You guys. I am so excited!! I had to share with you all today our newest project, which will have us diving back into the rehab world. What rehab did you think I was talking about??

Images are from the original packet – I still haven’t taken my own.

We took a huge leap and put in an offer on this one sight unseen. Yes. We didn’t even look at this house. We have worked with our realtor for several years now and have learned, through experience, what estimated costs might be. We are definitely not experts, but at the price point this house was at and it’s estimated value after the renovations, even with an additional $10K of mess up money, it would still be a good deal. Between looking through the pictures thoroughly, perusing the inspection report, talking to our realtor and speaking with the contractor who had given the estimates, we felt pretty confident in at least dropping the earnest money it took to secure this bad boy.

I put in the offer while cruising the San Antonio Riverwalk. Best job ever!

I got to visit the house today to hand the check over to the appraiser, who will help deliver his estimate of what the after repair value (ARV) will be for our hard money lender, Longhorn Investments. These guys make it so easy and we are definitely going to be repeat customers with them. They are familiar with our realtor and the process. So, we put in the offer on Wednesday of this week and they are estimating closing to be on Monday – that is a 6 day turnaround! Talk about an action packed week.

Back to my site visit. For one, we try very hard not to get emotionally attached to these houses. So, when you go to visit you are not even really seeing it as a home… you are evaluating your investment and its potential. Very detached. That’s part of how we felt a little more comfortable not even seeing this house before making an offer.

The one emotion I could not avoid, however, was just pure EXCITEMENT! I walked into the house and it had a pretty decent floor plan already. The foundation actually seems pretty sturdy and there is already space carved out for central A/C (HVAC).

See? It already has air conditioning!

The roof has caved in due to rot so there is ton of mold, but the mold remediation and removal of all of the rot was already in the bid.

But would you look at that working electricity?
I will tell you that this house smells bad right now.

There were no sub-floors, so you can kind of see the foundation right under your feet and there were no cracks running the length of the house. The exterior siding was not completely rotten. The windows were not all completely broken or rotten out. The yard looked pretty nice.

Best of all, the neighborhood looked nice, actually. You can really tell that the people who live there take pride in their homes. Their yards were neat, trimmed and edged, the exteriors of most of the houses were clean, and there was not a lot of graffiti, shady car activity (think drug exchanges – yes we had that happening near a few of ours already!), or junked out houses lining the streets. All good signs!

I hope to take you guys on a virtual tour with me on Monday as we close this deal down. We are so excited to hopefully redeem ourselves from our first big rehab and see this (soon to be) beautiful house welcome a new family again.

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