Property Address: 7 Chaparral Hill Road Boerne, Texas 78006
“Developing a plan and executing it makes all of the difference. Stay close to the details.”
Comps – Ranging from $415-$445,000
After Repair Value – $450,000
Purchase Price – $280,000
Rehab Budget – $55,000
Actual Rehab Cost – $70,000
Sale Price – $465,000
PROFIT – $85,000
How was the property acquired?
A wholesaler.
What work did you/your contractors do on the property (e.g. Replaced windows, new plumbing, etc.)?
– Replaced all flooring
– Updated kitchen and all bathrooms (everything new)
– Repaired and Updated Garage
– Built Out and Installed Pella Window Door to outside deck
– Repaired and restored large outside deck area
– Cleaned and updated fireplace
– Repaired and updated outdoor pool
Was there anything particularly special or challenging about the property?
The pool was a real challenge. The more we fixed it, the more we had problems. However, it added to an increased ARV.
Was there a lesson you learned from this particular property?
The devil is in the details. We needed to pay closer attention to budget to actual and a tighter scope of work.
What part of SREC’s training, do you feel, helped you with this deal?
Really, everything. If I had to be specific, it would be working with contractors, scheduling, budgeting and my [1-on-1] coaching.
What do you feel helped you sell the property the most?
Our ability to update the property and make it Grade A. It had been neglected and needed some TLC and updates. The updates caught the most attention
What else would you like to say about the property or lessons that you learned from this property?
This property closed in 23 days with a nice profit. Developing a plan and executing it makes all of the difference. Stay close to the details.
About Mark Carmona
Mark Carmona is a SREC Mastermind Student in the San Antonio, Texas market.
Previously involved in the non-profit sector for 27 years, Mark transferred his ability to raise money to achieve success in real estate. Within the past year, Mark has closed on 7 houses.