New Contruction Rehab

[Ley Woods]

Investment Info:

Single-family residence buy & hold investment in St. Louis.

Purchase price: $5,000
Cash invested: $40,000

My husband and I bought this old burned down 2 family home, and completely tore it down to the basement, and have been working to rebuild it with our own cash, incentives and rebates. We are doing a green concept that will use solar energy, geothermal HVAC, and ground water technology. We are excited to bring this concept to old St Louis city and we welcome and helpful resources

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

We wanted a new home with a lot of historic charm. Didn’t want to pay a fortune for it and we wanted to add our own touches.

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

We were already investing in the area, so constantly skimmed the area looking for good properties that we could build on.

How did you finance this deal?

We have been using our on cash, but we don’t want to use it all! So we are actively securing tax credits and incentives to build/develop in the area.

How did you add value to the deal?

The fact that we have lead a number of rehabs already, really made mentors trust that we know what we are doing, so they were eager to share their contacts with us that would be willing to assist.

What was the outcome?

We are still working on the home, however everything is really going well and we are looking to finish our home with atleast $50k in tax credits.

Lessons learned? Challenges?

You have to keep making the contacts and asking questions in order to get to where you want to be. People are willing to help you as long as you are willing to listen and put in the town and energy to get it done!

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

I am a real estate agent and my husband is a general contractor so we are able to do quite a bit on our on and with the assistance of the team we’ve built over the years.