News Summary
Corvon Burgess, a young entrepreneur from Manning, is turning a rundown motel into affordable housing. With roots in real estate wholesaling, he plans to create 40 studio apartments to tackle the local housing shortage. Supported by community fundraising efforts and partnerships, Burgess exemplifies resilience in addressing affordable living challenges.
Manning, South Carolina – Corvon Burgess, a 24-year-old entrepreneur, is making strides in the affordable housing sector by leveraging profits from his real estate wholesaling business. He is currently working on a project to convert a rundown motel into affordable housing options, aiming to address the local housing shortage.
Burgess first ventured into real estate investing in 2023 after discovering wholesaling on TikTok, where he learned how investors can resell contracts on properties for profit. His initial foray into this business began when he located a home listed for auction on Zillow in Clinton, South Carolina. After negotiating the deal, he sold the contract through Facebook Marketplace, netting a profit of $5,000. This success sparked his interest to pursue a career in real estate while balancing his studies at Francis Marion University and a job at Waffle House.
Since then, Burgess has successfully sold 10 contracts through his investment firm, Burgess Legacy Investments, which also operates short-term rentals and invests in local businesses, including restaurants. He now has his sights set on a larger venture: purchasing a deteriorating motel in Manning.
Motel Conversion Plans
The motel in question has 80 rooms, and Burgess plans to transform it into 40 affordable studio apartments, with rents projected to be under $950 per month, including utilities. This move is timely, as currently, the only available rental property in Manning is a four-bedroom house priced at $1,700 per month.
Burgess identified the motel for purchase due to visible signs of neglect, such as outdated websites and unresponsive phone lines. Originally operating as a Howard Johnson’s from the 1980s, the motel has fallen into disrepair, as evidenced by poor online reviews that highlight issues like a rusty fence and a dirty swimming pool.
Financial Details
Burgess is under contract to acquire the motel for $2.3 million, having successfully negotiated the initial asking price down from $2.45 million. He has already earmarked a down payment of $150,000 and estimates a monthly debt payment of $18,500 once the purchase is finalized. To renovate the motel and realize his vision for affordable housing, he is actively seeking assistance from local religious organizations with funds designated for affordable housing initiatives.
Community Engagement
To further support the financing of his renovation project, Burgess has partnered with Peyton Vanest, a TikTok content creator boasting over 700,000 followers. On March 19, Vanest launched a GoFundMe campaign with an ambitious goal of $500,000 for the motel renovation. As of May 8, the fundraising effort has garnered $345,329, demonstrating significant community support.
This initiative has inspired many of Vanest’s followers, who are eager to replicate Burgess’ model for affordable housing in their own states. The venture not only aims to provide much-needed housing options but also represents a growing movement among young entrepreneurs to address local housing shortages through innovative real estate strategies.
Looking Ahead
As Burgess continues on his path, he embodies the spirit of resilience and resourcefulness that is essential in today’s rapidly changing housing market. By focusing on affordable living solutions within his community, he not only enhances his business portfolio but also contributes to a growing dialogue about the importance of affordable housing in the United States.
With several contracts already under his belt and a strong vision for the future, Burgess hopes to pave the way for others in the industry while positively impacting the lives of residents in Manning.
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Additional Resources
- Business Insider: Real Estate Investing
- GoFundMe: Turning an Abandoned Hotel into Affordable Housing
- ABC11: Cumberland County Affordable Homes
- Wikipedia: Affordable Housing
- The Item: SC Housing Initiative
- Encyclopedia Britannica: Real Estate Investment
