All Forum Posts by: Shane Woods

That's some fine craftsmanship and documentation of it, Shane. How long did the rehab take? How did y'all find the buyer? Were you the agent on the sale? Were there comps for the boyer's financing?

Hey Jon!

House was purchased partially demo'd in December or so (sorry, don't know exactly). Demo started in Jan, and house was completed around the beginning of October. So basically 10 months, give or take.

If the buyers hadn't asked for the changes, would have hit the market sooner.

The buyers came from down the street, literally. The owner/rehabber just finished one a few blocks down late 2015, and these folks almost bought that one. They lived a couple doors down from the other one. It was under contract before they made up their mind, so they lost out. Once they realized he was the same investor working on this one, they were in contact early. They decided to go ahead and buy it somewhere around June, and added the extra bedroom, and several other things.

I was not the agent on this one. I learned a great lesson on the previous one, same street...right about the time I got my license in 2015, that house was about ready to go on the market. Before I could convince him to let me list it (friends for years), an established agent who happens to live nearby came by the house a few times to talk to him. He let her list it because of her knowledge and persistence. He told me to learn from her. Side note, he also trusted her with a $500K acreage listing, and she was phenominal! So I've learned from her!

The buyers put about 50% down, and the only good comp was the previous one he finished a few months before. There was one older home that sold as well, but it wasn't done as nicely. Both were TV quality showpieces. So no issues with appraisals or any of that.

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Old Pier & Beam houses in North Texas do what they do. Really need to know the extent of the damage you're concerned about to offer an opinion.

Many landlords in these parts just patch the walls when they repaint, and don't mess with the foundation as it moves around. If doors start sticking, or large cracks appear, that's a different story...

Most "pier & beam" houses in these parts are actually what I call "block and beam". they're just sitting on concrete blocks, not drilled piers. So they move as the soil moves. I guess I'm just used to it. I show buyers old houses, and they comment on the floor not being perfect, and my comment is usually: "Yep, it's an old pier and beam house". You can throw $5K at it to "fix" it, and then 5-10 years later you'll need to do it again because our soils get so wet and so dry through the months and years.

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So we went from about 1600sf single story 2 bed 1 bath, to a 2-story 2700sf 4 bed 2 bath with a study. And we converted the converted detached garage back into a garage.

$120K Rehab, $5K in paid-for upgrades, final sales price of $305K or $112/sf.

I'll try and snag a good full frontal pic from the street tomorrow.

2 Votes

Originally posted by @Ed L.:

Wow! Do you mind sharing the proposed budget for this project? Has got to be 100k+

Final answer, including things the buyers added, $120K or so on the rehab.

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Final "after" pics, as best as I can find:

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As far as pictures go, that's it. I wasn't in the house again after this point, becasue I didn't "need to be" I'll dig through and put together one more post of all the exterior "finished" pics I have. Or close to finished.

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Really don't have much else.

Here are a couple of really cool Custom things we did.

Front and back doors were custom built from the reclaimed wood. They came out beautiful, but I don't have pics. But I do have a pic of these gorgeous transoms he built to match over each door.

And we did custom built in drawers in master closet (sorry, no light as of this pic)

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