I purchased two dilapidated homes in Detroit for $3,300 and invested more than $100,000 in renovations—see the results.

In 2017, Vincent Orr, a Detroit native, was employed as a production supervisor at Chrysler when he frequently encountered and listened to advertisements for The Detroit Land Bank Authority.

In 2008, an organization was established to provide Detroit, Michigan residents with the chance to purchase vacant, abandoned, or dilapidated houses and land through auctions.

Orr won a three-bedroom, one-and-a-half-bath house for $2,100 after submitting a bid. The property had been vacant for approximately ten years.

""I decided to invest my money, so I got up one day and decided to look on the website. I saw something in my neighborhood for sale and decided to bid on it. I never saw the inside, and by 4 p.m. that day, I was the property owner," Orr tells CNBC Make It."

Although Orr was thrilled about buying his first home in his high school neighborhood, he was in for a shock when he entered the house. The roof had a massive hole, there was water damage, and the electrical and plumbing systems needed replacing.

""I was drawn to the house because of its great bones, the architecture, and my familiarity with the neighborhood. I knew the potential of the area and the property, and I was thrilled to have a piece of history since it was built in the 1920s," Orr says."

Orr had to renovate the home and make it livable in nine months as a condition of winning the auction. He has spent an estimated $40,000 on the house so far and says there is still work to be done.

Nine months later, Orr's mother moved into the house and resided there without paying rent.

"From a young age, I promised her I would buy her a house, and seeing me fulfill that promise was astonishing for both of us."

At 27, Orr successfully turned an abandoned house into his first home, which was a major accomplishment for him.

"Owning a paid-off home without loans or a mortgage and allowing my mom to live there brought me great joy," he remarks.

Orr purchased the property adjacent to his mother's, which had been vacant for a decade, for $1,200, just two years after acquiring his first property.

He states that he couldn't imagine investing that much money in the property next door without ensuring it looked presentable on the other side.

Although the condition of the second house was worse than the first one, Orr admits that he really liked the architecture of that house, reminding him of a gingerbread house.

"I was thrilled to acquire it and revive it. Many individuals were disinterested in bidding on it due to its history in a fire."

Before Orr bought the house, it was on the city's demolition list and had no living room floor.

Orr spent $60,000 renovating the property he secured from the Detroit Land Bank Authority.

Orr resided in the house while working on it, which he claims was a challenge, particularly due to the pandemic. In 2021, he vacated the property and leased it to a family friend. Additionally, he is allowing them to reside there rent-free until the renovations are finished.

Orr purchased a third property on the north side of his original abandoned home for only $100.

According to Orr, the city of Detroit tore down a house on the lot after it caught fire.

Currently, Orr intends to construct a new house on the lot and perform most of the work himself. He is in the process of obtaining a builder's license, having departed from Chrysler in 2022 and General Motors in September. In October, he established his own hardwood and epoxy flooring business.

Orr does not have a plan for starting the house construction and estimates that he will require between $100,000 to $150,000. He does not wish to take out a loan.

He says he's waiting to receive the funds.

Orr regrets not purchasing more properties from the Detroit Land Bank Authority, as he believes the value of his houses has increased significantly since he bought the first one seven years ago.

"Detroit's popularity has led to a surge in population, making it difficult for small developers like myself to find anything in today's climate," he says.

But the now 34-year-old says he doesn't ever plan on selling them.

""I plan to retire with those homes as part of my income stream because I'm not sure if we can rely on Social Security," he says."

To succeed in an auction process like the one offered by the Detroit Land Bank Authority, Orr advises against overthinking it.

"Get out and try, and you'll be surprised at what you can accomplish. Don't waste your time doubting yourself, because if you build it, people will come," he says.

"My plan is to purchase more and construct more, specifically apartment buildings and affordable housing."

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