Fall in Love with A Cheap Old House. But Know This First.
6/11/202631 min
What if the most affordable path to homeownership has been sitting empty on a small-town street for the last 40 years? Elizabeth and Ethan Finkelstein built a community of nearly 3 million people around exactly that idea — beautiful, historic homes with real bones at prices that actually make sense. In this episode, they break down what it actually costs to buy and restore a cheap old house, how to know if you're the right person for it, and why they think we've been dreaming about homeownership all wrong.
Here's what we discuss with Elizabeth and Ethan:
• How to know if you're an old house person — and why that question matters before anything else
• What to look for structurally before you fall in love with the character
• The full budget breakdown on a $27,000 house — soup to nuts, every line item • When to DIY and when to hire a pro (and what not to touch under any circumstances)
• How to buy a cheap old house remotely — the practical process from first scroll to closing
• What it takes to qualify for a mortgage on a fixer-upper • Why they think the new American Dream looks a lot like a forgotten house on a quiet street
• Ready to find the right contractor for your next project? Visit angi.com to connect with top-rated pros in your area.
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Ready to find the right contractor before your next project? Visit angi.com to connect with top-rated pros in your area. Angi (formerly Angie’s List) is a leading home services marketplace that has helped homeowners with 300M+ home projects from plumbing and remodeling to roofing and landscaping. Learn more at https://www.angi.com/landing/podcast-angie-hicks
Clips
Transcript preview
First 90 secondsElizabeth Finkelstein· Guest0:00
[upbeat music] There's no question, old houses are filled with character. Keep away from five-minute trends, keep true to the house, and then consider yourself a steward of it in a greater timeline.
Angie Hicks· Host0:13
My guests today are Elizabeth and Ethan Finkelstein, the couple behind Cheap Old Houses. You may have seen them on HGTV, or if you've fallen down the rabbit hole of their Instagram feed, you know the dream they're selling. Beautiful old historic homes with great bones at prices that actually make sense. Welcome back to Own It. I'm your host, Angie Hicks, co-founder of ANGI. On this show, we talk about what it really takes to own your home without it owning you. Buying a cheap old house isn't just a fun side project. It's actually a big financial decision and a lifestyle decision. It can also be a structural decision, too. Elizabeth and Ethan will walk us through how to assess one of these properties, how to finance it, and then also whether you should pick up that paintbrush yourself or whether you should leave it to a pro. What I really liked about this conversation was how they taught us to think differently about what home ownership can look like. Elizabeth, Ethan, welcome to the show. I'm so excited to chat with you. I would love to just start out with how you all got started with Cheap Old Houses. What was your inspiration, and what led you to, you know, to building cheap old houses?
Elizabeth Finkelstein· Guest1:28
It's kind of the only