Hidden Iron House For Sale

Danny Johnson / 11 comments

The rehab is now complete and the house is on the market for $74,900 (I mentioned resale of $70,000, but I like to start a little higher sometimes to see if we can get it.).

The Rehab Numbers

Rehab Scope of Work:$4,000
AC Condensor Installed:$1,600
Fence Replaced (back section):$400 (split with neighbor)
Landscaping:$350
Carpet:$550 (66 yds including padding)
Make Ready:$150
Total:$7,050

After Pictures

Note: We normally put in new dark vanities, hence the dark mirror. Doesn’t match well with the existing bathroom. We need to change that.



























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11 awesome responses to “Hidden Iron House For Sale”

  1. Chris on

    House looks good. Did you do the landscaping yourself, because you don’t have it listed in the costs. If someone completed it for $150 bucks please inform us how you got that deal.

    Also, when you first started out, how did you work with contractors and their pricing? I’ve done one project, rental property, and even though I explained that I would need maintenance on the property and will be adding to my portfolio over time I generally got only retail prices from contractors. Luckily we was doing most of the work so it wasn’t a huge issue.

  2. Michael on

    Danny, thank you for your thoughtful posts. I represent the downside to what you’re doing — I’m a potential local competitor — but I know I speak for everyone when I say we’re all extremely appreciative of what you’re doing.

    I’ll keep my newbie REI questions to the forums, but I would love to hear of any information you could offer specific to San Antonio. I know there’s far more to talk about than you could realistically answer, but just to get me started, do you have contact info for a S.A. REI club? The two I’ve found appear to be defunct.

    Again, thank you for what you’re doing.

  3. Brooks on

    21 leads in a week, that’s solid!
    What do you find your conversion ratio is?
    I think that we usually have about 1 deal per every 50 leads that comes our way (including all junk leads). Sometimes I find that I get frustrated when a deal isn’t coming. But you’ve reminded me of something here — if I want to get a deal faster then I need more leads faster — thanks Danny!

  4. Brooks on

    5% conversion is great! Yep, agreed. It’s tough to know for sure if you don’t track. And I’ll admit that I’m not the best at tracking. I came up with my conversion from the 100 leads that I DID actually track and 2 deals popped out — I’ll take it given the ROI – you’ve definitely been putting a lot of work into sharing your info — trust me, I know that it takes a TON of time to post in addition to the actual investing that you’re doing — so thanks!

  5. Bailey on

    OK, scrap my prior carpet question. lol Looks way better than the green. Gracious, this makes me want to start a blog of my REI life.

    B

  6. Shane in Weatherford on

    I’ve noticed as I look through your finished houses that you don’t replace cabinets/vanities/toilets/counters in every house, nor install appliances in all. What determines this for you? If this has already been answered, please just point me to the right thread. I would appreciate as much detail as you can muster on this, because the market where I am in Weatherford/Granbury is very similar to SA with regard to what finishes sell well/fast in different types of areas.