cnbc.com
Detroit Man's Abandoned House Renovation
A Detroit man buys three abandoned houses at auction, renovates them, and explains his experience and plans.
English
United States
LifestyleInvestmentReal EstateEntrepreneurshipRenovationHomeownership
ChryslerGeneral MotorsThe Detroit Land Bank Authority
Vincent Orr
- What is Vincent Orr's current professional situation?
- In 2022, Orr left his job at Chrysler and then General Motors to pursue his own hardwood and epoxy flooring business, in October of that year. He aims to build a new home on his third property.
- What were the costs associated with Orr's property acquisitions and renovations?
- Orr's first house cost \$2,100, the second \$1,200, and the third only \$100; however, each needed extensive renovations, costing tens of thousands of dollars.
- What are Orr's plans for the future of his properties and what advice does he offer?
- Orr views his properties as a retirement plan, intending to rent them out for income. He advises others considering similar auctions not to overthink the process.
- Summarize Vincent Orr's experience buying and renovating abandoned houses in Detroit.
- Vincent Orr, a Detroit native, purchased three abandoned houses through the Detroit Land Bank Authority auctions for remarkably low prices. He renovated them, with one becoming his mother's rent-free home.
- What were the initial challenges faced by Orr when he first gained access to the properties?
- Orr faced significant challenges, including extensive water damage, a hole in the roof, and complete replacement of electrical and plumbing systems in his initial purchase.