Completed first rehab deal in Houston!
First post in a few months, but my partner and I completed our first rehab deal! We bought the property for $175,000 from an out-of-state owner on our mailing list and spent $16,500 on the rehab. The rehab took a little under six weeks to complete. We listed slightly below market at $235,000 and received four offers within the first few days on the market. We accepted a cash offer for the full list price of $235,000! From purchase to sale the project took a total of eight weeks and we ended up making $26,450!
This is actually the second property we rehabbed (the other one hasn't sold yet - recent flooding in that area scaring buyers away), but man does it feel good to get a deal under our belt! We're pumped and can't wait for the next one!
I also wanted to thank the BP community for the awesome discussions and information here. We scoured the site and forums throughout the process and it was a tremendous help! We're definitely going to return the favor and become more active in the BP community!