Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago, 08/25/2015
Diary of an 1823 FarmCabin
Hey BP, I'm currently working on a project that is quite unique and I don't expect to be involved (hopefully not) in such a project again so wanted to share. It has been filled with surprises, challenges, and riddles so maybe this will help you from making some of my mistakes. We purchased a 1920 Farmhouse but opened the walls and found an 1823 log cabin instead.
The project is not a for profit venture as I am doing the remodel for a close friend (lucky girl) but we'll dip our toe into the financial analysis of it at some point as I know there are curious minds like mine out there. The project is a few months in so I'll try to catch you up without being too long-winded, bear with me.
A little backstory first to help understand some of the madness that has ensued. Last year my close friend decided to buy a house and being the awesome guy I am I offered to help her, for free. Our goal was to find a house that needed a little TLC, I'd manage the rehab and she would get a nicer house with some free equity. Well eventually she found what I affectionately call the "FarmCabin." Initially it seemed like a great deal, the house was located in one of the more prestigious communities in our city with upper six and seven figure homes in the area, within walking distance to the lake, and had running trails and a yacht club around the corner to name just a few of the local amenities. The house was busted up pretty bad but had lots of potential and I am always overly optimistic about busted up houses!
Check-out a few pictures (unfortunately all my initial before pictures got deleted somehow, these are after a little demo)