We had some issues with the Covington Rehab

We buy a lot of houses from distressed home owners. We understand the feeling as we aren’t immune from facing distress with our own properties and projects. Like this project in Covington that didn’t go as planned. You can see our founder Steve Keighery talking about what went wrong with the property and what he is doing to fix it. You can watch the video or read the transcript below.

Article Transcript

Hey guys, Aussie Steve here from Home Buyer Louisiana. We buy houses in any condition throughout Louisiana. I’m here today at a house we own in Covington, St. Tammany Parish.

We originally bought this property a little over two years ago, back in 2022. I purchased it with a partner, Courtney Fricke—if you’re in the investment world, you may know her. We decided to sell this property to another investor using creative financing. The buyer put down a small amount of money and agreed to make monthly payments while they worked on renovating the property. The house was in pretty bad shape, but their goal was to fix it up and sell it for a profit. This is a strategy we often use ourselves, but in this case, we sold it on terms and left the renovation and resale up to them.

Unfortunately, things didn’t go as planned. The renovation progress was slow—much slower than we had hoped. Two years later, the property was nowhere near where it should have been. Worse, the buyer stopped making payments and was frequently late for a long time before that. We really tried to work with them, but communication broke down entirely. With no payments coming in and no way to resolve the situation, we had to take legal action to reclaim the property.

We recently regained possession of the house, but it’s disappointing to see that it’s only partially renovated. Some work has been done—they painted a bit, worked on some cabinets, and made minor improvements—but it’s far from complete. It’s definitely better than when we sold it, but it’s not two years’ worth of progress, that’s for sure.

Now, we’re taking over from here. Renovations are something we’re comfortable with, as we often handle them ourselves. Although selling properties through financing is not something I do often, we’re prepared to finish this one. Our current plan is to convert the property into a rental. This area in Covington is a good one, and I like the idea of holding onto it as a rental. Once the renovations are done, we’ll place a tenant in the house. The rental income will help cover the debt we’ve been paying off, and it will eventually generate positive cash flow.

This situation highlights the challenges of property investing. Mistakes happen, and not every deal goes smoothly. The buyer here made a mistake—they couldn’t complete the project. But as an investor, I’ve made mistakes too. I’ve been involved in deals where I didn’t make any money. Real estate investing can be tough, and no one is immune to its ups and downs.

If you’re a property owner and find yourself in a similar position—stuck with a half-finished renovation or running out of money or patience—it’s important to understand your options. If you can, I always recommend completing the project. A finished home is worth significantly more than an incomplete one.

Selling a half-renovated home is like trying to sell pieces of a sandwich. If you sell only the bread or lettuce, it’s not worth much, but a complete sandwich can sell for a premium. The same principle applies to homes. A fully renovated, move-in-ready property will attract homeowners willing to pay not just for the work you put in but for the overall value and convenience of a finished product.

That said, if you simply can’t complete the project—whether due to financial constraints or emotional exhaustion—we’re here to help. At Home Buyer Louisiana, we buy properties in any condition, including half-finished renovations. We’ll work with you to make a fair cash offer that fits your situation.

If you’re looking to sell your house fast, feel free to reach out to us at homebuyerlouisiana.com. Whether it’s a dated house, a rental property, or a project you can’t finish, we’d be happy to discuss your options and provide advice. If our offer works for you, great! If not, no hard feelings—we’re always happy to share guidance to help you move forward.

Thanks for watching and listening. If you need assistance, don’t hesitate to contact us. Cheers!