Hoarder farmhouse to personal house
Investment Info:
Single-family residence buy & hold investment east of Dallas
I purchased this hoarder house out in the country. After getting some pricing feedback on building on it's bones, I had it torn down. We then built a new 4/2.5 home on it which we currently live in. We bought the hoarder house for a little over $100k. The finished house was appraised above $500k.
What made you interested in investing in this type of deal?
Always wanted to build my own house out in the country.
How did you add value to the deal?
I developed this from start to finish. I am a licensed architect so I also had the pleasure to design this for the best appraisal we could get.
I also GC'd the project with a partner. My experience with solving commercial construction problems helped us save a lot of money, solve problems on site, and bring the money back to improve the project. I finished under budget.
Lessons learned? Challenges?
I learned a lot from the GC process, but realize that moving forward I will pay someone to do it. This will let them drive the project faster and more efficiently.
I also had my architectural services fee as part of our downpayment which was helpful.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Alt-Ark.com is the website for the design of the house
Integrity Mortgage provided the construction loan
