Sam Craven Rehab Deal

 

Sam Craven Rehab Deal

Senna House Buyers in Houston, TX

This deal came to us from a high equity over 65 post card campaign we were running at the time. The seller was 98 years old and had lived in the house for a long time and he decided he was tired of the upkeep and wanted to move to an assisted living facility. This was a town house in a great neighborhood in Houston.

Rehab Details

Property City: Houston
Property State: TX
Purchase Price: $295,000
Repair Costs $85,000
Holding Costs: $45,000
Sale Price: $599,900

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Case Study

How did you find and structure the financing of this deal?

We used a private lender that funded 100% of the rehab and the purchase price.


Provide a summary of the repairs and improvements you made to the property.

Complete renovation down to the sheetrock. We got rid of the fireplace and chimney and replaced it with an electric unit. We also removed some walls around the kitchen. For a 600k house the entry was terrible, you walk into a dark hallway and a long staircacse. So we turned a big negative into a positive when we spent 8k on a custom glass and stainless staircase railing.


How did you find a buyer for the property if you sold it?

MLS, full price offer in 3hrs.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

This job took us 11mo to complete and it was lesson in managing contractors correctly.




Before & After Photos