US woman bought 8 abandoned houses for ₹43 lakh. She earned ₹2 cr last year
Louisiana resident Sara McDaniel shared her story of how purchasing abandoned villas for $51,306 (about ₹45 lakh) helped her earn a fortune.
According to CNBC Make It, McDaniel said she moved back to her home in Louisiana’s Minden in 2016 and about four years later, a childhood friend contacted her. The friend asked her if she was interested in buying eight villa-style apartments that had been abandoned for almost 40 years.
At the time, she already owned over 20 properties and used them for short and long-term rentals. Some of those properties were vacant land. Two of these villas spanned 750 square feet while the other six covered an area of 500 square feet.
Also read: Donald Trump’s big plan: No tax for people earning under $150,000
“The villas weren’t my first rodeo with abandoned properties,” McDaniel told CNBC Make It. “But this project really pushed my skill set and pushed me to the next level,” she added.
The 47-year-old bought the property, named “The Villas at Spanish Court”, for $51,306 and spent another $729,885 (over ₹6.35 crore) on renovating it.
But the money she spent on renovating it did not come easily to her. She borrowed $46,731 at 0% interest from the Louisiana Department of Environmental Quality’s as part of a cleanup fund. She got a $202,725 loan from a local bank. She got another $175,354 by selling a property she owned in Texas and an additional $8,000 from other income streams. She then availed a permanent mortgage of $290,710, which she used to settle the interim loan and finish construction.
Also read: Man finds forgotten Reliance shares bought 37 years ago for ₹30, now worth ₹12 lakh
After finishing construction, McDaniel has to now pay $3,298 as mortgage each month and $400 EMIs for the loan from the Louisiana Department of Environmental Quality.
How she designed the villas
According to McDaniel, she kept some of the original elements of the villas, which still have some archways and architectural details from when they were first built in the 1930s. The bathrooms also have most of their original tiles.
“Each villa is designed individually. I want this property to be an experience…When people walk in, I want them to feel happiness and joy,” she said.
She added patio chairs, tree lights and solo stoves outside the homes to help guests who wish to enjoy the outdoors.
Also read: Zara founder Ortega takes dividends worth ₹29,444 crore for the first time
How McDaniel’s business is performing
The villas, which were opened for business in 2020, helped McDaniel earn $224,133 (about ₹1.95 crore) in revenue in 2024.
“Right now, every single piece of income is going right back into the business,” McDaniels says. “Walking through this renovation almost brings me to tears because I am so proud that I did this.”
McDaniel’s goal is to make The Villas at Spanish Court profitable within five years.
