Deemed uninhabitable and with multiple sinkholes lurking underneath, this was a home that most flippers would pass as a hopeless investment. But, where other investors saw risk, Don Wenner and Rocco Ayvazov saw opportunity.
In December 2017, DLP purchased a property that was dangerously ridden with sinkholes, intending to repair the damage and transform it into a beautiful and livable home. Located in Bethlehem, the property was in bad shape and had been deemed uninhabitable. Initially, the homeowner had reported a loss of water pressure, due to a water main break. After a thorough inspection by state-licensed environmental scientists and forensic engineers, the homeowner and his family were forced to evacuate the property due to sinkhole activity.
A sinkhole can appear due to a collapse of ground, usually from the presence of limestone and other easily dissolvable soil combined with large amounts of water. Over time, a void forms underground which eventually cannot support the roof of ground over it and collapses, forming a hole. This movement of soil can affect the structure of the home and in this specific case, affected the left side of the residence, including the garage.
Through DLP’s Good As New Ventures, DLP Realty bought the property for $35,000. Don Wenner, CEO of DLP (Dream Live Prosper family of companies) contacted Rocco Ayvazov, of Monocacy General Construction, to inspect the property. Both Don and Rocco had worked together on a prior sinkhole property and over the last three years, had built a solid business relationship. Once it was determined that repairs could be made, Rocco was able to secure a loan from DLP Direct Lending Partners and get to work. Rocco stated, “It’s not just about pouring a little concrete here and there. We wanted to make sure we took our time and determined exactly what the steps would be in order to accurately and fully repair the house.”
The majority of the repairs were needed in the now detached and damaged garage, including removing all of the bricks in order to release pressure. Three sinkholes were repaired, all of which needed to be dug deeper in order to get to the soil that had not yet been cultivated or developed. One hole needed to be dug up to 26 feet, prior to cement footings inserted. At that point, a total of 30 trucks, carrying specialized concrete called FloBoFill and Crushcrete, were used to secure and fill the holes. Rocco explained that FloBoFill was added first, then Crushcrete, and finally new soil, being sure to fully tamp down the mixture every 6 to 10 inches. The total repair process was about 10 days and during this time Rocco met quite a number of curious neighbors and onlookers who were very interested and impressed with his work.
Now the transformation could begin. A new roof was built, and new siding and gutters completed the outside of the home. Drywall was opened on the inside to investigate and fix any damage, new windows installed, and new Pergo flooring was laid. A new electrical panel was installed, new lighting, and walls were freshly painted. The kitchen and bathrooms were completely gutted and renovated with stainless steel appliances, for a modern and sleek look. Outdoor landscaping and pool improvements were made, as well.
After approximately four weeks, the home was repaired, completely renovated, and ready to be listed on the market through DLP Realty. With exceptional work from Monocacy General Construction, it wasn’t a surprise that the homes’ For Sale sign was changed to Sold within just seven days and, for the asking price of $289,900. Both Don and Rocco successfully flipped this property, and made a nice return on their investment. Rocco was so impressed with DLP’s professionalism and thankful for the opportunities to work with Don, he recently made a financial donation towards the newly launched DLP Positive Returns Foundation. He commented, “Not many people or institutions in the Lehigh Valley would be willing to work on a property like this, let alone loan funds that would be needed to repair it. Don isn’t afraid to give other people an opportunity to succeed and prosper, financially.”
Watch our interview with Rocco Ayvazov
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