02/28/2022
Remember our that we flipped in 2019? After two days on the market, 25+ showings, and multiple offers, it’s under contract 🎉
This property has been the epitome of learning to pivot and have multiple exit or revenue options for a house 😅
To refresh your memory, it’s a cute little 3 bedroom house in Saint Louis Park, Minnesota that we purchased to flip and sale right away. Well it fell out of contract 5️⃣ times. One of the first buyers discovered a foundation problem so we had to go in and fix that 💸, two of our buyers cancelled because of COVID (one lost his job 2 days before closing 😢) and one thing after another led us to choosing to take it off the market and turn it into a short term rental.
Our first weekend as a rental someone threw a party, trashed the place, smoked in the property, and got the cops called on it. So we decided instead of a vacation rental let’s do 30 day minimum. That mitigates some of the damage risk and saves us time with managing because we were so busy with getting off the ground. That went pretty well. Although it made a little less money than a vacation rental it was a good sweet spot for us in the time we wanted to put into it while giving us more money than a long term rental and flexibility to sell when we want.
While it was renting we had a leak so we had to replace the whole roof 💸 Then our last renter, who was there almost 3 months, ended up trashing the place, throwing parties, appeared to be selling drugs and who knows what else out of the home, and stole the tv and many decorations from the home.
So we fixed it up again 💸 and put it on the market to sell (which was already the plan). We listed it Friday and accepted an offer over asking yesterday 🎉 Fingers crossed that this one goes through 🤞🏻 We are excited to sell and take it off our plate, but also it is bittersweet to be officially closing a chapter of our business and life as it marks the last of our Minnesota investments. Minnesota will always have a special place in our hearts ♥️ It helped mold our family and business into what it is today. But we are excited for the next chapters to come 🤗