...because home doesn't happen overnight.

flip house main

Confession: we’ve been trolling house listings since last fall. We knew that once our mortgage was paid off, we wanted to seriously consider potential investment properties. Initially, several scenarios came to mind: 1) Buy another fixer-upper to renovate and live in, and sell our current home for a profit. 2) Buy a rental property and rent it out while living in our current home. 3) Buy another fixer-upper to renovate and sell for a profit while living in our current home. We spent a lot of time studying the local real estate market, researching feasible real estate investment options, running the numbers, talking to realtors and seasoned investors and figuring out exactly what we wanted to gain from our investment. A new home? A sizable, one-time payoff? Steady, long-term additional income? A new experience? A challenge?

We looked at a ton of houses – online and in person. I can’t even make a guesstimate. A TON. We looked at all kinds of properties: foreclosures, short sales, HUDs, for sale by owner, sheriff sales, real estate auctions, old houses, new houses, big houses, little houses, estate sales and plain ol’ houses just, you know, for sale. At one point, we were this close to purchasing a parcel of land in a neighboring city and building an Airbnb first, then eventually adding a home for ourselves, but were stopped short thanks to zoning restrictions and a questionable lien on the property.

We discovered pretty quickly that it was going to take a property with loads of potential at a great price and some proper star alignment to get us to leave our current home. We’ve touched every surface, made it ours and own it outright. It’s the ideal setup for us at this stage in our lives. Plus, I think there’s something to be said for living in a home for a while after the renovation dust settles. So many homeowners move on to bigger and “better” things when their house is done, but we feel like, “What’s wrong with staying put even if it’s not our forever home, our dream house?” In reality, we’re very much enjoying the freedom our home has given us. That’s not to say we wouldn’t be tempted if the right house came along – at the right price, at the right time, in the right location. But, so far, it hasn’t and we don’t see any reason to force it. So we ditched option #1…for now.

Regardless of our living situation, Steve and I have been itching to take on another project. Home improvement is something we both enjoy. It’s a fulfilling outlet for us. We know houses are just things, but we can’t help seeing the potential in even the worst ones. And if we can turn a profit doing something we love, then heck, let’s try it! But not on TV. (Yes, there have been television offers but that’s not us. Props to the people who do it though!)

So as soon as we paid off our mortgage, we took out a home equity line of credit in order to make a cash offer on and renovate a fixer-upper. Mere days after we opened the account, we found the perfect investment property in a highly sought after local neighborhood. I toured it the day it went on the market while Steve was at work. (Scouring new listings had become part of my morning routine.) The minute I stepped in the door, I knew it was the one. Immediately after the showing, I called Steve and we decided to make an offer. We were actually driving up to Michigan for spring break later that evening and communicating with our realtor via phone to put in an offer. Sadly, a few hours later, we learned that there was a clause in the contract requiring owner occupancy for 12 months. Basically, we were required to sign a contract saying the house would be our primary residence for the first year. We had no plans to live in the house, and our realtor advised us against lying due to legal repercussions. So we had to let it go. Even though it was perfect.

Fast forward two months, a nearby dilapidated ranch caught our eye. (Sound familiar?) It was an estate sale to be sold in as-is condition and was located in a township void of pricey city taxes and within an excellent school district. (We had learned from months of research that “as-is” listings can be great investment opportunities.) Steve called our realtor to schedule a showing, but while we were waiting to hear back I noticed the listing had already gone “pending” online. When our realtor called back, we fully expected him to tell us the house was under contract, but instead he said we were good to see it that day.

“It’s listed as pending online. Is that not the case?” we asked.

“No. The listing agent said it’s a mistake. There have been major issues with a new listing database. There’s no contract,” he answered.

We saw the house later that day and made an offer that evening. Our lowball offer was accepted (most likely because we were paying cash, could close quickly and beat other buyers to it thanks to the lucky “pending” slip-up) and…SURPRISE!…we closed on the house last month. Since no liens, loans or in-person sellers were involved, it was the fastest closing ever. It went something like, “Sign here and congratulations.”

Although, the congratulations part felt laughable to us. “Congratulations! You just bought a second house! It needs a ton of work and smells like cat pee!”

As far as plans go, we’ve decided to fix it up and sell it as opposed to rent it out, although both are viable options. If it doesn’t sell (fingers crossed it does), we can always rent it out even though it’s not our first choice. (We’ve learned that we need a Plan B in case Plan A doesn’t work out.) Why sell? First, if renting the house were our primary goal, many of the improvements we’d like to make wouldn’t happen. Making improvements to appeal to renters is not the same as making improvements to appeal to buyers. Sure, we could go in and clean it up a bit and make a few so-so repairs and rent it out, but that’s not something that sounds too enjoyable or fulfilling to us. We like a good challenge. Second, the house is in the same township we live in, so we’re all for renovating it to maintain (and possibly increase) home values. Finally, we aren’t entirely sure where we’ll be living 10 years from now, and we don’t want to invest in a long-term rental and be responsible for it remotely.

I’m hesitant to call what we’re doing a flip even though, let’s be realistic, that’s what we’re doing. However, we have no plans to install the cheapest granite countertops we can find and slap down a bunch of carpet in a matter of weeks. Yes, one of our goals is to make a profit, but we don’t want to completely sacrifice style in the name of dollar signs. We love the idea of a thoughtfully designed, budget-friendly flip, and we’re fully prepared for it to take a little longer than the average flip. Is there such a thing as a careful real estate turnover? On the other hand, we also realize we’ll have to make some compromises since we’re not renovating the house for ourselves. We’re confident we can find a sweet spot between cheap flip and dream remodel.

