A Decidedly Non-Junk $62k San Antonio House Rehab and Flip
Not everything I do is owner finance of affordable homes in our fine city. I also do some light rehabs and flips to make 15k quickly.
This house below north of downtown San Antonio is in an appreciating area. I bought it for $62,000 cash. It was in need of paint in and out, new flooring and some minor pier and beam foundation work.
Before:
After (1 month rehab by my crew):
Rehab for new flooring, paint in and out, and minor foundation. I did some painting and junk removal and left the rest to the experts.
Oh, here is the bid on the repairs:
Flooring: $3000
HVAC tune up: $200
Window blinds: $650
Interior clean out with dumpster: $750
Paint in and out, plus storage building: $2700
Electric update fixtures: $600
Foundation: $1700
Management fee: $1000
Total rehab actually was $10,600 (thought it was 15, I just checked the bid sheet). So total all in is $72,600.
On the market for $89,500 for a quick sale. About a 17k profit when it sells. I try to do four of these quick flips for cash each year.
I still like my owner finance houses with a good cap rate and no maintenance, but these little flips are nice too to build up cash. I do not like loans and mortgages :)
I'll let you know when it's sold!