DESIGN
DISTRESSED PROPERTIES
DISTRESSED PROPERTY INVESTORS DELIVERED AN ESTIMATED 140,000 RENOVATED HOMES TO OWNER-OCCUPANT BUYERS DURING THE PANDEMIC. Redesigning Distressed Properties to Appeal to Modern Buyers
by Daren Blomquist
hen he quit his day job March 1, 2020, to start investing in real estate full time, Will Wenzel counted on two things to support his strategy of buying and renovating distressed properties in the Connecticut communities where he grew up: a combination of aging suburban housing stock and millennial migration out of cities. “We realized we were at the beginning of a great suburbanization where the millennial generation is moving to the suburbs,” said Wen- zel, who partnered with a longtime friend who is a general contractor and designer. “We realized that when the pandemic hit, that was going to accelerate it.” Wenzel and his partner focus on acquiring distressed prop- erties needing renovation and redesign that will align with the W
Before
After
After purchasing this suburban Connecticut home via an online bank-owned (REO) auction on Auction.com in October 2020, Will Wenzel and his business partner spent 10 months designing and renovating the property before reselling to an owner-occupant buyer in November 2021. Originally built in 1965, the property was classified as new construction when it resold in 2021 thanks to the extensive renovation, which included adding 1,500 square foot to the home.
28 | think realty magazine :: may – june 2022
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