Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
Hi all, I have photos of my first flip, where to post them? The rehabbers found more issues with foundation as they tried to raise it up a little but now they found rotted beams (1920 abandoned home). They said some of the beams under the home & supporting pillars need to be replaced. it will cost more. The foundation engineer is coming out tomorrow to see what can be done to fix it & cost. Oh man, I wasn't expecting this. I was given an estimate of repairs for $35 to $40k for total rehab. it needs roof & everything else like hvac, bring plumbing & electrical up to code, kitchen cabinets, appliances, floors, paint, etc. Any suggestions? I have the estimated rehab details if someone wants to look at it. I do watch flip shows & I know things can come up. I am praying it's not going to cost alot more.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
I just rehabbed a house in Live Oak a suburb of San Antonio. I paid for foundation work, complete new roof including rotting facia boards, some siding was replaced and some was fixed, all new flooring, gutted and redo on 1 bathroom and complete gut of kitchen with new granite counters, cabinets, all new light fixtures, all new switches and plugs, lots of moving of wires, framed up giant sliding closet doors and replaced with regular doors, a/c was just cleaned and serviced, paint inside and out, and lots of landscaping. This is a 1390sf house in a suburb. Prices are about $95ish per sf. in the area. All of that was done for 30k. You can upload the photos here. Since yours is a smaller house, and you dont NEED central air, nobody in the area has it, you should be able to get the rehab done for WAY less than 40k.
Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
10y
Ok I am in San Antonio since 2 days now hovering over my flip property rehab & I think we are now done with foundation. I thank God so much for this & John & his GC team. I honestly tried to get 2 other GC opinions & they never showed up for their appt. now I know better. I am so glad I made the trip out here. I feel so much better now.
Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
10y
Hi All, we'll I made the trip to San Antonio from june 10 to june 18 & the foundation renovation is completed. Hurray!!! It had been raining alot but sunny for last 2 weeks.
I toured the home several times morning, noon & night, drove around multiple times. Yes house needs lots of work, has big kitchen, 3 big rooms, 7500 Sq ft lot. I like my street, it's quite, no homes across, met the 2 neighbors, asked questions, discovered the closeness to downtown about 15 min drive. Now awaiting for roof & interior & exterior rehab to complete. Hopefully by end of this month or next at the most.
San Antonio, TX · Member since 2016 · 7 posts · 3 votes
10y
@Lucy Balyan Does it look like you will make some money on it? If so, amount or percentage please. Also would be curious of your breakdown: Purchase price, repairs, closing costs, etc.
Investor · Austin, TX · Member since 2013 · 443 posts · 174 votes
9y
Yowzers that is a tough project for a first time flip. The good news is repairing things is relatively inexpensive in San Antonio. My foundation costs on my last rehabs have been in the 3-4k range for pier and beam. That is a tough neighborhood on the eastside not sure it would be best for flip. Could be a good rental. Hopefully everything worked out well for you! @Lucy Balyan
Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
9y
Hi, I just read your message; Yes the rehab is done, took 3 months vs 45 days due to rain. The budget went over by 15% from $40K to $47K (he wanted $48,500) due to rotted beams under 3 bedrooms, the entire wall from bathroom to kitchen to back door needed to be replaced (drywall not frame, plus all new siding, plus partial french drain).
Yes it's a touch neighberhood but the eastside has lots of new development going on; For now, it's good for rental until another few years to see what happens. I do follow the SA news online. Tenant hasn't complained about crime so far.
Yes it was a major rehab from foundation to roof, to electrical/plumbing, adding A/C, and everything else.
Investor · San Ramon, CA · Member since 2016 · 61 posts · 15 votes
9y
Hello Everyone,
Sorry been busy since rehab was done back in August 2016;
Took 3 months and $45K due to rotted beams for 3 rooms, new wall from bathroom to kitchen backdoor, french drain, and a bit of floorplan change (removal of door and stairs from 3rd room and connecting from living room to 3rd bedroom vs master to 3rd room).
Here are some photos. I decided to rent it and since the area is being developed by a big developer, Efrain Vargas, I wanted to hang on to it for a while to see if values go up a bit.