Catch and release - massive 1920s historic home

[Zac Hales]

Investment Info:

Single-family residence other investment.

Purchase price: $330,000
Cash invested: $50,000
Sale price: $476,500

Quick turn of a massive historic house downtown. We saw there was value in the property but did not have the appetite to finish the remodel.

What made you interested in investing in this type of deal?

We had the house across the street and spent several weeks looking at this big fella just sitting with a jungle around it.

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

We knew it was probably going to be sold and tracked down the heir to the owner who was happy to unload it to us. We spent a month cleaning it out and clearing the lot then listed it.

How did you finance this deal?

Cash and hard money

How did you add value to the deal?

I tracked down the owner and saw the value in the deal from the beginning. Being hands on clearing the lot and finding a centuries worth of artifacts in the home was incredible!

What was the outcome?

$

Lessons learned? Challenges?

Getting the home cleaned out took a month. Always look for underground storage takes when you go back that far!

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

I was the agent.