tackling the affordable housing issue in the city one house at a time.
This is why Marcy Jones started a new business called Just Jones'n LLC, this year. She flips abandoned houses into affordable homes for families.
"I want to work on them, fix them up and get them into the hands of people who can take pride in them and feel like there getting a home that is beautiful, nicely finished and that they can afford," Jones said.
Jones buys houses costing around $61,000 and sells them at a price tag of less than $180,000.
She said when her family moved back to Rapid City in 2016 they were on a hunt for a new home but a decent one under $200,000 was "impossible."
"How is someone who is making 12 dollars an hour, how are they going to buy a house that's a 200 thousand dollar house? They may be the only worker in the family. They may have two to three kids," Jones said.
The first house she flipped she spent about $20,000 on renovations. It sold in six days at a cost of $115,000.
She said the woman who eventually bought the house was struggling to find even a realtor who would work with her budget.
"How she felt when she was showing them (her friends) the house. She was just so proud of it. It was a beautiful home and I was happy to see that," Jones said.
For the 2 bed and 1 bath home at 102 East Monroe Street, Jones estimates it will cost her $50,000 to fix and plans to sell it at a price of $142,500. She said the house will be ready for a buyer in about four weeks.
Her overall goal is to transform a total of four homes this year.