First Burnt House aka "Burnt Biscuit 1"

[Anand Vora]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10,000
Cash invested: $45,000
Sale price: $110,000

3 Bed/2 Bath burnt home restored in Sumter, SC 29150. Before & After pictures show living room and kitchen.

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

When opportunities seemingly dried up during Covid19, my wife and I drove around prospect neighborhoods. After seeing quite a few burnt houses in a declining (but still salvageable) neighborhood, we assessed it with a contractor who was willing to restore it instead of razing it to the ground.

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

While driving around neighborhoods looking for different deals. As it was a burnt house, it was easily negotiable. The previous owner purchased it but did not find any contractors willing to restore it.

How did you finance this deal?

My cash and a friend's cash.

What was the outcome?

Very favorable - after all said and done, we made $29,000 on the deal and all we had to do was fund it.

Lessons learned? Challenges?

Learned a lot about how to structure contract with contractors and sub-contractors and how to build a relationship with them. Luckily, that contractor stayed with me until his untimely death in 2021. However, before his death in 2021, we completed 12 profitable deals together.

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

Here's the list of professionals I worked with that helped me complete the project:
Aimee Vora - Broker/Realtor (803-795-7676) - She does 1% listings which is crucial to investors.
Josh Griffin - Insurance agent (803-316-2992) - finds me great deals in insurance which helps keep monthly cost down
Gary West - Sumter Pest Management (803-615-2308) - helps me with CL-100 and crawlspace inspections
Chas Bostic - Amerispec Home Inspections (803-464-7700) - great home inspector in Sumter area