DeepSummary
Elizabeth and Ethan Finkelstein explain their passion for finding and renovating old, affordable houses through their Instagram account 'Cheap Old Houses' and new HGTV show. They believe these properties, often under $150,000, offer immense value through original architecture, sturdy construction, and opportunities to restore local character while building equity. The couple discusses strategies for investors to get started with old home renovations on a budget.
While old homes require work, Elizabeth and Ethan argue that high-quality original materials and craftsmanship make them easier and more rewarding to restore than many new builds. They guide on evaluating a property's condition, budgeting for renovations, and weighing DIY work against hiring experts. Their community helps people access affordable housing through patient, meaningful projects.
For real estate investors considering a live-in flip or house hack, old homes with good bones can provide a pathway to home ownership and profits. Elizabeth and Ethan share success stories from their team who purchased churches and mansions at low costs. With an open mind to locations and cosmetic flaws, investors may find gems earning equity and community revitalization.
Key Episodes Takeaways
- Old homes, especially those built before the mid-20th century, were constructed with higher quality, longer-lasting materials than many modern builds.
- Renovating an old home can provide a pathway to affordable home ownership through strategies like live-in flips or house hacking.
- Character-rich old homes in good structural condition can represent a value investment opportunity, especially in secondary or rural markets.
- Key considerations when evaluating an old home include the condition of the foundation, utilities, framing, and major systems like the roof.
- Restoring old homes allows investors to build sweat equity while revitalizing communities and preserving craftsmanship.
- A budget for old home renovations should account for specialized contractors in fields like plumbing and electric alongside DIY projects.
- The Cheap Old Houses community provides inspiration, advice and listings for investors interested in affordable vintage properties.
- Prioritizing and educating oneself on methodical restoration is important for a successful old home renovation.
Top Episodes Quotes
- “Ethan: If you're the kind of investor that is interested in making sure that your community remains sustainable and beautiful and livable, I think this is for you.“ by Ethan Finkelstein
- “Elizabeth: Where the old house helps is if you can find one with a great foundation, with a septic that's working with electrical and electrical panel that's already in there, with amazing framing, with a decent roof that can last you 510 years, you're saving a ton of money kind of day one, is my thinking, from an infrastructure perspective, because you're not bringing all that stuff in new.“ by Elizabeth Finkelstein
- “Ethan: So old houses naturally come having been built with materials that can be repaired and don't have to just be thrown.“ by Ethan Finkelstein
- “Elizabeth: And to say that you own a church from the 17 hundreds, and you bought it for $99,000, and it's now, like, your rock and roll pad that you get to hang out in, and it's a pretty cool thing.“ by Elizabeth Finkelstein
Entities
Company
Person
Product
Tv show
Episode Information
BiggerPockets Real Estate Podcast
BiggerPockets
5/15/24