Updated over 11 years ago on . Most recent reply
Advice needed
Dear all,
This is my very first post and I hope I am posting this in the right forum. I recently bought a lot from the county office that have a house which was damaged in the fire. I am seeking advices from the real estate pros here in formulating what I can do with this property. I bought this property without doing proper due diligence (yes mistake learnt! :)) during the auction as a few other properties I was aiming for got bidded out of my budget. Regardless, I am now seeking the best exit strategy for this property but am also willing to hold it for cash flow.
Property profile:
Location: West San Antonio near Sidney St (Is it advisable to just list the address here?)
Zoning: Residential use
Cost:$8500
Code Compliance: about $1k++
2Bed/1Bath
628sqft
Zestimate for 2Bed/1Ba in the neighborhood is about $50k - $70k and $80k and above for a 3Bed/2Ba. Rents are going at about $700 or more.
Some of my options are:
1) Demolish and construct a new 2Bed/1Ba house for rent or sale
2) Demolish and construct a new 3Bed/2Ba house for rent or sale
3) Demolish and sell the lot off.
Limitations for me
I am presently working on this deal from Singapore but have formed some nice partnerships with a few people in San Antonio who can help to oversee any decision I may undertake. In future, I will be in San Antonio more to run my business. I am seeking a good and reliable General Contractor who can give me a quote for the above options I listed.
If there is anyone with experience in the San Antonio area who can help me with advices, I am eternally grateful.
Thank you