Historic Frisco House

[Nick Brown]

Investment Info:

Single-family residence fix & flip investment in Frisco.

Purchase price: $300,000
Cash invested: $350,000

House predates Frisco when it was originally called Emerson. Built in 1902 by Dr Rogers who became the first Mayor of Frisco in 1908. A lot of work on this one. Foundations right to the roof. Everything is being fixed and repaired. Pictures are work in progress. Hopefully complete in March/April

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

Really enjoy working these historic properties. Old homes in this area go for a premium

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

MLS

How did you finance this deal?

50% hard money. the rest was Self directed IRA

How did you add value to the deal?

Had to fix everything. In anther 5 years the house would have been demoed as unsafe.

What was the outcome?

Still working it.

Lessons learned? Challenges?

Make sure you double contingency fund on these old ones