Blog Stories Flipping a condo to a house

Flipping a condo to a house

By Carson Mead, August 13, 2018

Alex found me online, as she was looking for a broker that specializes in ADU’s, and also maintains a close working relationship with clients. We sat down initially just to talk about her goals, what’s important to her, logistics, and in general to make sure that it was a good fit for both of us. Often times the relationship of working together can be months long, and it’s very important to me that the communication is open and honest, and that we’re on the same page.

Luckily with Alex this was a snap. We got along great right from the start, and after answering all her questions and getting a feel for what the process would be, we started working together. We focused on the buying end first, touring houses so she could get a feel for the market. Alex had only owned a condo up to this point, and transitioning to a house was a big move for her. We spent a lot of time talking through the condition and potential of the homes so she could have a realistic expectation of remodeling and converting a basement to an ADU.

After a few weeks of looking, Alex was able to get clear that she wanted to move on from her condo in NW. We shifted gears to focus on finishing that up so she could have a firm idea of what to expect for the return on the sale of her condo. We put in the time and energy to get it market ready and help it shine, and then ended up finding a buyer who was super excited for the opportunity to own a historic condo in pristine condition. We let the process unfold and were able to come to terms with the buyers, and they just closed today. It was one of those transactions that was easy, and both parties were cooperative in working to get the deal done.

Alex is shifting gears back to the purchase of her new home, and I’m so excited for her to be partway finished with the process, and on her way to finding a fantastic new house to call home.

Carson Mead

Broker & ADU Specialist

My first introduction to the world of real estate came in 2004, when at the age of 22 I bought my first home in NE Portland with my sister. I still remember what a monumental life transition that was. Buying my own home laid the foundation for a lifelong love of all things related to houses. I enrolled in a year-long Building Construction program to gain more knowledge in housing systems and techniques. I have used those tools to enhance my own home both inside and out. I joke that my favorite part of a house is the basement, as that’s where I can see the health and maintenance of a home’s systems: plumbing, electrical, HVAC, foundation etc. While a home inspector is the professional on helping to understand the story of a home, I like to provide as much due-diligence as possible up front before you spend the money and get into contract. Ultimately my goal is to meet you in any endeavor that you are wanting to undertake. If you are looking to sell, I will develop a strategy that makes sense for you with your goals, timelines and marketing strategy. If you want to invest in your home before going on the market, we’ll look at what you can do to maximize your profit: be it refinishing floors, painting, modifying light fixtures, and getting it staged. If you need to stay in your home while selling, I’ll bring in my stager to help get perspective on how to pare down the feel of your home and have tangible goals to achieve in getting ready to go on the market. If you are looking to invest in Portland real estate, we can talk about the big four in analyzing properties. Rental income, principal reduction, equity growth and tax benefits. I work with spreadsheets to outline these assets so you can see the short and long term performance of your investment. Once last piece of my professional and personal life that I spend a lot of time thinking about are ADU’s (Accessory Dwelling Units). Also known as mother-in-law units and granny flats, these can be detached or attached. When I see a home, I look at the property in detail to see how the home is oriented on the lot and if it is ripe for a detached ADU (new construction), or if it is a good prospect for creating an attached unit (a basement apartment). I also look at the zoning to see what kind of potential this could add. I am in mid-process building my own detached ADU. The structure is going to be modern with clean lines and open concept. I live on a corner lot, which means the ADU can have it’s own street entrance. I also have zoning which will allow me to split the lot if I choose and sell it separately at some point. My plan is to keep it as a rental, but this will create a lot of flexibility both short and long term. I am a cooperatively focused broker, with a passion for helping people achieve their goals and succeed in their endeavors. I am patient, understanding, trustworthy, and truly care about your best interests. I serve on my neighborhood association board and the larger Northeast Coalition of Neighborhoods. Please let me know if you'd like to share a beverage, coffee, tea, beer/wine to talk about what’s important to you and see if it would be a good fit to work together. All the best— yelp
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