Bought a house today on Adams Hills Dr. near 410 and Marbach.
-1,950 sq ft, 2 story, 4 bedroom, 2.5 bath, built in 2003, quarter acre lot.
Bexar county appraised it at $110k, bought it for $61k. Homes in the same neighborhood are selling between $92k-$115k and they are smaller.
It was foreclosed and I'm looking to flip it for a quick ROI plus more. New carpet installation and a nice paint job is all that will be needed. Some misc items would be to remove to fix two cracks in the linoleum in the kitchen. Estimated cost is $8-10k for all repairs.
Down payment was $5k so I have $56k left, which I will get from a loan shark (because the bank will not loan for this house, it is high risk because it is a distressed property. However, once I fix it up it can be refinanced for a bank loan. Then again, I will have it sold by then. The loan sharks won't be a problem.).
Will post my adventures with it. It is my first, so I believe it will be very lucrative with the help of my dad who has been in the business for awhile.
The purpose of this blog is to look back at the good and bad; use the good and learn from the bad for future endeavors.
