San Antonio Rental Rehab
The Brenhaven Project!
As a trio, this is our third rental rehab since December. My mom, my uncle and I have formed quite the team - our goal is three more this year. We're on track!
This project is my favorite of the three. We bought it along with the tiny 1/1 back house AND the lot next door (!) for $65,000. We used a private money loan at 10% interest. We'll refinance this month into a conventional loan to pay back the private lender. This is also known as the BRRR method ( BUY, REHAB, RENT, REFINANCE - thanks to the Bigger Pockets boys).
My mom and I spent $3,000 & one weekend getting it rental ready:
all new paint
kitchen and bathroom floors
new countertops ("butcher block")
new cabinet paint
bathroom vanity refresh
Since my mom and I both teach elementary school during the week, we have a veryyy short amount of time to get things in shape, especially on a property in a different city.
These weekends are not relaxing or glamorous. We cover ourselves in paint and dirt and sawdust and we sleep on an air mattress. We work from when we wake up, to when we go to sleep and we gobble down Thai take out sitting in camp chairs while watching The Handmaids Tale on an iPhone. HOWEVER, I really love feeling like I can do anything. The power tools and the problem solving - I'm addicted.
I posted a listing on Craigslist and we had people come by on Sunday. We had three interested parties on Sunday evening and applications went out on Monday. I was a little worried that the area wasn't prime, but people are fighting over this place. I'm happy that it's a cute place for a good price on a sweet little cul de sac. 6 minutes from downtown San Antonio! We scored on this one.
Thanks for reading y'all! i added a buy & sell page if you're interested in starting your real estate journey:) Fill out the contact form if you want to get in touch!