I want to share with you our most recent investment property- 342 Waxwood. We’re closing on this house tomorrow so we haven’t started the repairs yet. It’s a solid 3 bedroom, 1 bath house located in central San Antonio, and it’s after repair value is $105,000.
We’ve bought this house for $51,000, and we expect repairs to be $20,000. We’re going to go in and fix the foundation- it’s about 2 inches off so we’re going to have a company come in and level it. Then we’re going to go through and repair all the hardwood floor, the entire bathroom, and obviously the sheet rock.
We’re also going to do some small remodeling. There’s a wall that blocks the kitchen and we’re going to turn it into a bar. The kitchen will be completely redone with new counter tops, tile floors, and all new fixtures. The entire house will get new electrical fixtures.
In about three weeks this house will be basically brand new. We’ll replace everything that’s five years or older and get central heat and air- giving us a solid, clean, 3 bedroom, 1 bath house in central Texas.
Our closing cots on this house will be $2,000 so we’ll be all in for $73,000 which is roughly 70% of what it’s worth. We have a private lender funding this property who funds purchase and repairs. In return we pay him a monthly interest check which is much higher than what he was getting on his money market account.
So all and all this is a win win for passive equity and their private lender. We’ll shoot video on the new repairs and see you next time.
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Waxwood is done.
We’ve actually rented the property, and received two months worth of payments..
Going to post finished pictures today on facebook.
shauwndigman
Congrats on this acquisition!
Where did you find this property?
Thank you! One of our realtors found and bid on this property for us.