How A High Paid Executive Became A Flipper In North Minneapolis, The Inside Story

Photos By Jeanie Hoholink

Jeanie Hoholik of Keller Williams told me this story, and if you go to this link you can get another account--from Hoholik's blog--about one of the houses flipped by her client.

The flipper in question was a high-paid executive for a well-known corporation, which just so happens to have its corporate headquarters here in Minnesota. She was making good money, and her job involved going to various branches of the business to figure out what was wrong and make it right. She was good at her job, but longed to take a new life and career direction.

Her new career direction happened because of watching a-few-too-many episodes of television shows about house flipping. She thought, "I totally could do that!"

So she took fate in her hands and bought a house in North Minneapolis, at 2319 West Broadway, to be specific. The house was listed at $74,900 but the would-be flipper got the house for $62,000. After improving the house, she sold it for $139,000, though it was originally listed at less--$133,900.

Well, I know the feeling, kind of. Once you taste the intoxicating nectar of profitable flipping, it's hard to stop.

Gangsters Mess Up Her Goals

The flipper next bought a house at a location I will not disclose on Irving Ave. N. She bought the house for $70,000 though it was listed at $74,000. This time, she didn't have such good luck, mostly because "gangsters" right across the street were doing their (expletive) (expletive) drug deals and generally making life (expletive).

(Those are my expletives, not hers. For the record)

The flipper managed to find a buyer, a tough old veteran of the armed forces who works at Fort Snelling Cemetery. He wasn't scared of the so-called "gangsters." He bought the house for $95,000 and moved in.

Back On Her Feet, Applying Lessons Learned

The flipper was now determined to limit her house purchases to certain areas within North Minneapolis, and avoid "gangster territory." She learned to do more neighborhood research, such as looking at crime maps...

Her next deal at 3323 Morgan Ave. N. went a lot better. The house was originally listed at $79,900 but the flipper got it for $49,500. She sold it for $137,000. Life was good again. She could make a living like this, despite mistakes with the last property.

The flipper next purchased 3346 Girard Ave. N., originally listed at $83,500. She got the house for a mere $49,000, roughly what she'd paid for the previous house on Morgan Ave. N.

Posse!!!!!!!!!!!

By this time, the flipper had a posse; a trusted group of contractors who performed work well and charged reasonable prices. Of course, the flipper knew how to perform some of the renovations herself, and all the time she was learning.

The flipper and her "contractor posse" poured their efforts into 3346 Girard Ave. N.

The house is now ready. The photos show what it has become. If you want to buy the house, it is listed by Jeanie Hoholik of Keller Williams.