Casa De Fuego

[Jeremy Ellis]

Investment Info:

Single-family residence fix & flip investment in Temple.

Purchase price: $149,000
Cash invested: $160,000
Sale price: $320,000

This project chronicles the journey of my business partner and me as we embarked on the challenging task of restoring a house we had purchased for $149,000. Unfortunately, a mere 10 days after closing the deal, the house caught fire, presenting us with an unexpected and daunting obstacle. However, what initially seemed like a devastating setback turned into a painful yet extraordinary learning experience.

The process began with navigating the complex maze of city permits and inspections required for the restoration project. We quickly learned the importance of understanding local regulations and ensuring compliance to move forward effectively. As the fire investigation unfolded, we gained a deeper understanding of the causes and effects of residential fires, allowing us to make informed decisions regarding the rebuilding process.

One of the most significant challenges was learning how to rebuild a house that had suffered extensive fire damage. This involved collaborating with architects, contractors, and specialists in fire remediation. We delved into the intricacies of structural repairs, electrical and plumbing systems, and the integration of fire-resistant materials to enhance the safety and resilience of the reconstructed house.

Throughout the arduous journey, we encountered numerous setbacks and hurdles, which tested our resilience and problem-solving skills. However, each obstacle presented an opportunity for growth and improvement. We found ourselves continually expanding our knowledge base, developing new skills, and forging valuable connections within the industry.

Finally, after months of hard work, dedication, and meticulous attention to detail, we were thrilled to witness the completion of the project. The restored house stood as a testament to our perseverance and determination. Despite the initial pain and challenges, the process had transformed into an amazing learning experience, providing us with invaluable insights into construction, fire safety, and project management.

This fire-damaged house restoration project not only showcased our ability to overcome adversity but also reinforced our passion for revitalizing properties and creating homes. We look forward to utilizing the knowledge and expertise gained from this project in future endeavors, bringing new life to neglected houses and making a positive impact in the housing market.

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

It was originally a 90 day fix and flip before the fire.

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

Was on MLS but the tenants had the home in a mess.

How did you finance this deal?

Local commercial lender

How did you add value to the deal?

full rehab, from the ground up.

What was the outcome?

Never had to list on MLS. We used our network and had it under contract during the rehab.

Lessons learned? Challenges?

We learned a lot of valuable lessons. The process was essentially the same as new construction. I've guided many clients on the purchase of newly constructed homes. Getting to experience it from the construction side was a priceless.

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

If you're an investor looking in Bell or Coryell county. I'd be thrilled to assist you in your investment journey!