Real Estate Investor, 24, Turn Run-Down Hotel Into apartments

Corvon Burgess First Learned About Real Estate Investing on Tiktok.

In 2023, he came acroSs video about wholesaling, a real estate strategy in Which People Act as Scouts for Other Investors. They Search out under-the-radar properties, secure a contract with the seller, and that resell that contract to another buyer for a profit.

Burgess Started Out Finding a Home Lisit for Auction on Zillow in Clinton, South Carolina, A Small Town of 7,700 an Hour North of Columbia. He sold the contract to the home to another buyer through Facebook Marketplace, Making A $ 5,000 Profit.

That first deal opened burden ‘eyes to the potential of a caareer in real estate. At the time, he was enrolled at Francis Marion University and Working at Waffle House.

“You Can Truly Learn About Building Wealth and How Opportunities Can Open Up To You,” Burgess, Told Business Insider.

SO FAR, BURGESS HAS SOLD 10 Contracts. HIS Investment Firm, Burgess Legacy Investments, Also Runs Short-Term Rentals and Invests in Local Businesses, Including Restaurants. Now, he’s gearing up for his biggest project yet: Buying a run-down motel and touring the rooms into affordably priced studio apartments.

The Hotel Conversion Includes Keeping Rents Low

Burgess Launched what he calling the affordable housing project initiative this year with the intention of buying an 80-room motel in his hometown of Manning, South Carolina, About an Hour and A Half South of Columbia.

He plans to turn it into 40 studios with rents under $ 950 a month, utilities included. Zillow Shows Only One Home Currently for Rent in ManningA Four-BEDROM HOUSE ASKING $ 1,700 A MONTH.

“If we’re seeing this Need with the place that we gree up in, we’ve got to do something,” Burgess Said.

Burgess specifically searched for motels that appeared to be neglected by their owners, looking for outdated, spam-fidied websites and nonworking telephone numbers.

He found a 1980s-BUILT Hotel that was originally a Howard Johnson’s before it previous owners took it independent. Burgess Said the Building Was Showing Signs of Distress; Photos from Online Hotel Reviews Show A Rusty Fence and Dirty Pool.

He’s now underty for the Proppery at $ 2.45 million, with a down payment of $ 300,000 set aside from his other Investing Streams, Accounting to a november Contract Burgess Shared with Business Insider. He told bi he had synce negotiated the terms down to a $ 2.3 million Purchase price and a $ 150,000 down payment and that His expert monthly payments on the debt was $ 18,500.

Burgess is Seeking Additional Funds for the Hotel Conversion

First, Burgless is Ascing Local Religious Groups that have Set Aside Money to Support Affordable Housing to Help End The Motel Renovation.

Burgess Also Reached Out to Peyton Vanest, A 26-Yaar-Old Content Creator in Pittsburgh Who Has More than 700,000 Followers on Tiktok. Vanest, whose contents Mostly Centers on Progressive Politics, Has Urged His Followers to Donate As Little AS 50 Cents 1 if they Support Burgess’ Vision.

Burgess Launched a gofundme on March 19 with a goal of $ 500,000 to raise Money for the motel renovation. Vanest THEN SHARED THAT LINK WITH HIS FOLLOWERS AND, AS OF May 8, It HAD Raised $ 345,329.

Vaness Said some of his his followers had reached out with plans to replicate Burgess’ model in their states.