This is my very first post and I hope I am posting this in the right forum. I recently bought a lot from the county office that have a house which was damaged in the fire. I am seeking advices from the real estate pros here in formulating what I can do with this property. I bought this property without doing proper due diligence (yes mistake learnt! :)) during the auction as a few other properties I was aiming for got bidded out of my budget. Regardless, I am now seeking the best exit strategy for this property but am also willing to hold it for cash flow.
Location: West San Antonio near Sidney St (Is it advisable to just list the address here?)
Zoning: Residential use
Code Compliance: about $1k++
Zestimate for 2Bed/1Ba in the neighborhood is about $50k - $70k and $80k and above for a 3Bed/2Ba. Rents are going at about $700 or more.
Some of my options are:
1) Demolish and construct a new 2Bed/1Ba house for rent or sale
2) Demolish and construct a new 3Bed/2Ba house for rent or sale
3) Demolish and sell the lot off.
Limitations for me
I am presently working on this deal from Singapore but have formed some nice partnerships with a few people in San Antonio who can help to oversee any decision I may undertake. In future, I will be in San Antonio more to run my business. I am seeking a good and reliable General Contractor who can give me a quote for the above options I listed.
If there is anyone with experience in the San Antonio area who can help me with advices, I am eternally grateful.
I am in San Antonio. This street appears to be on the East side, not the west side. Correct me if I am wrong. If it is near MLK, as my map shows, it is east side. This is not where I buy but I doubt you can build there cheaply enough to sell at a profit (haven't done any new construction). I also doubt new construction will cash flow there if leveraged. Disclaimer: I am a newbie myself but if the house is not repairable (due to the extent of fire damage) I might consider trying to sell the scraped lot. I wouldn't expect much due to the same issues you are facing in that neighborhood for new construction but it may offset some of your "tuition" spent on this deal.
You don't need a lecture about your mistake but some on here will offer you one (just a few contributors - maybe just one especially crotchety one who evidently knows everything). All I would offer is encouragement to not give up after one bad deal. Let me know if I can be of assistance or can tell you learn I about neighborhoods here etc. Keep it up - all the podcasts here mention persistence as one of the traits that sets apart successful real estate investors from those who fail. You haven't failed until you quit trying.
Abdul, please feel free to personal message me, I have a team in place here in San Antonio ( contractors and Realtor) that works with all of my passive investors domestic and foreign. Both of them are very experienced and could offer advice and or service.
only a good contractor will tell you what exactly needs to be done. Good luck.
I do a lot of business on the east side and can probably do business with you. PM me and we can talk more about your options.
Just so you know I am a rehabber
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