Occasionally we share stories of real-life family economies all over the nation. We’d love to hear your story; share with us at firstname.lastname@example.org.
A few years ago, my friend and I bought a house.
We purchased it from a woman we knew; her husband had abandoned her and she needed to get out of debt.
We purchased this 28×52 Colonial on 0.18 acres at $52,000. As the upstairs was habitable, but the downstairs was in need of a full gutting, we ended up when all was said and done with 2200 total man hours. We spent over $100k into a full restoration, which was appraised at around $270,000. We were working as self-employed carpenters for 5 years together at that time and had a good handle on materials and labor estimates. In fact, we came in under budget.