Capstone Homebuyers’ Latest Acquisition
Central San Antonio Texas Flip
Finding The Starlit Hills House
This is one of those deals that just falls into place. We were targeting a specific neighborhood with door to door flyers. I had these flyers leftover from my grind it out wholesale days. A helper to one of our contractors was looking for some extra work so I sent him out with 500 flyers and told him to tape flyers on every house on some certain streets. I also told him to write down any address of an obviously vacant house (these get researched and mailed). Sure enough, he came back with some addresses and we sent them our version of a handwritten yellow letter.
This house was a callback on a yellow letter. The seller was a tired landlord and despite being a fellow investor, he was willing to sell at an investor level price. He had a string of bad tenants in the house and was tired of spending thousands every time he turned the property. PSA For a Good Property Management Company!
The Purchase
The purchase of the house was pretty straightforward. The seller wanted to sell quickly because the house had been vacant and he didn’t have time to get it ready to renovate. We were ready to buy the house with cash and were hoping to close quickly. The negotiation lasted a couple of days going back and forth on price. We finally settled on a number that worked for him and worked for us. We purchased the house with cash and closed in 14 days.
A Quick Look At The Renovation
Despite the totally custom paint job, this one is going to need all the cosmetics plus new windows, a new roof, two complete bathrooms, a complete kitchen remodel, some siding repairs, and wood floor refinishing. We will repair sheetrock as needed and paint the house inside and out. We love shades of gray for the exterior so that is what we will likely go with. And as usual, we will use our custom colors for the interior paint to keep everything neutral. The electric looks to be acceptable and the HVAC is in working shape but will likely need a tune-up. We inspected the house thoroughly prior to purchase, we didn’t have an option period and we closed quickly as a part of our negotiation with the seller. I wouldn’t recommend this strategy unless you are confident in your numbers and have a great team of contractors to help you with any unexpected surprises.
The Exit Strategy
Our exit strategy on this house pretty straightforward. We are going to make the necessary repairs, get the house looking AMAZING and put this puppy on the market ASAP. We expect construction to take 60-90 days. We are on a great corner lot that has some good traffic to and from the local elementary school. We will definitely be letting everyone know the house is being renovated and will be coming for sale soon. As always, professional pictures are a must to draw buyers in. There are some strong comps in the area of recently renovated houses so our value should be rock solid right where we need it to be. We will be looking for a quick sale!