4/2 2450 SF Spec Cameron, Wi

[Ben Baye]

Investment Info:

other investment.

Cash invested: $187,900
Sale price: $193,700

4 Bed 2 Bath 2450 SF Spec home on 1/4 acre:

Moved a home to a new foundation and did massive rehab.

I built the house on the side, hence the year for construction but it sold before completed.

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

I had a history with spec homes and enjoy building them so when I was researching the area we were moving to and realized the housing stock was low and RE agents were suggesting new builds, I thought let’s build!

It is also right behind an excellent school with a great family friendly neighborhood.

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

I was looking to do specs and A realtor turned me on to the area and lot. $19900 asking price - $19000 purchase price. House was scheduled for tear down by a GC I sub into out here and I asked him if I could have it. He checked with owner and it was a go.

How did you finance this deal?

A local lender funded 57% and my folks funded 28%. I had sweat equity and 11% cash.

How did you add value to the deal?

Sweat equity was my main contribution and what saved me when the structural issues came up. If I had to pay a GC to do those repairs I would have lost money.

What was the outcome?

$5800 in profit and an education on moving homes!

Lessons learned? Challenges?

I moved a home I acquired for free but during repairs realized there was significant structural issues that needed to be addressed. I couldn’t sell a subpar home so I did the repairs. This required almost the entire structure to be torn down which was a major expense I had not anticipated.

Do a more thorough inspection. I knew better because I’ve done a lot of extensive renovation projects.

Wait till weather is good for inspection.

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

Real Estate Solutions helped me acquire the property and sold it for me. They are well connected and promptly responsive with everything they do. They have an excellent team! In Barron County Wisconsin they are Rock Stars!