BRRRR: Empty Drug Shack to Modern Home

[Frances Buerkens]

Investment Info:

Single-family residence buy & hold investment in Lexington.

Contributors:
Ryan Camenisch

This home required an enormous amount of work. It had foundation issues, no plumbing or electric, and no heating/cooling systems. Frankly, that was for the best since we had a blank slate available to make a fabulous home. We added one full bath, making it a 2BR/2BA modern home with a master suite and private backyard. 

How did you find this deal and how did you negotiate it?

Ryan Camenisch was a tremendous help in the purchase of this property. It was messily being brokered by both a wholesaler and real estate agent, and he navigated clogged communication lines to land us at the closing table for a great price. The house had sat on the market for about two years, but he nailed the timing for when the seller was ready to transact at a fair price given the home’s terrible condition.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ryan Camenisch also helped us evaluate what we could afford to put into the property since it’s final value was difficult to determine due to its unique location in the rapidly exploding neighborhood, NoLi. We couldn’t ask for a more competent (and fun) agent - and we have worked with more than a dozen agents/wholesalers!