Project Description

How Acquired – Realtor’s “Pocket Listing” (not listed in MLS)

Asset Type – Single Family Residence (SFR) in a suburban Northside neighborhood of mid-century homes

How Funded – “Self Directed” IRA

Objective – “Buy-Fix & Flip”

Scope of Work – San Antonio soil is mostly consisting of “black clay” that expands due to rains and contracts in the summer months.  Therefore most of San Antonio homes need foundation work.  The Cherry Ridge project was typical.  It required significant tunneling and a number of piers and beams installed.  It also revealed the need to repair and replace some of the cast-iron sewage plumbing.  We added a new electrical main/sub panel; some new wiring and lighting fixtures; cosmetic improvements with painting, hardwood floors and landscaping; new built-in wall shelving; new kitchen flooring and appliances; new front entry and side garage doors.

Exit Strategy (Outcome) – Rehabbed, then listed for sale with a Realtor.   Sold retail to a buyer represented by a Realtor. Accepted buyer’s offer above full asking price, funded via conventional bank financing.