When Vernon Vaughan of FairAndFastHomebuyers.com first spotted the promising address on Hubzu.com, he believed he was investigating the purchase of a vacant lot.
“I swung by the property on the way to the movies with my twin boys and was very surprised to find a house!” he recalled. “I made a deal with the boys that if we skipped the movie and went back home to get my screw gun so we could take the boards off the door, and if they went with me to check on the property during the rehab if we bought it, I’d make them equity partners,” he added.
Vaughan left the external structural components of the house largely intact. “A fresh coat of paint and a little fire- and smoke remediation will work wonders!” he said.
The crew did end up purchasing the property. “It had fire damage, but I’ve seen houses in much worse condition,” Vaughan said. His company specializes in rehab projects that he describes as “scary” to most investors because of the amount of work required to repair and renovate them. “We typically completely redo both the interior and exterior of the home,” he explained. “Update the floor plans, modernize plumbing and electric, add bathrooms and finish basements, the whole nine yards.”
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