A Decidedly Non-Junk $62k San Antonio House Rehab and Flip

3 Replies

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!

sweet!

Nice work on the rehab!  Good to see an investor not getting to caught up in making huge profits when trying to sell a home. Nicely priced for a quick sell.....

Let me know if its possible to ever get together for some coffee, lunch, etc....would love the opportunity to talk to you about your approach in REI.....since I am new to this industry and trying to learn all I can!

Originally posted by @Account Closed :

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.

What about:

- Purchase Closing Costs

- Taxes

- Insurance

- Utilities

- Commissions

- Selling Closing Costs

- Buyer Concessions

- Etc...

In the areas where I work, all those fixed costs would eat up between 10-15% of the sale price ($9-14K on this project).

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