Completed Deal With Private Lender - San Antonio, TX

[Stone Saathoff]

The deal:

This was a 3/2 in great condition near Lackland AFB, one of my favorite neighborhoods. Originally talked to the seller on the phone and put the house under contract sight unseen due to it being tenant occupied. As soon as we got access I brought in a licensed inspector to prepare a full inspection report as I typically do on properties I close on myself. I lined up my private lender, got the inspection report back, and title finished all of their underwriting in a week (this seller needed a very quick closing). We got the tenants out the day before closing and changed the locks.

The rehab: I only spent just over 3K rehabbing this property. We did some minor drywall repair and texture matching, repainted a room, touched up some paint and wood stain outside, and built some new custom cabinet drawers. The previous owner actually replaced all the major components and fully renovated the house 2 years prior, which made our job easy. After that just a thorough deep clean / make ready.

The numbers:

Purchase - 117K

Rehab - 3K

Retail sale price - 169K cash with a 2 week closing

Total time from acquisition to sale: 2 months

I worked with a private lender on this who I paid 10% interest while his money was in the deal. He made approx 2,000 for the 2 month period his funds were deployed, and now we're getting ready to close on another to do it again!

[Joe S.]

3k rehab is almost unheard of. Way to go!!!