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Insider View: How and the What of the Potential from the Latest Flip

The first time I walked through the house I knew it had potential.  The challenge was the pricing. The family members who had inherited the house had agreed upon a listing price.  It was high, but I still went to look at the house. If there is ever an opportunity to walk through a house, pre-market, I take it.  The first reason is that I appreciate agents who take the time to reach out. This can also be a great opportunity to give them helpful feedback if possible. Or it can be a great chance to submit an offer where there will be less buyers because the house is not on the market.

Another thing I am committed to doing is getting the agent an answer within a day. This is so that they can share with their sellers. With this house, I let the agent know what I thought the renovation costs would be. I let them know what the resale price would be. And lastly, what the purchase price would need to be if I was to submit an offer.  With there being a $70K difference between my offer price and the listing price, I had to pass.

So the house went live on the market and a few weeks passed. 

Then there was a price reduction. Then a few weeks passed and another price reduction.  Next thing you know, I got a call from the listing agent. It turned out that after several weeks on the market and feedback from other agents and buyers, the sellers were motivated enough to entertain any and all offers.  

Had I not looked at this house in the beginning and shared my insight with the agent, I would not have had the potential opportunity to submit an offer to a very motivated seller. So enough about the “how” this house was purchased.  

Let’s get into the areas where the “potential” was ready for an update.

Kitchen

This space was located off the dining room, which made it perfect to open up the wall and create an open concept.  With this one change, it created the inspiration for a new dining space location, which then led to the addition of the large kitchen island.  Did you follow that?

Porch

The three-season porch that had been added to the home was only usable a few months out of the year.  By opening the porch, adding new windows, a door, and insulation, we were able to create a new dining space.  

Second level

I am a sucker for poorly used space and this house did not disappoint.  The upper level had two “kind-of” bedrooms and a bathroom. Everything was mostly original and this space had the potential to be transformed into a master suite that is truly a retreat.  

So now that you have the background on this project and the potential, there’s nothing more to see than the final photos so check back next week.

Having the vision for what a house can be is one of the most valuable tools for creating spaces that buyers want.  If you are looking for more ideas and inspiration, make sure to follow along on my Facebook page and Instagram.


Want to buy a property and renovate it?

Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential.

For more inspiration follow me on Pinterest @thresholdhomesmn

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