Yesterday, we closed on the Meadow Arbor house in the San Antonio area. This is remarkable for a couple of reasons. One is that there were no buyers backing out, closing issues, or other surprises. It was a “normal” closing on a normal sale. We’ll take a few more of those.
Our strategy for this one was to renovate it and rent it for a couple of years, to see if it would appreciate in value. It did, indeed! We also ended up having to spend some money on additional repairs, including some horrible sidewalk thing the City insisted we do (there was a crack).
Lee is now doing all the calculating of the expenses we incurred while working on the house, along with the rent we received from the really great tenants, to see how we actually did on the house. As Lee repeatedly reminds us, the number on the bottom line of the closing statement does NOT represent your profit on a rehab!
Buy Anything Yet?
On the buying front, Carol is looking at quite a few houses right now, and is close to identifying a new rehab for our Austin-area group. Russell’s most recent batch of MLS search finds also turned up some that might work for us, so we feel closer to moving forward. Onward and upward!Hermann says please like and share!