Purchased condemned home and rebuild a new construction

[Troy Halsey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $10,000
Cash invested: $75,000

New construction, purchased a home in condemned form form being I could do repairs and wife could sale being her real estate firm

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

I was interested in this type of deal because being I am well rounded in construction for me seem to be a good first time investment. Which the house was condemned and was easy to demo to ground level and build back which would have know mortgage and allow us to save for two more properties cash. Being we could do majority of the work ourselves now the house is worth well over 200k. Which with two more give us level to scale up now.

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

We found this deal on Craigslist and made payment to the owner

How did you finance this deal?

We finance the deal with cash

How did you add value to the deal?

Demo the home and builder from ground up

What was the outcome?

Over 220k equity and living mortgage free

Lessons learned? Challenges?

It’s hard doing it out of pocket without lenders in reasonably time frame, and chall

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

Work with Andrea Halsey of Dream reality which also is my wife which was a big advantage