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Updated 5 months ago, 07/30/2024
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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The Movie Set house AKA the "broken house" by my children
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