Experience The Story of “This Old House.”
4 bed · 3 bath · 2,500 FSF
STUNNING MASTER SUITE WITH BREATHTAKING MASTER BATH
Just 1/2 block south of 50TH & FRANCE, EDINA
Believe In Transformation
Choose your path to profit
Your decision comes down to stakes & execution
Meet The Owner:
In September of 2018 I, Tim Murphy, had the chance to talk wih Bruce about the home you see below. Bruce lived in this home with his wife and family for over 30 years. Today, his wife has passed on and his kids have children of their own. He admited to being busy with life which resulted in the neglect of his home over the years. He knew the home needed work but decided he was not going to be the one who brings it back to life.
Before I ever had the chance to meet Bruce I wrote him a letter. As a local Edina & Southwest Minneapolis, real estate, infill developer I am always on the hunt for a new project. A new opportunity to help breath life into a city I love. Being I have lived here my entire life. Minneapolis is home to me. I take great pride in helping people like Bruce.
Because after 30 years all Bruce wanted for his home, the home he built and raised a family in, was to see it brough back to life. Like the day he bought it. His next wish was to see a young family, like his family did 30 years ago, purchase this home and raise their family in it.
For most people who have owned a home 20, 30, 40 or even 50+ years. They love their home… Just like they love their family. Because their home is a symbol of lifelong memories they will never forget. Through experience and investing in Minneapolis real estate over the last 15 years. I have come to realize the immense value in this. As such, I have put great thought in the letters I craft for homeowners I seek to help. It was in my letter where Bruce decided I was the right man for the job. I never take this trust lightly. I was not going to let him down.
When we met in person, Bruce spoke about the things he planned to do with his home over the last 30 years. As we stood in the main living room he said, “Tim, you see that kitchen… It’s been that way ever since I owned the home. I had great plans for it, the upper halft story and finishing off the basement. You know what happened” Bruce asked me.
“No, what happened?” I responded.
“Life!” Bruce said with a look of life long wisdom shining through his eyes.
It was in that moment I knew exactly what he was thinking. Bruce was envisioning what the home could have been. But, just like all of us there are things in life that happen and things in life that take priority over others.
For Bruce, things in life happened that took priority over remodeling his home.
That day, I believe in his mind and his heart, he passed over the torch to me so I could do what he never had the chance to. Transform his home.
When you really think about that. Which I have for 15 years. It’s an honor one can’t take lighly.
Before I took the torch from Bruce (or anyone passing their home on to me). I had to let him know his options.
I knew in my heart Bruce had already made up his mind. But, over 15 years, I have learned how many of the homeowners I come across get caught up making emotional decisions. They decide just moving on is easier than seeing a transformation through.
As we talked, I explained to Bruce he has 2 options.
Option 1: He can sell his home to me and let me transform it for the next family eagerly waiting to live in his neighborhood.
Option 2: He can partner with me on the transformation. Together we will transform his home. Both he and I will bennefit from the end result.
I explained very few investors like myself are offering option 2. Why? Because it adds a whole nother layer of complexity onto an already complex situation. But, I do this because I belive it is the right thing to do. You “Bruce” the homeowner of 30 years have earned the right to see and be apart of the transformation. It won’t be easy to see a home you have lived in for 30 years get torn apart. But, the hiddend value we extract from your home is the profit you will receive when our transformation is complete.
The Decision (and Result):
Bruce said, “I can’t take a project like this on Tim. Even if you are doing all the work. I have battled some health issues lately. Because of it… I am ready to move on… into a new phase of life.”
Like many of the good people I come across in this business. After 30 or 40 years of living in a home they love. Just the thought of living through construction and a full transformation is overwhelming. You could see that on Bruce’s face when he told me “I can’t take a project like this on.”
At the age of 70, Bruce was ready to move on. For him the decision was Black & White.
What happened next was exactly what we expected. We had our work cut out for us!
When we dug into the home we came across several things we couldn’t spot during our due diligence. Because we couldn’t see them until we started tearing this home apart.
What did we find: Knob and tube wiring, rotten floor trusses, crumbling brick and a sinking basement floor. Just to name a few.
Chris, my general contractor and I… Several times during this project said, “I think Bruce made a smart decision moving on and not living through this remodel.”
“Tim, If I didn’t have 30 years of building experience I probably wouldn’t be able to get through this either. It has been one of the hardest major remodeling projects we have done together over the last 10 years.” Chris said to me.
He was right!
But, just like any adventure you set out on. There is only one choice. Keep moving forward and finish what you started. So, that’s just what we did.
After 90 days of remodeling work was completed we brough this beat up, broken down home… Back To Life!
Over budget and way past our timeline we needed to move quick to get this home on the market and SOLD.
Wait! I forgot!!!
We already had this home SOLD before we ever needed to list it on MLS or the open market.
We Pre-Sold the home to an awesome young family during the construction process. A family who had been looking for their perfect South Minneapolis dream home.
Because, Liz walked into our remodeling project and could visualize exactly what she was looking for. She visualized the white enameled cabinets. The beautiful wood floors and a huge master suite with a master bath that blew her mind.
This Was It!!
Liz looked to her husband Todd and said, “We have to have it. I Love It!”
Reminder: The home was only 60% complete at this time.
Only 60% complete and we SOLD the home for FULL PRICE at $630,000.
Built into the buyer’s (Todd & Liz) full price offer were a few goodies. We expanded our origial master bath plan so it would include a tub just how Liz envisioned it.
We also made some changes to the light fixtures and cabinet hardware. Liz had a vision and we were not going to dissapoint.
Finally, we turned an old linnen closet into a pantry. This way Liz and the family had more storage. Because in these little Minneapolis 1 1/2 story homes… You can never have to much storage.
The look on Todd & Liz’s face when they saw their dream home completed…
The Secret To Making It Happen:
The show “This Old House.” You know… The one that has been running on PBS forever. Where they find an old home and walk you through the entire remodeling process. Along the way they tell you about all of the road blocks and pitfalls they come across when remodeling an old home. But, the best part. They always have a solution.
What’s Their Secret?
The fellas on this show are long time general contractors who have been remodeling old homes forever. Just like Chris.
They know the ins and outs of taking on a project like this. Its because of their experience they don’t worry about the unknowns. Their vast experience has already prepared them for it. Their years and years of contracting experience on old homes like this allows them to factor in unknowns. The kind of unknowns You & I would never think of. The kind of unknowns that could cause financial problems.
Sure. We could give all the credit to the contractor fellas. With everything they need to prepare for and the stress of dealing with unknowns… They deserve it.
However, even our contractor fellas on “This Old House” will tell you. They can’t take all the credit.
Remodeling old homes like this takes a TEAM effort.
Between the interior designers and subcontractors it takes an army to finish a complicated project like the one we did here at 5153 Upton Ave S, Mpls.
I mean look at it “Before” and “After”
As a Value-Driven Investor, I Tim Murphy, take immense pride in assembling a great team of people who love what they do. Because when you do the work for the love of it and not just for money. It shows!
When you work with people you respect. It shows!
When you do the right thing.. Because it’s the right thing to do. It shows!
So, the next time you see a little old, worn out, beat up home in South Minneapolis. Remember, it’s not as easy as 1,2,3. Unless you have a TEAM, with a Value-Driven Approach, who you know, like and trust to get the job done right.
Thank You to our TEAM of Value-Driven Experts who work tirelessly on behalf of our treasured customers and their families.
Work Completed By:
GroundUp Development in partnership with EHR Construction & Ravishing Rooms