A New Beginning for Brian's Home: Pro Tips from the Property Flippers

Spring Valley, The Investor's Bank
2 hours ago
4 min read

This was not just another rehab. This was turning a heartbreak into a beautiful story for the next owner.

When Barbara and her boyfriend Chris walked into her late nephew Brian's 1920 era home, it hit her why renovating the place for resale was a better idea than just putting it on the market. Remembering Brian's notes and their chats about his vision for the home, she felt sure she could make that vision come alive. This wouldn't just honor her nephew; it would also create a lovingly designed space for future owners.

Barbara didn't have any real estate experience, just a natural knack for design and a wish to honor her nephew. Chris brought years of building trade experience to the table. This combo was exactly what the house needed to finish this chapter.

Barbara promised to make all decisions as if she were working on her own home. Chris quickly saw that the original charm of the house was just waiting to shine through years of wear and tear. The Rookwood fireplace, stained glass windows, millwork, main living area hardwood floors, and original doors were all begging to take center stage again. But alongside these gems were big tasks like replacing the old knob and tube wiring and completely redoing the bathrooms and kitchen.

The project took a bit longer than expected, but the couple kept close to their budget and ended up with a result full of character, warm colors, and inviting spaces.

When it was time to list the house, Barbara and Chris decided to sell it themselves using Zillow. Since this was their first flip and they went without an agent, they were a bit unsure about the list price. Barbara did her homework and decided to keep it under $250K to offer an affordable option for the future buyer.

Going the FSBO route was nerve-wracking but delivered exactly what Barbara hoped for. They listed the house at the end of August, put up a sign in the yard, and posted it on Zillow. During the first two weeks, they were overwhelmed with calls from realtors wanting to list the property yet received only one call for a walkthrough. On the eve of hiring a real estate agent, they got a call from a realtor whose client had seen the Zillow listing and wanted to view the house. The next day, the prospective buyer visited the house and made a full-price offer by the end of the day.

Fast forward to Halloween and Barbara got a message from the new homeowner stating she felt like the house was home from day 1 and she was excited about passing out candy in her new neighborhood! Now the story of the house carries on with its next main character.

Here is an excerpt of the final note Barbara posted on her Facebook log of the house flip:

We have put so much time, effort, money and love into this house since March. I was hoping that somebody would fall in love with it. I was hoping that our decisions to not go with all grey everything would appeal to somebody other than us. Well, the 2nd person through the house fell in love like I had been hoping for. She is super excited to buy the house.

We may have miscalculated the time it would take to finish it, but we made all of our decisions as if we were working on our own homes, not as if we were simply flipping a house. And....we were behind schedule, but we were pretty close to budget, so there is that.

It will be weird not running over there all the time. It will be weird not saying, "I would love to go, but have to see where things stand with the house." I walked away from the house knowing we did a great job and feeling like Brian would have been happy with what we were able to do with his house. I hope I made Brian proud. And now I have to hope the new buyer has a wonderful life in Brian's house.

Barbra partnered with Spring Valley for this labor of love at 3476 Mayfair Ave, Cheviot, OH selling it for $247,500 in October.

Only time will tell if Barbara and Chris try their hands at another flip; though Barbara tells me she is constantly looking and envisioning. For now, she shares the tips she learned on her first go around:

Tips from the Property Flipper

Pay up for character like taller cabinets and quality tile that fit the original character of the property.

As a numbers girl by trade, make sure you understand your loan agreement and financing terms.

Step out of your comfort zone and try something new! The encouragement received from my network and those that followed our journey on Facebook really held me together and helped me to believe in myself.

The Financer

This flip was special, and it stood out among the transactions we typically finance. In this business, we often find ourselves laser-focused on the bottom line, analyzing budgets, calculating margins, and strategizing for maximum profit. However, this particular flip transcended the mere pursuit of financial gain. This flip was a testament to our belief that real estate is not just about properties; it is about people, stories, and the connections we forge along the way. It is a reminder that while profits are important, success can also be measured by the positive impact we leave behind.