Actor lists his latest flip for $24.95 million
Jeremy Renner and another actor have bought, renovated and sold about 20 homes in the past decade, making money on every one.
Actor Jeremy Renner doesn’t hunt just witches. When he’s not working on TV and movies, he is hunting homes to flip.
He and business partner Kristoffer Winters have bought, renovated and sold about 20 homes in the past decade. They have just put their biggest project so far on the market: A “roaring '20s art deco style home fit for a 21st-century Howard Hughes,” as the listing describes it, is for sale for $24.95 million.
The home has six bedrooms, 11 baths, a pool, spa and theater and is on 1.89 acres in the Holmby Hills neighborhood of Los Angeles. They bought the house, built in 1959, for $7 million in 2010 and essentially rebuilt it. The property, which they’re calling The Reserve, has its own website. They initially listed the house for $27.95 million in December, but lowered the price a few weeks later.
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The two actors got into the house-flipping business almost by accident, Renner told Esquire. They bought a house together in 2002, because they didn’t want to pay rent, and made some improvements. When someone offered them $900,000 for a house in which they had invested $659,000, they realized they had found a business more lucrative than acting, at least at the time.
Since then, the two have renovated about 20 homes together, projects that took from three months to a year and a half. Often, they live in the homes while they’re being renovated, using the bathrooms at Starbucks and showering at the gym.
"I will never be in the stock market," Renner told Esquire. "It's just gambling. I'm a gambler, but I'll gamble on the practicality of things. If I'm all-in on a structure, at least I can sleep in the damn thing."
During an appearance last week on the "Late Show with David Letterman" to talk about his new film, "Hansel and Gretel: Witch Hunters," he also talked about his house-flipping. He told Letterman that the duo try to find architectural homes with history. "I love architecture, and to me it’s something that’s always been a tangible art form," Renner said. He also told Letterman that he and Winters had not lost money on any of their flips.
I renovate homes and have done so since 2007. I have never lost money. I am very proud of the work I have done on each home as I renovate them as if I were going to live in them! Everything is repaired and the finish work is far above comparable homes. I am now obtaining contracts before my homes are completed based on word of mouth and showings of homes already under contract. To most of these negative comments...get off your lazy **** and be creative and maybe you can succeed instead of being jealous of our success! I am female in a mostly dominant male housing investor world and never once did I bitch that this isn't fair either! I took crap for a couple years and stuck in there just to prove myself. Did I bitch, NO, I kept focused on my goals and refused to give up! BTW, I started with a home equity line on my residence and have built a mini empire! See what passion, goals, and HARD work can do! I hope you complainers have learned something!!!
I don't presume to know the quality of their work, but I would guess that they know what they're doing, because they essentially do this for a living. I agree that some house flippers are amateurs and are just in it to make a quick buck and don't do a good job. But I also know some house flippers are truly serious about doing quality work, especially when they're selling high-end homes.
You can buy 5 million in stock and have it become worthless, but if you buy a 5 million dollar house with 100 acres it might lose some value but it will never be worth nothing.
The stock market has always given much better returns over time and its not the gamble some thing think unless they view it that way. If you take the time to understand it and use your head along with good solid analysis instead of your heart (gambling) you will prevail much better. PLUS.....
You don't have to work it like you do a house and incurr all of the other issued and safety problem you may run into.
THE STOCK MARKET ALWAYS HAS AND ALWAYS WILL BE A BETTER WAY TO MAKE MONEY.
Case in Point...
Today I sold a stock I bought back in Aug 2012 and realized a NET profit of 38.472% and I never lifted a hammer, paint brush or anything else.
I worked with my head and saved my body for the gym, swimming pool and my wife!
None the less good luck Jeremy.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.