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Updated 5 months ago, 07/30/2024

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Dave Foster
Professional Services
Pro Member
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
9,296
Votes |
8,930
Posts

The Movie Set house AKA the "broken house" by my children

Dave Foster
Professional Services
Pro Member
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
Posted

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $350,000
Cash invested: $100,000
Sale price: $875,000

Stamford water view single family home on Long Island Sound. Bought pre foreclosure. Bought with a 1031 exchange. Total Gut Reno from top to bottom. Property was used as a movie set for a major motion picture.

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

Saw value in location and sq footage.

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

neighborhood drive by and legal records

How did you finance this deal?

Conventional financing for purchase. Cash for renovation

How did you add value to the deal?

Added 1 bathroom and gutted 3. Total remodel of 5 bedrooms. New hardwood flooring throughout. Power stripped 60 years of paint from the floor-to-ceiling river rock fire place. New stair cases. And total kitchen and dining remodel. All done with antique period fixtures.

What was the outcome?

Ended up featured in a major motion picture as the main setting

Lessons learned? Challenges?

Beward leaky oil tanks and asbestos pipe sheathing.

  • Dave Foster
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The 1031 Investor
5.0 stars
88 Reviews