Patrick Iturra, June 16, 2022
Are you looking to invest in real estate property that will give you outstanding returns in the long run?
If yes, then this is the right blog for you! In the following section, I will share a case study of how a couple bought one mansion for $500,000, which is now valued at more than $900,000.
As a strategic investment advisor, I always look forward to providing you with the best advice and value for your time. So, here’s the story:
On the online marketplace pages, Abby’s brothers randomly saw an antique grand mansion listed for sale; her inner voice raised that yes, and this would be her permanent living place for the rest of her life.
This grand mansion was expanded to around 6000 square feet, located in northern California, Aberdeen. However, this mansion was not in livable condition.
Moreover, this mansion was empty as nobody had lived there for the last 40 years. The floors of the mansion were collapsed, with broken windows, and in the worst condition.
However, Abby, 31, and her husband Trey Brothers, 33, invested around $155,000 in their property in the mid of 2018. They amazingly renovated this old house into a charming livable mansion by putting vintage furniture, renovating grand super cool staircases, and much more.
This old house- designed and constructed by a random wealthy family in 1913- required around $268,000 in total value renovation.
Moreover, if the couple had tried to renovate and replace old wooden walls with new ones, this was not manageable in their specified budget. However, they ended up deciding that they would go with an old wooden structure but would make it look incredible and attractive.
Abby pointed out, “at the time when they bought this unique old mansion and decided to go and see this old house for the very first time; They didn’t need to use any key or any other tool to unlock the doors and simple jump inside through broken doors and windows because the doors and windows were entirely shattered, and he mentioned that the home was complete with dust and looked like visiting a strange place.
Abby mentioned that “while renovating, his main goal was to ensure to maintain the originality and original details of the house the same” he believes that, “in modern time, the houses are not constructed like the way they used to construct in 1913’s”.
They finally planned to put their maximum effort into ensuring that every detail and antique style should remain as original as possible. In today’s time, it has become costly and may cross the budget to design an antique house.
This renovated house’s current worth is around $900,000- this excellent family with their cutest 1-year-old son and lovely pets have no plan to leave this place. Hence, they put their maximum effort into DIY this old house into an attractive DIY dream house.
Let’s have a look at their vision behind the DIY dream house,
Rejuvenate historical structure (Interior Design)
Before the family could shift and start living in peace, the top part of the house needed some significant and minor re-plastering and some visible renovations. The couple’s goal was to preserve the already fitted wooden floors; these wooden floors were utterly sunken.
Renovation of the overall wooden floors took around eight plus months to complete.
Their primary focus was to maintain and keep the same built-in architecture of this antique house. However, we had to plan for some modern changes as well, we designed a primary bedroom with an open kitchen and added a washroom under the staircase, but we tried to add an antique and original house design as much as we could.- Said Abby
Their latest renovated first-floor open kitchen has the latest double oven, refrigerator, dish dryer, attached dishwasher, and two-basin washing sink. The broad staircase in the main entrance is one of Trey’s favorite portions of the home. The staircases were renovated with complete care.
A Jump of Real Estate’s Believe
The couple saw this old mansion selling posts on the marketplace; at first glance, they decided to get this old mansion, renovate it and spend the rest of their life in their old place where they had a good time of their childhood.
At that time, they were living in Baltimore, Maryland. Trey was planning to leave the military, and Abby was planning to go nursing. They say it is an old mansion and planned to get it as soon as possible.
Another family initially constructed this home, and they sold it to another one. This 2nd owner fixed the deal and just bought it.
Trey is now working in IT. He says, “At once I randomly saw an old brick house online, and I designed that house in my mind, and at that time I came to know that I have potential and quality to renovate this old structure in something very appealing and attractive.”
When Trey and Abby visited that home in real life, the historical spaces and architecture were revived in their mind.
The antique furniture was still placed in an old mansion.
At first look, it seemed like every piece of furniture was in its proper place; it made us feel like “some crazy party was going on, and then everyone just left one by one keeping everything in position.”
This traditionally styled house needs major renovations in the kitchen, house floors, broken windows, and some significant leaks in the roof. This fact they realized after seeing it correctly.
This couple planned to arrange a meeting with estimators and contractors and discuss everything that needs to be fixed and renovated. With proper discussion, they estimated the amount that could be used for renovation.
“Converting this antique piece unto its originality was the best decision we could ever make,”- they said
Their Cozy Home
It’s been around three years since the Brothers family started living in the renovated cozy home. Some elements of the renovation remain and need to be fixed.
After putting up much investment, emotional attachments, and dedication, this couple has no plan to leave this cozy mansion at any cost. They currently pay around $2685 monthly for property taxes, insurance, and mortgage—approximately $400 per month for utility bills.
Trey and Abby plan to gift this house to their children and grandchildren. They have no plan to go back and leave this cozy, renovated antique mansion.
Abby said, “We have a proper intention to live here for the rest of our life,” and “we have put our dedication and love to renovate this place into our dream house, so there is no turning back.”
They did it – You can do it too!!
This was a story of a couple who bought the right property at the right time. The best thing about buying a property is to find the right property.
Well, how do you find the right property?
You have to put in a lot of hours for research and then get it at the right price. Yes, it is not as easy as it sounds!
That’s why I am here to help you! Over the past 25+ years, I have helped my clients build long-term wealth from their investments in the real estate market.
I have a keen eye for picking the right property and guide you through the process of flipping or renting it out to build passive income.
If you are interested in investing your money in the right place, then feel free to contact me here. I am ready to help!!
Business development is the ideas, initiatives, and activities that help improve a business. My experience results in your business’s increased revenue, expansion, and profitability by building strategic partnerships and making strategic business decisions. I’m not selling houses. I grow your Assets.
Patrick Iturra, Asset Manager at Estate Investments Group