I’d like to mention that we chose not to share our plans and house search in detail in real time on the blog because we wanted to be sure our decision wasn’t swayed by outside influences. We really wanted to stay true to ourselves and our personal goals. I hope you understand! The good news is I plan to document our flip experience much like I did our downsizing journey. If anything, we’ll all learn something, right?

So, yeah, we bought a house. It reeks of cat piss. And we couldn’t be more excited. Or scared. House tour coming soon! (Two words: pistachio walls.)

image: Dana Miller for House*Tweaking

interior door 2

Inquiring minds want to know, “Where did you get the black hinges and doorknobs?” I could’ve sworn I shared the source years ago, but after some digging I realized I hadn’t. Better late than never!

interior doorknob 1

We replaced the interior doors and hardware after we moved in. One caveat: We had already removed the original doors, so we lived without any interior doors for quite a while. With a newborn. And two other rugrats. It sucked. I wouldn’t recommend it.

You can read more about the doors we selected here and here. (Eek! Mabrey looks so little.) We wanted a simple design that didn’t stray too far from our home’s midcentury roots, but we were hoping for something slightly less boring than a flush door slab. We were stoked to discover the Berkley from Masonite’s West End collection with its subtle inset detailing. Steve saved us >$2,000 by hanging the doors himself. Eventually, I painted them to match the trim. (It took me a year to get around to it!)

interior doorknobs 3

We liked the idea of matte black hinges and doorknobs to contrast against the white doors. We went with these hinges. For the bathrooms and bedrooms, we used these privacy doorknobs. For the linen closets, we used these passage doorknobs. For the man door to the garage, we used this keyed entry doorknob along with this deadbolt.

interior doorknobs 2

Four years later, the doors and hardware are holding up extremely well. (My kids should work at a door/doorknob testing facility.)

interior doors 1

The Safe ‘n Sound solid core doors have been a worthy investment. They provide great acoustical insulation in our smallish house (i.e., I lock myself in the bathroom from time to time for a quick, quiet recharge). The doors get a lot of compliments from visitors. They’re unique yet understated. I absolutely LOVE the matte black hardware.

In summary, living with interior doors trumps living without interior doors any day. I hope I never have to do that again.

P.S. – Create your own attic access.

images: Dana Miller for House*Tweaking

06.01.16 / Liked & Linked

summer nights

mabrey's room progress

worn out

School’s out! I think this is the earliest my kids have been released for summer break. (We didn’t have any snow days to make up this year.) The sad part is they go back extra early. (Ask me in a few weeks though, and I’ll tell you it’s a good thing.) We’re trying not to think too far ahead. Instead, we’re jumping feet first into summer by eating most meals al fresco, hitting up the local pool (pool dunks count as baths, right?), roasting s’mores, catching fireflies, playing hide-and-seek outside and letting the kids’ bedtime slip later and later. Can you spot a tennis ball caught in the snow rail on our roof? #signsofsummer

In other news, Mabrey’s room is taking shape. As much as I loved the dark walls, the white feels fresh and airy. It’s a completely different room! I decided to hire out the wallpaper installation. It was scheduled for this week, but the installer called late last Friday to say he could squeeze us in early Saturday morning. Yes, please! (You can catch a sneak peek here.) I spent the rest of the day emptying, reconfiguring, painting and reorganizing the teeny closet. I nixed the freestanding shelving unit that I threw in there as a short-term solution when we moved in…FOUR YEARS AGO. Switching out the crib for a twin trundle bed was a priority, and it’s eaten up a lot of space. I’m trying to free up more floor space by using the closet for toy storage.

Speaking of beds…I’m waiting on new mattresses to arrive. Until then, Mabrey is sleeping on a thin IKEA trundle mattress which I brought in temporarily from the boys’ room. Although, I’m starting to wonder why I didn’t just throw down a shag rug and call it a day. She’s been passing out on the living room rug nearly every afternoon. (I can’t say the same for her bed at bedtime. So. Much. Drama.) Stay tuned for more progress along with individual posts featuring the tweaked out bed and reorganized closet.

A few links…

*A narrow kitchen featuring hand-painted gold radiators!

*Wanted: a modest version of this house on the land we found here. (Seven months later, we can’t stop thinking about that plot for sale near Asheville.)

*Love the mix of wood + tile in this bathroom.

*Such a fun idea for a kids’ summer birthday party. House envy!

cincy airbnb 1

cincy airbnb 2

cincy airbnb 3

*Headed to the midwest this summer? Check out this local architect’s airbnb in Cincinnati complete with a rooftop deck.

*A silly, interactive, FREE website that Everett’s teacher told us about to combat boredom. My kids love the awesome sauce and koo koo kanga roo channels.

*The swimsuit Mabrey picked out. It’s super cute (gold elephants!) and stays put in all the right places.

*The boys’ swim trunks. They will only wear fitted trunks that don’t have to be tied and retied.

I hope you had a glorious loooooong weekend. The kids and I are sneaking away to Michigan City, Indiana, next week for a little getaway. I get to be the fun parent for five days! Haha. Any suggestions for eating, seeing and doing?

P.S. – Easy Greek spread for all those summer potlucks.

images: 1-3) Dana Miller for House*Tweaking 4-6) Airbnb